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《Contemporary Finance & Economics》 2009-05
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Independent Director and Executive Salary:Empirical Evidences from China’s Security Market

YANG Lei,LU Rui(Guangzhou City Polytechnic,Guangzhou 510405;Sun Yat-sen University,Guangzhou 510275,China)  
To study the independent director system in the corporate governance is widely regarded as an important measure to improve the management salary mechanism of the listed companies.Combined with the Chinese institutional environment and the related research results of western countries,this paper makes an empirical test with the samples of the listed companies in the years from 2002 to 2005 in both Shanghai and Shenzhen markets.The results show that the implement of the independent director system has increased the executive salary while decreased the executives’ salary-performance sensitivity.Compared with the samples of private-controlled listed companies,such results in the state-controlled listed companies are more obvious.Therefore,it can be concluded that in China the independent director system has become the tool for the executives to increase their salary,without the function of improving the salary system.
【Fund】: 国家自然科学基金项目“股权分置改革后高管薪酬业绩敏感性的治理因素与会计行为影响研究”(70802062);; 广东省学科建设育苗工程项目“广东省国有企业提升自主创新能力的激励制度研究”
【CateGory Index】: F832.51;F276.6;F224
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