上市公司高管薪酬法律规制研究

发布时间：2018-02-28 11:21

本文关键词： 高管薪酬薪酬决定薪酬披露司法审查　出处：《中南大学》2010年硕士论文　论文类型：学位论文

【摘要】：上市公司高管是指公司的董事、监事和高级管理人员(包括总经理、副总经理、董事会秘书、财务人员、总工程师等)。高管薪酬是指基本工资、奖金、福利、职务津贴、在职消费、股票红利、股权激励计划等各种薪酬构成所带来的全部收益。随着现代公司所有权和控制权的分离,出现了高管薪酬及薪酬问题,为了保护股东利益,法律有必要对其进行规制。上市公司高管薪酬法律制度是欧美发达资本主义国家创立的,考察各国立法发现对其进行法律规制的实践主要体现在薪酬决策权的配置、薪酬披露、税收规制和司法审查四个方面。薪酬决策权的配置方面,英、美等国家把董事的薪酬决定权赋予股东大会,经理人员的薪酬由董事会下设的薪酬委员会提议并交由董事会决定。德国由于实行一元制的公司治理模式,董事和经理人员的薪酬由监事会决定,特殊情况系由法院决定；薪酬披露方面,披露的对象、披露的内容、披露的方式以及违规披露的法律责任各国规定都各有千秋；税收规制方面,目前只有美国税法对高管“金色降落伞”收入及其豁免进行规定,但从规制的结果来看也事与愿违,并没有达到降低高管薪酬的目的；司法审查方面,高管薪酬受到商业判断规则的保护,法院对股东提起的派生诉讼往往持谨慎态度,且审查的标准很难构建和把握,从审查的结果来看,也不是很理想。我国处于上市公司高管薪酬法律制度构建的初期,期间也出现了不少薪酬问题,例如薪酬与公司业绩不相关,薪酬结构不合理,薪酬委员会不独立,薪酬信息披露不充分等。薪酬问题的出现在很大程度上要归咎于法律规制的滞后缺陷。我国法律法规在高管薪酬决定、薪酬披露和司法介入三方面规制的均存在问题,从完善的薪酬决定制度、充分的信息披露制度和有限的司法干预制度三个向度完善我国上市公司高管薪酬法律规制。
[Abstract]:Executives of listed companies refer to the directors, supervisors and senior management of the company (including the general manager, deputy general manager, secretary of the board of directors, financial personnel, chief engineer, etc.). With the separation of ownership and control of modern companies, the issue of executive compensation and compensation has emerged, in order to protect the interests of shareholders. It is necessary to regulate it by law. The legal system of executive compensation of listed companies is established in developed capitalist countries in Europe and America. Four aspects of tax regulation and judicial review. In terms of the allocation of compensation decision-making power, Britain, the United States and other countries give the directors the right to decide the remuneration of their directors to the shareholders' general meeting. The remuneration of managers is proposed by the remuneration committee under the board of directors and decided by the board of directors. In Germany, the remuneration of directors and managers is decided by the board of supervisors, and the special case is decided by the court. In terms of salary disclosure, the object of disclosure, the content of disclosure, the way of disclosure and the legal liability of illegal disclosure, there are many differences in the national regulations; in the aspect of tax regulation, At present, only the US tax law provides for executives'"golden parachute" income and their exemption, but the results of the regulation also backfired, and did not achieve the goal of reducing executive pay; judicial review. Executive compensation is protected by the rules of business judgment, the court often takes a cautious attitude towards derivative lawsuits filed by shareholders, and the standards of review are difficult to construct and grasp. China is in the early stage of the legal system of executive compensation of listed companies, during which there are many compensation problems, such as compensation is not related to company performance, salary structure is unreasonable, compensation committee is not independent. The appearance of compensation problem is largely due to the lag defect of legal regulation. There are problems in the three aspects of executive compensation decision, compensation disclosure and judicial intervention in our country's laws and regulations. From the three aspects of perfect salary decision system, adequate information disclosure system and limited judicial intervention system, we improve the legal regulation of executive compensation of listed companies in our country.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D922.291.91

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