돎폮ꆢ췵튻붭:틸탐룟닣벤샸:쏀맺20볒틸탐뗷닩틸탐룟닣벤샸:쏀맺20볒틸탐뗷닩돎폮ꆡꆡꆡꆡ췵튻붭(뚫놱닆뺭듳톧ꆡ116025)ꆡ(쏀맺쏷쓡쯕듯듳톧)ꆡꆡ쓚죝쳡튪:놾컄뛔2003쓪쏀맺뢣늼쮹500잿업쏻훐톡돶뗄20볒틸탐1992쓪훁2002쓪뗄쫽뻝뷸탐럖컶,퇐뺿냼삨뚭쫂뻖훷쾯뫍CEO퓚쓚뗄룟벶맜샭죋풱뗄쫕죫뷡릹ꆢ쫕죫쪱볤탲쇐뇤뮯,틔벰쓚늿쫕죫벶닮뗄쳘헷,헒돶쏀맺듳틸탐룟닣놨돪폫벤샸훐튻킩뚨솿뗄ꆢ듸폐맦싉탔뗄쳘뗣,뛔탎돉헢킩놨돪쳘뗣뗄풭틲ퟷ돵늽첽쳖,ퟷ캪훐맺틸탐튵룄룯뷨본ꆣ맘볼듊:벤샸ꆡ놨돪뷡릹ꆡ틸탐룟맜튻ꆢ틽ꆡ퇔놾컄틔2003쓪쏀맺뢣늼쮹500잿업쏻훐톡돶뗄20볒틸탐ퟷ캪퇐뺿퇹놾ꋙ,뛔헢20볒틸탐1992쓪훁2002쓪뗄룷폐맘쫽뻝뷸탐럖컶,ퟅ훘퇐뺿냼삨뚭쫂뻖훷쾯뫍CEO(쫗쾯횴탐맙)퓚쓚뗄룟벶맜샭죋풱뗄쫕죫뷡릹ꆢ쫕죫쪱볤탲쇐뇤뮯,틔벰쓚늿쫕죫벶닮뗄쳘헷ꆣ컒쏇쫔춼춨맽뛔헢킩퇹놾틸탐뗄ퟛ뫏낸샽럖컶,헒돶쏀맺듳틸탐룟닣놨돪폫벤샸훐튻킩뚨솿뗄ꆢ듸폐맦싉탔뗄쳘뗣ꆣ퇐뺿틸탐룟닣놨돪폫벤샸훐듸폐맦싉탔뗄ퟶ램폐쿔뛸틗볻뗄훘듳쪵볹틢틥ꆣ훚쯹훜횪,틸탐튵뗄ힴ첬뛔튻맺뺭볃뗄붡뾵랢햹럇뎣맘볼ꆣ틸탐룟닣맜샭죋풱뛔폚웤쯹퓚틸탐뺭펪튵벨뗄폅쇓폖웰ퟅ훁맘훘튪뗄ퟷ폃ꆣ쯻쏇뛔폚훮죧틸탐릺늢ꆢ훘ퟩ뗈짦벰쯹퓚틸탐랢햹햽싔뗄훘듳뻶닟,췹췹믡뛔룃틸탐뗄짺듦폫랢햹닺짺뻶뚨탔뗄펰쿬ꆣ틲듋,죧뫎붨솢튻훖췪짆뗄뛔틸탐튵룟맜죋풱뗄벤샸폫풼쫸믺훆,붫쯻쏇뗄쯹믱놨돪폫틸탐뗄뺭펪튵벨ꆢ쳘뇰쫇폫틸탐뗄뎤웚샻틦솪쾵웰살,벤샸룟벶맜샭닣쟚쏣뺡퓰,볦맋릫쮾뗄뛌웚샻틦폫뎤풶랢햹,ퟮ듳쿞뛈뗘복짙쯹폐헟폫맜샭헟횮볤뗄듺샭돉놾,헢쫇쫀뷧룷맺틸탐튵쯹쏦쇙뗄튻룶릲춬쳴햽ꆣ떱잰,훐맺틸탐튵뗄룄룯헽뒦폚쳥훆룄룯뗄맘볼쪱웚,맺폐틸탐튻춳쳬쿂뗄뻖쏦헽퓚룄뇤,튻룶틔맺폐뛀틸탐ꆢ막럝훆틸탐ꆢ뗘랽짌튵틸탐폫췢틸탐춬쪱듦퓚ꆢ쿠뮥뺺헹뗄뻖쏦헽퓚탎돉ꆣ틲듋,뺡뿬붨솢폐킧뗄틸탐룟닣뗄놨돪폫벤샸쳥쾵,쫇퓚쯹폐훆룄룯뗄춬쪱췪짆틸탐훎샭뷡릹뗄훘튪ퟩ돉늿럖ꆣ컒쏇뗄릤ퟷ뿉틔쳡릩헢랽쏦뗄훘튪닎뾼뫍뷨본ꆣ컒쏇뗄퇐뺿뛔놨돪뫍벤샸샭싛틑폐돉맻뗄랢햹튲폐쿠떱뗄훘튪틢틥ꆣ맽좥30쓪살,튻듳엺샭싛뺭볃톧볒뻟폐뾪뒴탔뗄릤ퟷ,쪹컒쏇룼볓쏷좷뗘죏쪶떽웳튵맜샭훐듦퓚뗄캯췐듺샭맘쾵벰웤벤샸뗄훘튪탔,튲헆컕쇋벤샸믺훆짨볆쪱뫜뛠훘튪뗄튻냣탔풭퓲ꆣ뇈죧,평폚듦퓚벤샸폫럧쿕럖떣뗄쎬뛜,놨돪튻냣튪평만뚨뫍뇤뚯솽늿럖ퟩ돉ꆣ폖뇈죧,틔쓚늿쳡냎ퟷ캪벤샸쫖뛎쪱,놨돪탨튪쯦룚캻뗈벶뗄뇤뮯뛸뇤뮯ꆣ헢킩튻냣탔풭퓲쯤좻쓜룸컒쏇뫜뛠웴뗏,떫좴늻쳡릩솿뮯뗄룅쓮ꆣ뎣볻뗄믘맩럖컶랽램,쯤좻쫴폚뚨솿럖컶,떫평폚퓚믱뗃쫽뻝ꆢ놣횤쫽뻝훊솿ꆢ뻶뚨ꆢ헧뇰뫍뿘훆ퟔ뇤솿ꋙ헢20볒틸탐쫇듓쏀맺뢣늼쮹2003쓪500잿뗄업쏻훐,믹놾짏내헕듓룟떽뗍뗄쮳탲붫틸탐뫍뷰죚웳튵쳴톡돶살,웤훐쪡좴쇋룶뇰퓚2003쓪횮뫳놻췌늢뗴뗄틸탐(샽죧쏀맺뗚튻틸탐BANKONE)틔벰컒쏇컞램닩헒쿠맘쫽뻝뗄틸탐ꆣ쯹톡좡뗄퇹놾틸탐,웤닺ퟜ뛮뚼퓚250틚쏀풪틔짏ꆣ16' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚3웚틔벰붵뗍쯦믺탔뗈벼쫵랽쏦듦퓚삧쓑,틲듋튲폐튻뚨뗄뻖쿞탔ꆣ뻝컒쏇쯹횪,믘맩럖컶훁뷱짐캴폐웳튵럖샠뫳놨돪훐만뚨폫뇤뚯늿럖뷡릹뇈샽뗄뷡싛,틔벰웳튵쓚늿벶뇰뇤뚯뛔놨돪펰쿬뗄솿뮯뷡싛ꆣ틲듋,낸샽럖컶랽램,죔좻쫇헻룶퇐뺿릤ퟷ훐늻뿉믲좱뗄훘튪ퟩ돉늿럖ꆣ컒쏇쯹ퟶ뗄ퟛ뫏낸샽럖컶,퇹놾훐뗄웳튵좫늿쫇쏀맺뗄듳틸탐,퇹놾쫽뻝뿉뾿,뛔헾훎뫍뺭볃훆뛈뮷뺳ꆢ웳튵샠탍ꆢ웳튵맦쒣뗈ퟔ뇤솿뗄뿘훆뇈뷏뫃,퇹놾훐웳튵뗄뿉뇈탔뇈뷏잿ꆣ틲듋,컒쏇뗄럖컶뿉쫓캪믘맩뚨솿럖컶뗄튻룶늹돤,뛔솿뮯놨돪폫벤샸샭싛뗄튻킩훷튪뷡싛,폐튻뚨뗄릱쿗ꆣ뇭1쯹톡좡뗄퇹놾틸탐쒿슼틸탐쫽쒿뢣늼쮹업탲틸탐쏻돆ퟜ닺(냙췲쏀풪)맍풱죋쫽(잧죋)12Citigroup10971902611325BankofAmerica66045813813312WellsFargo34925912316417JPMorganChase&Co7588009511518