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The author:(作者)aaapublished in(发表于) 2013/12/17 15:37:16 Average pay of financial executives be resident 90 times， near the annual high million
Executive compensation in listed companies are resident per capita incomes 25 times times, highest average pay of financial executives
Executives of listed companies should take as much money?
Reporters Yao Dongqin Beijing
Chinese new year is approaching, by counting years harvest time again.
December 8, Beijing Normal University company governance and Enterprise Development Research Center released of China listed company executives pay index report (2013) under (Xia said "executives pay report") displayed, 2008, listed company executives average pay for 528,300 yuan, is over national town residents per capita can dominated income (15,800 yuan) of 33 times times; 2012, listed company executives average pay for 636,100 Yuan, and 2008 compared to rose 20%, Is the urban per capita disposable income of the country during the same period (25,600) 25 times.
Executive compensation report of 2,310 domestically listed companies, real estate giant wanke in 14.5833 million become the 2012-highest-paid public company executives; Jiangsu Ruyi group would amount to $ 34,000 worth of executive pay in the bottom.
Although in 2012 top 10 listed companies in executive compensation, only 3 were financial companies, but finance executives ' pay in listed companies is undoubtedly a very eye-catching: 2.3295 million worth of listed company Finance's average yearly salary topped the top spot in all industries, this figure was 3.85 times times the listed non-financial companies.
Finishing second in the real estate industry executives of listed companies annual salary of only 1.0175 million dollars, less than half of listed companies in finance.
A niche, in listed companies in the financial sector, public bank executives an average salary of 2.5353 million Yuan, listed brokerages executives an average salary of 2.3962 million Yuan, listed insurance company executives an average salary of 2.1599 million dollars.
Among them, the CITIC Securities Vice Chairman Yin Ke to 9.9026 million yuan per year in all of financial executives of listed companies to make the trip.
In addition, "Department of peace" is not far behind, continued high salaries. Banking executive pay in the top 5, there are 4 officers from ping an Bank, highest bidder last September, the outgoing former President Richard Jackson (7.95 million dollars). Highest-paid insurance Executive who is ping an Chairman Ma mingzhe (5.6769 million dollars).
In fact, according to executive compensation reports for calendar year from 2001, the financial industry executive pay has been the highest among all industries during the financial crisis of 2008 is no exception.
Three factors
Financial industry caused by high levels of executive pay
Financial industry executives ' salaries for a number of years has been high? Executive pay, one of the authors of the report, corporate governance and business development Director of the research center of Beijing Normal University Gao Minghua said, there are three main reasons:
First, the financial performance of high growth, the average net income far exceeded that in other industries, the average profit margin than general business.
2,310 listed companies ' average net profit of 887 million dollars, average profit margin was 10.35%. And finance listed companies ' average net profit is 26.847 billion yuan, is 30.27 times times the average of all listed companies and an average profit margin of 81.83%, is 7.91 times times the average of all listed companies. High profit margins are one of the main causes of the high levels of executive pay.
Second, the financial sector with strong access controls, when other industries to expand into banking is still very difficult. High entry barriers in the financial sector to reduce financial market risk at the same time, the existing finance companies the lack of competition, improved the financial industry's average profit margin.
Third, the financial industry is a high-risk industry, finance executives take high risks are what most companies can not be compared, high salary against Visual compensation for risk-taking. Finance asking for strong mental executives, especially brokerage executives, premature death rate, fertility rate is very high. Spectrum of the financial industry are "unnatural deaths". That require the financial industry to pay higher salaries to retain talent.
Finance public company executives ' high salaries have a reasonable time, they should refer to what the remuneration of standard setting? Senior industry professionals from academia and public companies have presented their different points of view.
Dialog
Finance high profit hindering real economic developments
Gao Minghua: listed financial companies gave the impression that the salary is very high, these phenomena have caught the public interest. At the macro level, the State should establish and promote pay tied to contribute ideas; at the micro level, corporate boards on executive compensation contracts were made, to focus on business performance, determines the actual contributions which, according to executive pay.
