国外上市公司高管社会资本对其薪酬的影响效应研究述评

摘要

上市公司高管薪酬的大量研究文献主要是围绕经理薪酬和公司业绩的相关性，在代理理论框架内展开。业绩薪酬敏感性偏低甚至不具统计显著性的实证结果，引发多学科、多理论视角的研究。本文首先介绍高管社会资本与薪酬相关性的理论背景，然后分析高管社会资本的分类与测量，并对国外相关实证研究文献进行梳理，最后简要分析了当前研究的不足和未来研究趋势。%Tremendous researches on executives' compensation focus on the relevance between managerial pay and corporate performance. However, researchers have often found weak or even statistically insignificant relevance between pay and performance, which leads to outside-framework multi-disciplinary researches. The paper introduces the theories about the relationship between executives' social capital and their compensation, analyzes the classification and measurement of top executives' social capital and discusses empirical researches. Finally, it points out some problems in recent researches and potential directions for future researches.