MorganStanley5294995815623Wachovia3418398214724MerrillLynch4479285410827AmericanExpress1572537919935USBancorp180,02751171046Fleet19045353111156MBNA5285728101257NationalCity11825832151372SunTrustBanks11732328101491PNC6637723191598BankofNewYork77170191316108StateStreet85794191317149Mellon36231241118208UnionBanCal4017091319211NorthernTrust3947891420265Huntington27579910ꆡꆡ쇏살풴:쏀맺뢣늼쮹500잿업쏻,2003쓪(Forbes500s,2003)ꆣ놾컄틔쿂늿럖뗄뷡릹낲업죧쿂:뗚뛾늿럖뷩짜짦벰쏀맺틸탐룟닣맜샭죋풱쫕죫뗄룷훖룅쓮벰릹돉,닻쏷놾컄쯹쪹폃뗄쫕죫룅쓮;뗚죽늿럖럖컶틸탐룟맜죋풱쫕죫퓚ퟜ솿뫍뷡릹짏뗄쳘뗣;뗚쯄늿럖듓쪱볤탲쇐뾼닩쫕죫룷ퟩ돉늿럖뗄뇤뮯맦싉;뗚컥늿럖ퟝ쿲뾼닩틸탐룟맜죋풱뗄쫕죫벶닮;뗚쇹늿럖쇐뻙뷼벸쓪살뛔CEO룟킽놨돪뗄헹틩벰짦벰뗄붹뗣컊쳢;ퟮ뫳,훘짪놾컄뗄훷튪뷡싛ꆣ뛾ꆢ쏀맺틸탐룟닣쫕죫뗄룅쓮벰릹돉쏀맺틸탐튵룟닣맜샭죋풱뗄쫕죫춨뎣놻돆캪킽돪(Compensation),뿉평믵뇒쫕죫뫍럇믵뇒쫕죫ퟩ돉,웤냼삨뗄쓚죝쪮럖랱퓓,룅삨웰살뿉럖캪틔쿂벸늿럖:11쓪킽(Salary)ꆣ헢쫇틸탐룟맜죋풱쎿튻릤ퟷ쓪뛈쯹좡뗃뗄믹놾쫕죫,튲쫇컞싛웤릤ퟷ튵벨죧뫎,춨뎣뚼뿉믱뗃뗄폫룚캻맒릳뗄만뚨놨17' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
돎폮ꆢ췵튻붭:틸탐룟닣벤샸:쏀맺20볒틸탐뗷닩돪;21뛌웚벤샸,훷튪횸쓪뛈붱뷰(Bonus)ꆣ헢쫇룷틸탐룹뻝짨뚨뗄튵벨쒿뇪뫍붱샸뇪ힼ,쎿쓪쿲틸탐룟맜죋풱랢럅뗄붱뷰ꆣ쯼뿉틔틔쿖뷰뫍럇쿖뷰솽훖랽쪽횧뢶,떫쿖뷰뇈뷏웕뇩;31훐ꆢ뎤웚벤샸ꆣ훷튪냼삨:(1)막욱웚좨(StockOption)ꆣ쯼쫇뢳폨틔틸탐CEO캪쫗뗄룟맜죋풱내헕쒳튻만뚨볛룱릺싲놾릫쮾막욱,늢퓚튻뚨쪱웚뫳붫막욱퓚쫐뎡짏돶쫛뗄좨샻ꆣ웚좨뗄볛횵믡쯦ퟅ막욱쫐횵뗄짏헇뛸퓶볓,듓뛸뿉틔캪룟맜죋풱듸살럡뫱뗄쫕틦;(2)쿞훆탔막욱붱샸(RestrictedStockGranted)ꆣ헢쫇룟맜죋풱믱뗃뗄컣탨쫂쿈춶뗄막욱붱샸,떱쿞훆탔막욱쯹힢쏷뗄쪱볤뛎뷡쫸,믲막욱돖폐헟캪놾틸탐솬탸럾컱튻뛎쪱볤횮뫳,헢킩막욱뇣뿉평돖폐죋ퟔ평횧엤;(3)뎤웚벤샸쫕틦(Long2termIncentivePayouts)ꆣ헢쫇폫막욱볛룱믲샻죳뗈횸뇪맒릳뗄늻뚨웚랢럅뗄붱뷰,춨뎣ퟷ캪막욱웚좨뫍쿞훆탔막욱벤샸뗄튻훖늹돤;41뢣샻뫍뷲쳹ꆣ뢣샻뿉럖캪램뚨뢣샻ꆢ릫쮾쓚늿뢣샻뫍늹돤뢣샻ꆣ뻟쳥냼삨퇸샏뷰ꆢ튽쇆폫퇀튽럾컱ꆢ뒢탮ꆢ쫙쿕ꆢ짋닐;룟닣뺭샭뗄늹돤췋택뷰ꆢ늹돤튽쇆폫닐헏ꆢ늹돤쫙쿕뗈ꆣ뷲쳹냼삨:뻣샖늿믡풱룱ꆢ쳡릩샭닆맋컊ꆢ쿭폃폃붻춨릤뻟틔벰뚨웚쳥볬뫍쏢럑싃폎뗈ꆣ폐맘쏀맺틸탐룟맜죋풱쫕죫뗄춳볆뿚뺶뫍춳볆횸뇪뷏캪뢴퓓뫍랱쯶,헢튻쿖쿳훷튪풵폚룃좺쳥쫕죫퓚쪱볤뫍뿕볤짏뗄뿧풾탔뫍붻듭탔ꆣ듓쪱볤짏뾴,룟맜죋풱쎿쓪(릤ퟷ쓪뛈)뗄쫕죫늢늻튻뚨좫늿쫇떱쓪믱뗃뗄놨돪,웤훐튻늿럖쫕죫뿉살ퟔ폚탐쪹짏튻쓪믲벸쓪잰쯹믱웚좨,뛸떱쓪믱뗃뗄웚좨믲웤쯻뎤웚탔벤샸퓲탨튪퓚틮쓪믲죴룉쓪뫳닅뗃틔뛒쿖ꆣ틲듋,헢훖쪱볤짏뗄뿧풾탔쪹떥튻뗄릤ퟷ쓪뛈뫜쓑ힼ좷랴펳틸탐룟맜죋풱떱쓪뗄좫늿쫕죫ꆣ듓뿕볤짏뾴,룟맜죋풱뗄쫕죫춨뎣쫇뛠캬뗄,뛸쟒횰캻풽룟,쫕죫뗄릹돉풽럡뢻ꆣ튻냣쟩뿶쿂,틸탐룟맜죋풱뗄쫕죫살풴뚼늻뷶쿞폚쯹릩횰뗄떥캻ꆣ샽죧,튻볒틸탐뗄뚭쫂뻖훷쾯,뮹뿉춬쪱볦죎웤쯻릫쮾뗄뚭쫂믲룟닣횰컱,믲춬쪱펵폐뛠볒릫쮾뗄막욱,틲뛸뿉틔뫏램뗘듓뛠훖쟾뗀믱좡쫕죫ꆣ룹뻝COMPUSTAT쫽뻝뿢훐뗄춳볆쫽뻝,랴펳룟맜죋풱떱쓪ퟜ쫕죫뗄횸뇪훷튪폐죽룶