Despite the financial company executives 3.85 times times the average salaries of non-financial kind, but don't be fooled by this phenomenon. Some executives of listed companies pay higher absolute value, but compared to its high performance, its high salaries may not be excessive incentives. Emphasis on executive pay and contribute to consistent standards, current financial executives compensation and no obvious too.
Ji Xiaonan: financial executives are paid 3.85 times times that of non-financial enterprises, but performance is 9.04 times of the financial times, the resulting financial executive pay incentives did not appear clearly excessive, this may not get a lot of recognition in the community. As far as I know, when leaders in the study of State-owned enterprises under the State Council Executive pay, also believes financial executive pay is much higher than business class.
We now unanimously accepted, currently financial enterprises profitable, leading to real economic developments have been hampered. Such as in Hong Kong, Singapore and other places, Bank one-year financing interest costs around 3%, mainland China one-year Bank loan rates at around 6.5%.
While SMEs through financial intermediaries, really get interest rates tend to be 10%~12%, or even higher. Manufacturing profit margins we can 5% pretty good, so how can the real economy developments? In this context, you say financial executive pay is high or low?
Liu Yingqiu: SME in General, high lending rates, difficult operating situation, average profitability of listed companies as a State-owned enterprise's financial 81.83%, it is very inappropriate. So we had to ask financial companies where such high profits come from? I thought it may come from the following areas: first, the monopoly, from operating income II, III from the risks. Because of the risk, so you get extra benefits.
Both State-run and private enterprises, and monopolies, and franchise-related revenue is supposed to give back to the community, and should not be treated as contributions to company executives, or as the salaries paid to executives. Operation benefit and risk to bear the additional revenue that the financial performance of executives.
China is now facing from middle income to higher-income stage of development, lots of relationships if handled properly it could fall into the middle-income trap. Middle-income trap a striking income gap is too wide. The widening income gap is a major reason why labour remuneration and contributions does not match. So the current pay of financial executives must be taken seriously.
Executive pay, how to determine
Zhu Bixin: discussion of absolute values of high and low by the boss of China's listed companies are not significant, key executives completed the Board issued the target task, in other words, is scientific and rational performance appraisal to determine their income.
Corporate governance most central goals is to promote sustainable development, to let investors get a satisfactory return. Therefore, the level of executive pay should be carried out exclusively by the investor's judgment. Promoters found that this group of executives met its investment income expectations, not just the current target, but also to achieve long-term goals. According to its established pay standards.
In addition, the public company executive compensation high and low, and which also depends on sector is, at home or in the international comparison. Chinese enterprises to go out to participate in the global competition, a world-class enterprise, be it management, business, there is an elite team of choice, incentives for operators, are gradually moving to meet international standards.
Built by China as an example our corresponding benchmark company in the international arena, such as France Wanxi companies, on our scale, efficiency indicators such as gap and it is small, but our executives ' pay with it there is a large gap, gap maybe 10 times, 20 times times. If you want to drive the company to a world-class par low long-term Executive incentives are not sustainable.
Zhang Zhengjun: did not create value for shareholders, company executives are highly paid is certainly not, however, create profits, if you took the industrial boom, monopoly, excellent asset quality "Rideshare" executives going to highly paid, this is debatable.
So-called reactive against Lu. In my view, for the competition area businesses, and more reasonable to provide industry, benchmarking Enterprise ranked almost on par. For producers, providers of public goods, the overall direction should be a fixed proportion of salary, incentive pay proportion of small, linked to the profit incentive should not have.
In addition, important rather than via a model to calculate executive pay, but rather to let the right people to pay. Executive compensation decisions by the Board of Directors, the Board of Directors must be independent. If the Board were insiders, lack of external oversight, give yourself a remuneration obviously not appropriate.
Gao Minghua: Executive and employee pay gap should be kept at an adequate level. In recent years, the related government departments to state-owned enterprises control executive compensation invariably focus on tying executive pay to average earnings with employees. Our research found that moderate Executive and employee pay gap does produces a positive incentive to enhance the company's performance.