:튻쫇TCC(TotalCurrentCompensation),벴ꆰ떱쓪ퟜ킽돪ꆱ,쯼뗈폚떱쓪뗄믹놾쓪킽(Salary)폫붱뷰(Bonus)솽헟뗄ퟜ뫍;뛾쫇TDC1(TotalCompensationIncludeOptionGrants),벴ꆰ냼삨쯹믱막욱웚좨퓚쓚뗄ퟜ킽돪ꆱ,웤몬틥붫퓚쿂쏦쿪쾸쮵쏷;죽쫇TDC2(TotalCompensationIncludeOptionExercised),벴ꆰ냼삨탐쪹웚좨쫕죫뗄ퟜ킽돪ꆱꆣ쯼냼삨:믹놾쓪킽ꆢ붱뷰ꆢ웤쯻쓪쫕죫ꆢ믱뗃뗄쿞훆탔막욱뗄ퟜ횵ꆢ탐쪹웚좨쯹뗃떽뗄막욱뺻횵ꆢ뎤웚벤샸쫕틦벰쯹폐웤쯻ퟜ쫕죫ꆣ퓚헢죽룶횸뇪훐,TCC랴펳뗄횻쫇룟맜죋풱떱쓪믱뗃뗄늿럖믵뇒쫕죫,쎻폐붫쒿잰퓚쫕죫훐햼뻸뛔뇈훘뗄막욱웚좨뗄볛횵냼삨퓚쓚,틲듋늻쓜뿍맛쳥쿖룟맜죋풱뗄좫늿쪵볊쫕죫;TDC2횸뇪뺡맜냼몬뗄쓚죝럇뎣좫쏦,떫평폚룃횸뇪떱훐냼삨쇋탐쪹틔잰쯹믱웚좨뗄쫕죫,틲듋짦벰떽룟맜죋풱쫕죫뿧풾릤ퟷ쓪뛈뗄컊쳢ꆣ놾컄톡퓱쇋TDC1ퟷ캪뫢솿틸탐룟맜죋풱ퟜ쫕죫뗄횸뇪,쯼뻟쳥냼삨:믹놾쓪킽ꆢ붱뷰ꆢ웤쯻쓪쫕죫ꆢ믱뗃뗄쿞훆탔막욱ퟜ횵ꆢ믱뗃뗄막욱웚좨ퟜ횵(룹뻝Black2Scholes웚좨뚨볛쒣탍ꋙ닢쯣)ꆢ뎤웚벤샸쫕틦틔벰쯹폐웤쯻ퟜ쫕죫ꆣ놾컄떱훐쯹쪹폃뗄ퟜ쫕죫룅쓮뇜뾪쇋쫕죫쇷솿퓚쪱볤짏듦퓚뗄뿧풾탔뫍붻듭탔,벴ퟜ쫕죫훐늻냼삨탐쪹웚좨쯹믱뗃뗄쫕죫,튲늻냼삨틸탐룟맜죋풱듓놾떥캻횮췢뗄웤쯻쟾뗀쯹믱쫕죫,놾컄퇐뺿뗄횻쫇틸탐룟맜죋풱떱쓪듓놾웳튵믱좡뗄놨돪ꆣ탨튪쮵쏷뗄쫇,틸탐룟맜죋풱뗄쫕죫떱훐뗄뢣ꋙ1973쓪,럑톩ꆤ늼삳뿋(FisherBlack)뫍쎷슡ꆤ키뛻(MyronScholes)뷌쫚랢뇭쇋ꆶ웚좨뚨볛뫍릫쮾햮컱ꆷ튻컄ꆣ퓚헢욪컄헂훐,쯻쏇룸돶쇋웚좨뚨볛쒣탍,횮뫳뻸듳뛠쫽뗄웚좨뚨볛쒣탍뚼쫇퓚헢튻쒣탍뗄믹뒡짏훰붥퇝뮯뛸돉뗄ꆣ늼삳뿋뫍키뛻횤쏷쇋죎뫎뷰죚닺뗄릫욽뫏샭뗄볛룱뻍쫇웤놾짭뗄웚췻볛횵,웤웚좨뚨볛릫쪽틀삵폚뿉맛달떽뗄믲뿉맀볆돶뗄뇤솿,폃뇪뗄막욱뫍컞럧쿕닺릹퓬뗄춶ퟩ뫏뗄쫕틦뢴훆웚좨뗄쫕틦,퓚컞쳗샻쟩뿶쿂,뢴훆뗄웚좨볛룱펦뗈폚릺싲춶ퟩ뫏뗄돉놾ꆣ룹뻝늼삳뿋뫍키뛻웚좨뚨볛쒣탍,웚좨볛룱좡뻶폚틔쿂컥룶뇤솿:믹뒡뫏풼막욱볛룱뗄늨뚯싊ꆢ컞럧쿕샻싊ꆢ웚좨떽웚쪱볤ꆢ웚좨뗄횴탐볛룱뫍막욱쪱볛ꆣ18' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚3웚샻폫뷲쳹늿럖,틠늻퓚놾컄뗄퇐뺿횮쇐ꆣ뢣샻폫뷲쳹ퟷ캪틸탐벤샸쫖뛎뗄튻훖탎쪽,룼뛠쳥쿖뗄쫇튻훖죋컄맘뮳ꆣ뾼싇떽쯼퓚룟맜죋풱쫕죫훐햼뗄캢죵뇈훘벰솿뮯짏뗄삧쓑,놾컄쯹쳖싛뗄룟맜죋풱쫕죫횻짦벰잰쏦쯹쳡벰뗄쓪킽ꆢ뛌웚벤샸뫍훐뎤웚벤샸죽듳늿럖ꆣ죽ꆢ쏀맺틸탐룟닣쫕죫ퟜ솿폫뷡릹뗄쳘뗣춨맽뛔룟맜죋풱쫕죫ퟜ솿벰웤뷡릹뗄퇐뺿,컒쏇랢쿖,쏀맺틸탐튵룟맜죋풱뗄킽돪낲업듸폐쿔훸뗄벤샸폫풼쫸믺훆뗄쳘헷ꆣ헢튻쳘헷살풴폚컒쏇뛔퇹놾틸탐퇐뺿뫳쯹뗃돶뗄뷡싛:뗚튻,폫뺭펪튵벨컞뷴쏜맘쾵뗄쓪킽쫕죫퓚룟맜죋풱놨돪훐쯹햼뇈샽뷏킡,쟒헢튻뇈샽튻횱돊쿖돶쿂붵뗄쟷쫆;뗚뛾,킽돪훐뗄벤샸폫풼쫸늿럖,벴룟맜죋풱듓뛌웚뫍훐ꆢ뎤웚벤샸훐믱뗃뗄쫕죫,틑뺭죕틦돉캪쯻쏇뗄훷튪쫕죫살풴ꆣ컒쏇뗄뷡싛뿉틔춨맽웤쯻춾뺶뗄쇏뗃틔횤쪵ꆣ쏀맺튻뛀솢퇐뺿믺릹ꆰ릫쮾쇏뿢ꆱ(CorporateLibrary)뛔냼삨틸탐튵퓚쓚뗄룼캪맣랺뗄1019볒쏀맺릫훚돖막릫쮾뗄뗷닩쫽뻝쿔쪾:2002쓪헢킩릫쮾CEO쏇냼삨만뚨쓪킽퓚쓚뗄횱뷓쫕죫뇈잰튻쓪퓶뎤쇋17%,뛸룷훖벤샸탔쫕죫뫍늹쳹탔쫕죫퓲퓶볓쇋뷼튻놶ꆣꆰ룷훖쏻쒿랱뛠뗄벤샸뫍늹쳹쫕죫쯹햼뇈샽헽톸쯙퓶볓,뛸쓪킽쫕죫쯹햼뇈샽풽살풽킡ꆱꆣꋙ(튻)쓪킽쫕죫룹뻝컒쏇뛔퇹놾틸탐1992ꆪ2002쓪쫽뻝뗄럖컶,90쓪듺돵웚,룟맜죋풱쓪킽햼웤좫늿쫕죫뗄뇈샽춨뎣퓚30%ꆪ40%ퟳ폒,10쓪횮뫳틑뺭웕뇩붵떽20%틔쿂ꆣ쒿잰,뻸듳뛠쫽틸탐뗄헢튻뇈샽뚼킡폚10%,폐킩쓪럝짵훁뮹늻벰1%ꆣ뇭2쯹쇐뗄쫇룷퇹놾틸탐쫗쾯횴탐맙(CEO)2002쓪뗄쓪킽ꆢ붱뷰뫍좫늿쫕죫뗄쫽ퟖ,틔벰쓪킽럖뇰퓚붱뷰뫍ퟜ쫕죫훐쯹햼뇈샽ꆣ듓쓪킽햼붱뷰뗄뇈샽뾴,20볒퇹놾틸탐훐,쓪킽햼붱뷰뇈샽늻벰50%뗄폐8볒,햼ퟜ쫽뗄40%;뇈샽퓚50%ꆪ100%횮볤뗄폐7볒,햼35%;듳폚100%뗄폐2볒,햼10%;쇭폐3볒룃쓪쎻폐죎뫎붱뷰ꆣ2002쓪20볒퇹놾틸탐CEO쓪킽햼붱뷰뗄뇈샽욽뻹캪51162%ꆣ듓쓪킽햼좫늿쫕죫뗄뇈샽뾴,뗍폚20%뗄폐16볒,햼퇹놾틸탐ퟜ쫽뗄80%,웤훐뗍폚10%뗄폐13볒,햼ퟜ쫽뗄65%;헢튻뇈샽룟폚20%뗄횻폐4볒,햼ퟜ쫽뗄20%ꆣ2002쓪20볒퇹놾틸탐CEO쓪킽햼좫늿쫕죫뗄뇈샽욽뻹캪17137%ꆣ탨튪쮵쏷뗄쫇,뇭2쯹톡좡뗄횻쫇2002쓪뗄쫽ퟖ,뛸퓚20볒퇹놾틸탐훐,잡뫃폐3볒떱쓪뗄붱뷰쫽뛮캪0,듓뛸붵뗍쇋좫늿쫕죫뗄믹쫽,쪹쓪킽햼좫늿쫕죫뗄뇈샽욫듳,튲틲듋쪹뗃좫퇹놾뗄욽뻹쫽폐쯹쳡룟ꆣ듓컒쏇믱좡뗄쫽뻝뾴,CEO쓪킽햼웤ퟜ쫕죫뗄뇈훘듓90쓪듺30%ퟳ폒뗄뇈샽떽뷼벸쓪늻ퟣ10%,쪮쓪살돊쿖돶쏷쿔뗄쿂붵쟷쫆ꆣ폫쪮벸쓪잰쿠뇈,뛔폚쫕죫웄럡뗄틸탐룟맜죋풱쳘뇰쫇웤ퟮ룟탐헾뎤맙ꆪꆪꆪCEO살쮵,쓪킽퓚웤쫕죫훐뗄훘튪탔틑쿔뗃캢늻ퟣ뗀,웰뻶뚨ퟷ폃뗄퓲쫇살ퟔ벤샸늿럖뗄쫕죫ꆣ(뛾)뛌웚벤샸ꆪꆪꆪ쓪뛈붱뷰쓪뛈붱뷰쫇튻훖캪듯떽놾떥캻쓪뛈쒿뇪뛸짨솢뗄ꆢ믹폚릫쮾튵벨믲룶죋튵벨뗄뛌웚벤샸ꆣ헢훖벤샸쫖뛎틑퓚쏀맺릫쮾훐뗃떽맣랺쪹폃,뛠쫽릫쮾뗄ퟶ램쫇내쮰잰믲쮰뫳뺻쫕틦뗄튻뚨뇈샽룸CEO뫍룟맜죋풱틔쿖뷰랽쪽횧뢶쓪훕붱뷰ꆣ뻝쏀맺ꆶ짌튵훜뾯ꆷ놨뗀,1999쓪CEO뗄붱뷰햼웤ퟜ쫕죫뗄뇈훘욽뻹캪16%ꆣ룹뻝컒쏇뛔퇹놾틸탐쫽뻝뗄맛달,룷틸탐쓪뛈붱뷰뗄쫽뛮듳킡쎻폐뚨쫽,뿉룟폚ꆢ뗈폚믲뗍폚떱쓪쓪킽뗄쫽뛮,폐킩쓪럝뿉쫽놶폚쓪킽,폐킩쓪럝퓲럖컄쎻폐(뷏캪쳘쫢뗄샽ퟓ쫇UnionBanCal,퓚컒쏇쯹믱뗃뗄룷쓪쫽뻝훐,룃틸탐붱뷰뗄쫽뛮쪼훕캪쇣)ꆣ컒쏇랢쿖,뺡맜룷틸탐쎿쓪랢럅뗄붱ꋙ햪ퟔꆶ맺볊쿈쟽떼놨ꆷ,2003쓪7퓂9죕ꆣ19' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
돎폮ꆢ췵튻붭:틸탐룟닣벤샸:쏀맺20볒틸탐뗷닩뷰쫽뛮틀헕웤뺭펪ힴ뿶룟뗍늻뗈,떫붱뷰햼룟맜죋풱ퟜ쫕죫뗄뇈훘퓚컒쏇쯹뾼닩뗄쪱볤뛎쓚늢쎻폐돊쿖돶쏷쿔뗄짏짽믲쿂붵뗄쟷쫆,헢폫쓪킽쫕죫뇤뮯쯹돊쿖돶뗄맦싉늻춬ꆣ1992쓪,퇹놾틸탐룟맜죋풱붱뷰쫕죫햼웤ퟜ쫕죫뗄뇈훘캪26163%,2002쓪캪25199%,1992ꆪ2002쓪뗄쪮튻쓪볤,좫늿퇹놾틸탐뗄좫쳥룟맜죋풱붱뷰햼ퟜ쫕죫뗄ퟜ욽뻹쫽캪27146%ꆣ뇭2CEO뗄쓪킽폫좫늿쫕죫(2002쓪)떥캻:잧쏀풪뇈훘(%)업탲탕쏻틸탐쏻돆쓪킽붱뷰좫늿쫕죫쓪킽Π붱뷰쓪킽Π좫늿쫕죫1CharlesPrinceCitigroup500231215165561162116231022KennethLewisBankofAmerica15005375219481962719161833RichardKovacevichWellsFargo9957000203681661412141884WilliamHarrisonJPMorganChase10008080141901711213871055PhilipPurcellMorganStanley775561215129801131318151976KennedyThompsonWachovia10003750143801682616761957StanOꆯNealMerrillLynch500715015373136619931258KennethChenauAmericanExpress9502800214391893319341439JerryGrundhoferUSBancorp100015001235214166167810910CharlesGiffordFleet9921203162158ꆪ3113711AlfredLernerMBNA300060005332810950516212DavidDaberkoNationalCity1000100065261951001517313PhillipHumannSunTrustBank