上市公司高管薪酬是居民人均收入的25倍，金融业高管平均薪酬最高
上市公司高管到底该拿多少钱？
记者 姚冬琴 北京报道
年关将至，又到了盘点一年收获的时候。
12月8日，北京师范大学公司治理与企业发展研究中心发布的《中国上市公司高管薪酬指数报告(2013)》(下称“高管薪酬报告”)显示，2008年，上市公司高管平均薪酬为52.83万元，是同期全国城镇居民人均可支配收入(1.58万元)的33倍；2012年，上市公司高管平均薪酬为63.61万元，与2008年相比上升20%，是同期全国城镇居民人均可支配收入(2.56万元)的25倍。
在高管薪酬报告统计的2310家国内上市公司中，地产巨头万科以1458.33万元成为2012年度高管薪酬最高的上市公司；江苏的如意集团则以3.4万元的高管薪酬额垫底。
尽管在2012年高管薪酬最高的前10家上市公司中，只有3家金融企业，但是金融业上市公司高管的薪酬无疑十分抢眼：金融业上市公司高管以232.95万元的平均年薪荣登所有行业的榜首，这一数字是非金融类上市公司的3.85倍。
位列第二的房地产业上市公司高管的平均年薪仅101.75万元，还不到金融业上市公司的一半。
而细分起来，在金融业上市公司中，上市银行的高管平均薪酬为253.53万元，上市券商的高管平均薪酬为239.62万元，上市保险公司的高管平均薪酬为215.99万元。
其中，中信证券副董事长殷可以990.26万元的年薪在所有金融类上市公司高管中拔得头筹。
此外“平安系”也不甘落后，延续了高薪形象。在银行业高管薪酬前5名中，有4名来自平安银行，最高者是去年9月离任的前行长理查德·杰克逊(795万元)。保险业高管年薪最高者则是中国平安董事长马明哲(567.69万元)。
事实上，根据历年的高管薪酬报告，从2001年至2012年，金融业高管薪酬均值一直是所有行业中最高的，在金融危机爆发的2008年也不例外。
三因素
致金融业高管薪酬居高不下
金融业高管的薪酬为何数年来一直居高不下？高管薪酬报告的撰写人之一，北京师范大学公司治理与企业发展研究中心主任高明华介绍说，原因主要有三个方面：
第一，金融业业绩高速增长，平均净利润远超过其他行业，平均利润率也高于一般企业。
2310家上市公司的平均净利润是8.87亿元，平均利润率是10.35%。而金融业上市公司的平均净利润是268.47亿元，是全部上市公司平均值的30.27倍；平均利润率为81.83%，是全部上市公司平均值的7.91倍。可见高利润率是造成该行业高管薪酬居高不下的主要原因之一。
第二，金融业有较强的进入管制，其他行业向银行业扩张时仍十分困难。过高的金融业准入门槛在降低金融市场风险的同时，使现有金融业企业缺少竞争，提高了金融业的平均利润率。
第三，金融业是高危行业，金融业高管承担的高风险也是一般企业无法比拟的，高薪酬可视作对承担高风险的补偿。金融业要求高管付出高强度的脑力劳动，尤其是券商高管，早死率、不育率很高。金融业频现“非正常死亡”事件。这都要求金融业支付较高的薪酬，才能留住人才。
金融业上市公司高管的高薪拿得合理吗，他们的薪酬待遇究竟应参考什么标准设定？来自学术界和上市公司的资深业内人士纷纷提出了各自不同的观点。
对话
金融业高利润阻碍实体经济发展
高明华：金融类上市公司给人的感觉是薪酬很高，这些现象颇受社会公众关心。在宏观层面，国家应建立并倡导薪酬与贡献挂钩的理念；在微观层面，公司董事会在制定高管薪酬契约时，要重点考虑企业经营绩效，即要根据高管的实际贡献确定薪酬。
尽管金融类上市公司高管平均薪酬是非金融类的3.85倍，但是不要被这种现象所蒙蔽。一些上市公司高管薪酬绝对值较高，但与其高业绩相比，其高薪酬未必存在过度激励。在强调高管薪酬和贡献相吻合的标准下，目前金融业高管的薪酬激励并没有明显过度。