95001293198ꆪ7314114JamesRohrPNC850900719310694141118115ThomasRenyiBankofNewYork100061019812503104164719916DavidSpinaStateStreet100018001336017555156714817MartinMcGuinnMellon90012001312218375618618NorimichiKanariUnionBanCal51517030555132ꆪ9218719WilliamOsbornNorthernTrust9501000603710295151820ThomasHoaglinHuntington800480284116728116ꆡꆡ쫽뻝살풴:COMPUSTAT쫽뻝뿢ꆣ(죽)훐ꆢ뎤웚벤샸ꆪꆪꆪ막욱웚좨틸탐튵룟맜죋풱퓚쏀맺쫇훚쯹훜횪뗄룟쫕죫죋좺,웤훐듳틸탐벯췅뗄뚭쫂뎤뫍쫗쾯횴탐맙뗄킽돪룼쫇룟뗃뺪죋ꆣ틑폚2003쓪췋택뗄뮨웬벯췅뚭쫂뎤볦CEOSanfordI1Weill떱쓪쯹쓃떽뗄킽돪캪4470췲쏀풪,쏀쇖릫쮾뚭쫂뎤볦CEOStanleyOꆯNeal2003쓪뗄킽돪캪2800췲쏀풪ꆣꋙ퓚듋뻞뛮쫕죫떱훐,뻸듳늿럖쫴폚뎤웚벤샸놨돪,만뚨쓪킽튲뻍뷶햼룶쇣춷ꆣ룹뻝컒쏇뗄뗷닩,벤샸놨돪늿럖(냼삨뛌웚벤샸뫍뎤웚벤샸)퓚쏀맺틸탐튵룟벶맜샭죋풱좫늿킽돪훐쯹햼뇈훘춨뎣듯80%짵훁룼뛠,웤훐막욱웚좨뗄볛횵튪풶풶룟폚쓪뛈붱뷰ꆢ뫬샻폫웤쯻벤샸뗄ퟜ뫍,돉캪헢튻좺쳥룟쫕죫뗄ꋙ햪ퟔꆶ얦풼쪱놨ꆷ2004쓪3퓂23죕ꆣ20' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚3웚훷튪살풴ꆣ틔막욱웚좨캪훷튪쓚죝뗄쿖듺웳튵벤샸풼쫸믺훆,듓짏룶쫀볍90쓪듺틔살틑뺭퓚랢듯맺볒뗃떽쇋웕뇩펦폃,뻸듳뛠쫽쏀맺짏쫐릫쮾뚼쪹폃막욱웚좨ퟷ캪벤샸릤뻟ꆣ헢튻쟷쫆뗄돶쿖훷튪폫틔쿂틲쯘폐맘:튻쫇릫쮾랢햹뗄뿍맛탨튪ꆣ룷듳틸탐뫍릫쮾뚼쫔춼쪹CEO벰룟맜죋풱뗄힢틢솦듓뛌웚닆컱횸뇪틆떽릫쮾뗄뎤풶랢햹랽쏦,듓뛸붫룟맜죋풱뗄킽돪폫릫쮾뗄뎤풶샻틦삦냳퓚튻웰;뛾쫇릫쮾쇴힡죋닅뗄탨튪ꆣ탭뛠틸탐뫍릫쮾퓚훆뚨룟맜죋풱벤샸볆뮮뗄춬쪱,튲맦뚨쇋웤뇘탫캪릫쮾럾컱뗄ퟮ뗍웚쿞,쒿뗄뇣쫇캪쇋놣돖릫쮾맜샭닣뗄컈뚨탔뫍솬탸탔;죽쫇뫏샭맦뇜쮰쫕ꆣ듳뛠쫽릫쮾퓚좷뚨CEO킽돪릹돉쪱,믡룹뻝쏀맺ꆶ맺쓚쫕죫램ꆷ(UnitedStatesInternalRevenueCode)훐뗄폐맘맦뚨,룼뛠뗘틔막욱웚좨탎쪽ퟷ캪놨돪횧뢶쫖뛎,듓뛸뿉틔ퟮ듳쿞뛈뗘쿭쫜뿎쮰복쏢ꆣ튲헽쫇평폚뷼킩쓪살듳솿쪹폃막욱웚좨ퟷ캪벤샸놨돪,쏀맺듳릫쮾ퟜ닃뫍틸탐튵CEO쏇뗄쫕죫량쯙퓶뎤,듯떽쇋쿠떱뿉맛뗄쮮욽ꆣ뇭3퇹놾틸탐룟맜죋풱붱뷰쫕죫햼ퟜ쫕죫뗄뇈훘틸탐쏻돆1992쓪붱뷰햼2002쓪붱뷰햼1992ꆪ2002붱뷰햼ퟜ쫕죫뗄뇈훘(%)ퟜ쫕죫뗄뇈훘(%)ퟜ쫕죫뗄뇈훘(%)Citigroup011648160131311101258631BankofAmerica011964160129294801358558WellsFargo0131603101323107013582JPMorganChase&Co0143101463799013615MorganStanleyꆪꆪꆪ014179270146361Wachovia01266965013231070123554MerrillLynch01534344014617630146313AmericanExpress0130377011204890118155USBancorpꆪꆪꆪ012165230118216Fleet01219304014462190128274MBNA012951970112570122443NationalCity0123281601225874011914SunTrustBanks010584300110828PNC0130105011385070126088BankofNewYork013984730105172201485942StateStreet01247422011297520123208Mellon01138966012838990120586NorthernTrust01185380113185011708Huntington01236630120934012122욽뻹횵012662950125985301274605ꆡꆡ힢:틲UnionBanCal룷쓪뗄붱뷰뛮뻹캪0,놾뇭훐늻냼삨룃틸탐ꆣ막욱웚좨훷튪헫뛔뗄쫇릫쮾룟닣맜샭죋풱,헢튻믺훆돤럖쳥쿖돶쇋벤샸뫍풼쫸솽랽쏦뗄ퟷ폃ꆣ튻랽쏦,평폚막욱웚좨뗄볛횵믡쯦막욱쫐횵뗄짏헇뛸퓶볓,듓뛸뿉틔쪹룟맜죋풱틲릫쮾뗄솼뫃튵벨21' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
돎폮ꆢ췵튻붭:틸탐룟닣벤샸:쏀맺20볒틸탐뗷닩뗃떽럡뫱뗄놨돪;쇭튻랽쏦,막욱웚좨뗄쫚폨폫탐좨뚼폫릫쮾튵벨횸뇪쏜쟐쿠맘,춨뎣폫막뚫믘놨믲막욱뗄쎿막쿖뷰쫕틦(Cashearningspershare)맒릳ꆣ뷏퓧뛔틸탐튵룟맜죋풱킽돪뷸탐쪵횤퇐뺿뗄Barro,J1andR1Barro(1990)뻍퓸쏷좷횸돶,CEO쏇뗄킽돪뇤뮯좡뻶폚뺭펪벨킧,웤뫢솿횸뇪캪막욱믘놨뫍쿖뷰쫕틦뇤뚯,돤럖쳥쿖쇋막욱웚좨뛔룟맜죋풱뗄풼쫸쳘헷ꆣ샽죧,ퟜ늿캻폚쏀맺쏷쓡쯕듯훝뗄TCF틸탐퓚쫚폨웤룟맜죋풱막욱웚좨쪱뇣쫂쿈쏷좷맦뚨쇋웚좨뗄탐쪹쳵볾:죴룃틸탐막욱뗄쎿막쿖뷰쫕틦튻쓪퓶뎤뎬맽75%,뿉탐쪹웚좨뗄50%;죴쎿막쿖뷰쫕틦솽쓪퓶뎤튻놶,퓲뿉탐쪹웚좨뗄쇭췢50%ꆣ뺡맜냼삨틸탐튵퓚쓚뗄릫쮾룟맜죋풱쫕죫뛔폚웳튵뗄뺭펪벨킧럇뎣쏴룐,떫쫇,평폚틸탐튵ퟔ짭뗄쳘탔(죧룟럧쿕뫍쫜떽룟뛈볠맜뗈),쪹틸탐튵뗄놨돪벨킧쏴룐뛈(Pay2PerformanceSensitivity)횸뇪춨뎣뗍폚훆퓬튵뫍웤쯻탐튵ꆣJohn뫍Qian(2003)퓋폃1992ꆪ2000쓪뗄쫽뻝,뗃돶쇋쏀맺틸탐튵CEO킽돪폫벨킧뗄쏴룐뛈캪1000:417,벴막뚫좨틦쎿쳡룟1000쏀풪,퓲CEO뿉믱뗃417쏀풪뗄벤샸놨돪ꆣ뛸웤쯻탐튵뗄헢튻뇈샽춨뎣캪1000:6(Murphy,1999)ꆣ쇭췢,Houston폫James(1995)뗄퇐뺿쿔쪾,틸탐튵CEO욽뻹쯹돖폐뗄막욱웚좨틔벰막욱웚좨퓚웤ퟜ쫕죫훐쯹햼뗄뇈훘뚼뗍폚훆퓬튵뗄CEOꆣ쯄ꆢ쫕죫뇤뮯뗄쪱볤탲쇐듓쪱볤탲쇐맛달틸탐룟맜죋풱뗄쫕죫뇤뮯,컒쏇뿉틔쏷쿔랢쿖,만뚨쓪킽폫벤샸놨돪돊쿖돶췪좫늻춬뗄뇤뮯맦싉:쓪킽춨뎣쫇틸탐튵룟맜죋풱쫕죫훐ퟮ캪컈뚨뗄늿럖,쎿쓪뗄뇤뚯럹뛈늻듳,믲폐킡럹퓶뎤,믲싔캢쿂붵,믲솬탸벸쓪놣돖늻뇤;폫듋쿠랴,벤샸놨돪쯤퓶뎤톸쯙,떫좴벫늻컈뚨,늨뚯럹뛈뫜듳ꆣ룹뻝맛달,뷸죫90쓪듺뫳냫웚,퇹놾틸탐CEO뗄벤샸놨돪뚼늻풼뛸춬뗘쿔쪾돶뻧쇒뗄헰떴,뇤뮯럹뛈쏷쿔퓶듳ꆣ컒쏇ힷퟙ쇋퇹놾틸탐뗄CEO듓1992쓪훁2002쓪(폐룶뇰틸탐뗄쫽뻝늻좫)뗄쓪킽뇤뚯쟩뿶,룷틸탐CEO헢10쓪뗄욽뻹쓪킽뇤뚯럹뛈캪8161%,웤훐욽뻹뇤뚯럹뛈ퟮ듳뗄듯떽1619%,뇤뚯럹뛈ퟮ킡뗄떱쫴뮨웬벯췅룕킶죎뗄CEOꆪꆪꆪSanfordWeill,웤쓪킽뗄욽뻹뇤뚯싊뷶캪0146%ꆣ춬퇹룹뻝퇹놾틸탐1992ꆪ2002쓪뗄쫽뻝,컒쏇맛달쇋헢11쓪볤쯹폐CEO벤샸놨돪뗄뇤뚯쟩뿶ꋙ,쓪뇤뮯싊욽뻹캪63134%,뛸뇪ힼ닮뗄욽뻹횵듯떽119103ꆣ웤훐얦풼틸탐쫗쾯횴탐맙ThomasRenyi쪮튻쓪볤벤샸놨돪뗄쓪욽뻹뇤뮯싊캪181154%,뇪ힼ닮뺹듯떽357105,뿉볻웤벤샸놨돪늨뚯횮뻧쇒ꆣ컥ꆢ틸탐룟맜죋풱뗄쫕죫벶닮쯤좻틸탐뗄룟벶맜샭죋풱뚼쫴폚룟쫕죫좺쳥,웤쓪쫕죫춨뎣뿉퓚쫽냙췲훁쫽잧췲쏀풪늻뗈,떫룟맜죋풱횮볤뗄쫕죫닮뻠틠쪮럖쏷쿔ꆣ폈웤쫇맜샭닣뗄ퟮ룟쫗쓔ꆪꆪꆪ뚭쫂뎤뫍CEO,쯻쏇뗄쫕죫폫웤쿂쫴쿠뇈룼쫇닮뻠탼쫢ꆣAngꆢLauterbach뫍Schreiber(2000)룹뻝1993ꆪ1996쓪뗄쫽뻝,뛔쏀맺166볒틸탐룟맜죋풱뗄쫕죫벰웤뷡릹뷸탐쇋퇐뺿,뗃돶뗄뷡싛쫇,틸탐CEO쏇쯹믱뗃뗄쫕죫늻뷶풶풶룟폚웤쯻룟맜죋풱,쟒쫕죫뷡릹쯹뻟폐뗄벤샸쳘헷룼캪쿔훸ꆣ컒쏇뗄퇐뺿튲횤쪵쇋헢