季晓南：金融企业高管的薪酬是非金融类企业的3.85倍，但业绩是金融类的9.04倍，由此得出金融类高管薪酬激励并未出现明显过度，这个观点在社会上可能得不到很多认同。据我所知，国务院领导在研究国有企业高管薪酬时，也认为金融类的高管薪酬要比工商类高得多。
大家现在一致公认，现在金融类企业的高利润，导致实体经济发展受到一定的阻碍。例如在香港、新加坡等地，银行一年期融资利率成本在3%左右，中国内地一年期银行贷款利率在6.5%左右。
而中小企业通过金融中介，真正拿到手的利率往往是10%~12%，甚至更高。而我们加工制造业企业的利润率能有5%就不错了，这样实体经济怎么能够发展？在这个前提下，你说金融高管薪酬是高还是低？
刘迎秋：在中小企业普遍面临贷款难、贷款利率高、经营困难的形势下，作为国有企业的金融上市公司平均利润率81.83%，是非常不合适的。所以我们不得不问，金融企业这么高的利润从哪儿来的？我以为可能来自于以下几个方面：一是垄断，第二来自于经营收益，第三来自于风险。因为风险大，所以得到额外的收益。
无论是国有还是民营企业，凡是和垄断相关的，和特许经营权相关的收益都应该回馈社会，不应该作为高管对公司的贡献，或者作为薪酬发放给高管。经营收益和风险承担所获得的额外收益才是金融高管的业绩。
中国目前正面临着从中等收入到较高收入的发展阶段，很多关系如果处理不好就可能掉到中等收入陷阱里。中等收入陷阱一个突出的表现就是出现收入差距过大。收入差距扩大主要原因就是劳动报酬与贡献不相符。所以当前必须严肃对待金融业高管的薪酬问题。
高管薪酬如何确定
朱碧新：讨论中国上市公司高管薪酬绝对值的高和低意义不大，关键在于高管是不是完成了董事会下达的目标任务，换句话说，是不是通过科学合理的绩效考核来确定其收入。
公司治理最核心的目标是要促进公司可持续发展，要让出资人得到满意的回报。所以，高管薪酬的高低应完全由出资人进行判断。出资人认为这群高管是否实现了其投资收益预期目标，不仅仅是当期目标，还要实现远期的目标。据此为其确立薪酬标准。
此外，上市公司高管薪酬高低，也要看是和哪些行业比较，是在国内比较还是在国际上比较。中国企业要走出去，要参与全球竞争，成为世界一流企业，无论是管理、业务，还是精英团队的选择、对经营者的激励，都要逐步向国际标准看齐。
以中国交建为例，我们在国际上对应的标杆公司，如法国万喜公司，我们在规模、效益等指标上和它差距不大，但是我们高管的薪酬却与它存在很大差距，可能有10倍、20倍的差距。如果要推动公司向世界一流看齐，长期的对高管的低激励是不可持续的。
张政军：没有为股东创造价值，公司高管拿高薪肯定是不对的，但是，创造了利润，如果是搭了行业景气、垄断因素、资产质量优良等“顺风车”，高管是不是还要拿高薪，这值得商榷。
所谓无功不受禄。我认为，对于竞争领域的企业来说，比较合理的是向同行业、排名差不多的标杆企业看齐。对于公共产品的生产者、提供者，总体方向应该是固定薪酬比重大、激励性薪酬比重小，与利润挂钩的股权激励不应该有。
另外，高管薪酬重要的不是通过什么模型来算，而是让合适的人来决定薪酬。高管薪酬由董事会决定，但董事会必须有独立性。如果董事会都是内部人，缺少外部监督，自己给自己定薪酬显然不合适。
高明华：高管与员工的薪酬差距应当保持在适当水平。近年来，相关政府部门对国有企业高管薪酬管制的重点不约而同地集中于将高管薪酬与员工平均收入挂钩。我们的研究发现，适度的高管与员工薪酬差距确实能够产生正激励，提升公司业绩。
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