튻뷡싛ꆣ퇹놾틸탐떱훐,CEO떱쓪뗄좫늿쫕죫쫽놶폚웤쯻룟맜죋풱,뛸쟒쫕죫닮뻠훷튪풴폚벤샸놨돪,폈웤쫇막욱웚좨뗄닮틬ꆣ룹뻝뗷닩랢쿖,퇹놾틸탐뗄뚭쫂뎤뫍CEO쯹믱뗃뗄벤샸놨돪컞싛쫇쫽뛮(뻸뛔솿)뮹쫇퓶뎤싊(쿠뛔솿)뚼풶풶룟폚쿂쫴ꆣꋙ헢샯냼삨뛌웚벤샸뫍뎤웚벤샸뗄좫늿쓚죝,컒쏇폃CEO뗄떱쓪ퟜ쫕죫(TDC1)복좥떱쓪뗄만뚨쓪킽ퟷ캪좫늿벤샸놨돪뗄뷼쯆횵ꆣ22' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚3웚11만뚨쓪킽뗄닮뻠죧잰쯹쫶,만뚨쓪킽퓚틸탐튵룟맜죋풱뗄쫕죫훐횻햼뫜킡뗄뇈훘,틲듋룷횰캻뗄쫕죫닮뻠늢늻훷튪쳥쿖퓚헢튻늿럖ꆣ퓚컒쏇쯹뗷닩뗄틸탐훐,돽뚭쫂뎤뫍CEO폫웤쿂쫴뗄쓪킽쫕죫쏷쿔삭뾪떵듎횮췢,웤쯻룟맜죋풱쿠뮥횮볤뗄만뚨쓪킽늢컞뛠듳닮뇰ꆣ룹뻝컒쏇뗄볆쯣,퇹놾틸탐뚭쫂뎤뫍CEO폫웤쿠쇚뗄쿂튻벶룟맜죋풱(벴뗚튻룶벶닮)뗄만뚨쓪킽닮뻠춨뎣뚼늻뎬맽115놶ꆣ폫웤쯻좫늿룟맜죋풱뗄쓪킽욽뻹닮뻠튲횻폐115훁2놶ꆣ21뛌웚벤샸ꆪꆪꆪ쓪뛈붱뷰뗄닮뻠폫만뚨쓪킽뗄닮뻠쿠뇈,틸탐룟맜죋풱횮볤쯹믱쓪뛈붱뷰뗄닮뇰쏷쿔듳폚잰헟ꆣ컒쏇뗄뗷닩뇭쏷,튻랽쏦,뚭쫂뻖룟닣뫍CEO폫웤쯻룟맜죋풱뗄붱뷰쫕죫닮뻠삭듳,욽뻹쿠닮3훁4놶,ퟮ룟뿉듯7훁8놶;쇭튻랽쏦,늻춬횰캻룟맜죋풱쿠뮥횮볤뗄붱뷰닮뇰틠삭뾪쇋떵듎,헢폫룷룚캻만뚨쓪킽쿠닮컞벸뗄쳘헷탎돉쿊쏷뛔헕,듓뛸돤럖랴펳돶킽돪폫벨킧맒릳뗄벤샸킧맻ꆣ31훐ꆢ뎤웚벤샸ꆪꆪꆪ막욱웚좨뗄닮뻠틸탐룟맜죋풱뗄룟쫕죫쫇틔웤믱뗃뗄듳솿막욱웚좨ퟷ캪훷튪쳘헷뗄,뛸룟맜죋풱쿠뮥횮볤뗄쫕죫닮뻠틠쫇평막욱웚좨삭뾪떵듎늢췆쿲벫훁뗄ꆣ룹뻝컒쏇뛔퇹놾틸탐1992ꆪ2002쓪쫽뻝뗄맛달,랢쿖룟맜죋풱뗄쫕죫닮뻠퓚90쓪듺돵웚늢늻쪮럖쿔훸,뚭쫂뎤뫍CEO뗄좫늿쫕죫폫웤쯻룟맜죋풱쿠닮뗄쫽뛮뷶폐벸쪮췲,얼볻듯떽냙췲뗄ꆣ듓90쓪듺훐웚틔뫳,틸탐룟맜죋풱뗄쫕죫닮뻠뾪쪼쏷쿔삭듳,벸냙췲뗄쫽뛮횻쫇헽뎣실닮,짏잧췲뗄닮뻠튲늻퓚짙쫽ꆣ돶쿖헢튻쿖쿳뗄훷튪풭틲뇣쫇막욱웚좨퓚쫕죫훐쯹햼좨훘랢짺쇋뇤뮯,춨뎣쟩뿶쿂,룟맜죋풱횰캻풽룟,막욱웚좨퓚웤쫕죫훐쯹햼뇈훘풽듳,듓뛸쪹룟맜죋풱횮볤뗄쫕죫닮뻠틠폺볓쿔훸ꆣ듓퇹놾틸탐2002쓪뗄춳볆쫽뻝살뾴,룟맜죋풱막욱웚좨뗄쫕죫닮뻠퓚룷틸탐횮볤뿉캽잧닮췲뇰ꆣퟮ룟뗄벶닮뿉듯떽3700췲쏀풪(MBNA),ퟮ킡벶닮횻폐1췲5잧쏀풪(UnionBanCal)ꆣ믹폚헢튻풭틲,20볒퇹놾틸탐막욱웚좨뗄욽뻹닮뛮쯤캪607췲쏀풪,떫뇪ힼ닮뺹듯떽699췲;룷틸탐룟맜죋풱막욱웚좨쫕죫욽뻹닮뛮뗄훐횵캪476췲쏀풪ꆣ쇹ꆢ폐맘틸탐룟닣놨돪뗄컊쳢폫헹싛뎤웚틔살,죋쏇뛔룟놨돪ퟷ캪벤샸뗄훷튪쫖뛎쪼훕폐쯹헹틩ꆣ쳘뇰쫇2000쓪횮뫳,쏀맺막쫐돖탸뗍쏔,탭뛠릫쮾뗄막욱볛룱쿂뗸,웳튵펯샻듳럹복짙ꆣ폫듋춬쪱,릫쮾룟맜죋풱뗄킽돪좴폐퓶컞복,늻짙듳틸탐뫍듳릫쮾뗄CEO뮹춨맽탐쪹막욱웚좨ꆢ엗쫛릫쮾막욱믱좡뻞뛮쫕죫,룼돉캪막뚫쏇뗄훚쪸횮뗄ꆣ낲좻뫍쫀춨릫쮾뗄믡볆돳컅놻뷒슶횮뫳,죋쏇뾪쪼뛔막좨벤샸뗄뢺쏦ퟷ폃틔벰쏀맺쿖탐뗄믡볆훆뛈뫍볠맜훆뛈뷸탐랴쮼ꆣ튻쪱볤,캧죆ퟅ퓸뺭뒴퓬쇋맨마웦벣뗄막욱웚좨훆뛈뗄엺움ꆢ횸퓰뫍헹싛횮짹늻뻸폚뛺ꆣ뛔폚룟뛮킽돪뫍막좨벤샸뗄헹싛,맩쓉웰살컞췢뫵솽룶붹뗣컊쳢:튻쫇,룟맜죋풱뗄룟쫕죫쫇럱좷쪵랴펳쇋벤샸뗄탨튪;뛾쫇,펦룃죧뫎붨솢잿벤샸폫퇏볠맜횮볤뗄맘쾵ꆣ11룟쫕죫훊틉ꆪꆪꆪ벤샸믺훆쪹좻틖믲CEO닙ퟝ?뻝쏀맺ꆶ뢣늼쮹ꆷ퓓횾놨뗀,2003쓪쏀맺500볒듳릫쮾CEO뗄쫕죫뇈잰튻쓪퓶뎤쇋8%,CEOퟜ쫕죫횮뫍듯떽33틚쏀풪ꆣꋙ룟맜죋풱뗄룟뛮쫕죫샭펦쫇웳튵뺭펪튵벨뗄횱뷓쳥쿖,튲쫇뛔맜샭닣돐떣럧쿕뗄벤샸,틔막욱웚좨캪훷튪쓚죝뗄벤샸믺훆,컞틉쫇뛔룟맜죋풱ퟮ폐킧뗄벤샸쫖뛎ꆣ좻뛸헢훖쿔뛸틗볻뗄싟벭맘쾵뫍뻟폐뒴탂틢틥뗄훆뛈짨볆좴뾪쪼쫜떽춶헟뫍튵쓚죋쪿뗄?컊ꆣ뷼킩ꋙꆶ뢣늼쮹ꆷ퓓횾,2004쓪5퓂10죕ꆣ23' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
돎폮ꆢ췵튻붭:틸탐룟닣벤샸:쏀맺20볒틸탐뗷닩쓪살,뛔좷뚨CEO쫕죫쮮욽웰뻶뚨ퟷ폃뗄킽돪캯풱믡ꋙ,늻뛏놻횸퓰캪쫜떽쇋CEO뗄닙ퟝ믲뿘훆ꆣ쒿잰폐늻짙튵쓚죋쪿뫍춶헟횸퓰CEO뗄좨솦맽듳,뿉틔헆컕늢뿘훆킽돪캯풱믡,쪹킽돪낲업횻럾듓폚CEO뗄탨튪,뛸붫벤샸뗄ퟚ횼뫍막뚫뗄샻틦엗횮쓔뫳ꆣ쓚늿죋뿘훆쿖쿳뗄돶쿖튻랽쏦쪹맜샭헟샻틦폫쯹폐헟샻틦쿠놳샫,쇭튻랽쏦튲죵뮯쇋릫쮾훎샭훐뗄풼쫸믺훆ꆣ21훆뛈좱쿝ꆪꆪꆪ쫐뎡폫탐헾볠뚽뗄슩뚴20쫀볍90쓪듺뫳냫웚쫇쏀맺릫쮾돳컅늻뛏뗄쓪듺,헢퓚쪱볤짏폫벤샸퓶잿쫇컇뫏뗄ꆣ평폚릫쮾룟닣뗄룶죋샻틦폫릫쮾쯹놨룦뗄튵벨맘쾵쏜쟐,틲듋잿뮯쇋얪탩ퟷ볙뗄뚯믺ꆣ뻞듳뗄샻틦쟽뚯쪹튻킩CEO늻쾧틔탩놨샻죳뗄랽쪽첧룟막볛,뛸쫐뎡폫볠맜뗄췑뷚ꆢ볠뚽훆뛈뗄훍뫳폖캪뢯냜뗄ퟌ짺쳡릩쇋쫊틋뗄췁죀ꆣ돳컅뗄욵랱랢짺,쮵쏷쏀맺릫쮾뗄쓚늿폫췢늿ꆢ쫐뎡폫탐헾뗄볠뚽믺훆듦퓚ퟅ퇏훘뗄슩뚴ꆣ2002쓪7퓂15죕,쏀맺맺믡좫욱춨맽쇋횼퓚붫릫쮾훎샭헽쪽쓉죫솪냮램싉맜쾽랶캧뗄ꆰ죸냠쮹ꆪ냂뿋쮹샻램낸ꆱ(Sarbanes2OxleyAct)ꆣ룃램맦뢳폨뛀솢뚭쫂틔룼듳뗄좨솦,쪹쯻쏇룼뻟뛀솢탔;뛔CEO뫍뚭쫂탐쪹막욱웚좨뫍쫖믱샻뗄웚쿞쪵탐룼퇏룱뗄쿞훆;럖샫믡볆튵뗄짳볆폫톯튵컱,잿뮯뛔릫쮾닆컱뗄맜샭뫍볠뚽ꆣꆰ죸ꆪ냂ꆱ램낸뮹쏷쿔볓듳쇋뛔퓬볙죋풱뗄듲믷솦뛈,늻뷶뛔폐웛햩탐캪뗄릫쮾퇏볓돍훎,뛸쟒룼잿뗷ힷ뺿룶죋퓰죎,붫캥맦헟뗄탌웚평풭살뗄5쓪퓶볓떽20쓪,늢뿉랣뿮500췲쏀풪ꆣ쿠탅맦퓲뗄뇤뮯뫍훆뛈뗄췪짆쓜릻쪹늻램탐캪뗃떽뛴훆ꆣ탨튪잿뗷뗄쫇,쯤좻듦퓚늻춬틢볻,떫톧쫵뷧뗄훷쇷죔좻쿠탅,뻶뚨쏀맺듳릫쮾(냼삨듳틸탐)룟닣놨돪ퟮ훘튪뗄틲쯘쫇웳튵뗄튵벨ꆣ헢튻맛뗣뗄훷튪틀뻝살풴폚쏀맺릫쮾뗄췢늿뺺헹뮷뺳ꆣCEO뿉틔뿘훆뚭쫂믡,떫좴컞램뿘훆맣듳쿻럑헟,쪹웤뷓쫜좱랦뺺헹솦뗄닺욷ꆣ틲듋,뺡맜퓚뛌웚쓚룟닣놨돪뿉쓜틲캪훆뛈폫벼쫵풭틲,늻쓜랴펳돶폫튵벨뗄쏜쟐맘쾵,떫듓뎤풶살쮵,뺭펪튵벨늻병뗄릫쮾룟닣쫇컞램컈뻓웤캻뗄,럱퓲,웳튵놾짭뗄짺듦뻍믡돉캪컊쳢ꆣ듓헢룶틢틥짏,컒쏇뿉틔쮵,췢늿쫐뎡뺺헹ퟷ캪튻훖볠뚽믺훆,쫇헻룶웳튵룟닣벤샸믺훆훐훁캪맘볼뗄튻뮷ꆣ웟ꆢ뷡싛춨맽컒쏇뛔쏀맺20볒퇹놾틸탐룟맜죋풱쫕죫뗄뗷닩럖컶,뗃떽쇋죧쿂퇐뺿뷡맻:뗚튻,룟맜죋풱뗄쫕죫뻞듳,춨뎣뿉퓚냙췲훁잧췲쏀풪횮볤ꆣ20볒퇹놾틸탐룟맜죋풱2002쓪뗄욽뻹쫕죫캪730췲쏀풪,훐볤쫕죫캪600췲쏀풪;뗚뛾,룟맜죋풱쫕죫떱훐,쓪킽쯹햼뇈샽뷏킡,벤샸뇈훘뷏듳,웤훐뎤웚벤샸뗄뗘캻폈캪쿔훸;뗚죽,90쓪듺ퟜ쫕죫뗄듳럹뿬쯙퓶볓,훷튪맩틲폚뎤웚벤샸쳘뇰쫇막욱웚좨뗄맣랺뫍듳맦쒣쪹폃;뗚쯄,쪮쓪볤룟맜죋풱쓪킽쫕죫컞듳뇤뮯,뛸벤샸놨돪뗄쫽뛮좴벫늻컈뚨;뗚컥,늻춬벶뇰룟맜죋풱뗄쓪킽쫕죫폐튻뚨닮뇰,떫늢늻쿔훸,풶늻죧벤샸놨돪뗄닮뻠ꆣ뒦폚쳥훆맬쪱웚뗄훐맺틸탐튵,탭뛠틸탐룟맜죋풱뗄놨돪늻뿉뇜쏢뗘듸폐얨뫱뗄뻉쳥훆뫛벣ꆣ듓컒쏇낸샽럖컶뗄뷡맻살뾴,쳡룟룟닣쫕죫뗄ퟜ쳥쮮욽,삩듳룟닣놨돪훐뇤뚯늿럖폫만뚨늿럖뗄뇈샽,퓶볓쓚늿놨돪벶뇰닮뻠,쫇훐맺틸탐튵췪짆훎샭뷡릹맽돌훐룟닣놨돪룄룯뗄랽쿲ꆣ춬쪱펦룃잿뗷뗄쫇,훐맺룟닣놨돪뫍벤샸뗄룄룯늻쓜닙횮맽벱,룼늻쓜믺킵뗘헕냡쏀맺틸탐튵뗄ퟶ램ꆣ헢튻맛뗣훷튪믹폚솽뗣뾼싇ꆣ쫗쿈,듓훐맺뗄맺쟩돶랢,컞싛쫇삩듳웳튵쓚늿뫍췢늿뗄쫕죫닮뻠,뚼튪뾼싇떽짧믡뫍헾훎뮷뺳뗄훆풼뫍돐쫜돌뛈ꆣ퓚헢튻틢틥짏,틸탐룟닣킽돪쳥훆뗄룄룯,횻쓜룺쯦헻쳥룄룯뗄늽랥뛸잰뷸ꆣ웤듎,듓맜샭뗄뷇뛈돶랢,컒쏇퓚잰쏦뗄쳖싛훐틑뺭쳡떽,룟닣맜샭죋풱폐컞쫓웳튵튵벨ꆢ춨맽뿘훆뚭쫂믡퓶볓ퟔ짭쫕죫뗄쟣쿲ꆣ틲듋,퓚좱랦폐킧뗄볠뚽뫍볠맜믺훆쪱,룟쫕죫뫍룟닮뇰쫕죫뿉쓜횻랴펳틸탐룟닣뛔막뚫샻틦뻰좡,캴뇘쓜웰떽벤샸뗄ퟷ폃ꆣ뛸ꋙ퓚쏀맺,룷듳릫쮾믲틸탐춨뎣뚼짨폐킽돪캯풱믡,룃캯풱믡평3훁5쏻릫쮾췢늿뚭쫂믲뛀솢뚭쫂ퟩ돉,뢺퓰좷뚨릫쮾벰웤럖횧믺릹CEO킽돪틔벰CEO킽돪뗄룷ퟩ돉늿럖ꆪꆪꆪ쓪킽ꆢ붱뷰ꆢ막욱웚좨벰웤쯻뢣샻폫뷲쳹뗈ꆣ24' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚3웚훐맺틸탐튵쯹뒦뗄쿖ힴ,잡잡쫇쫐뎡볠뚽?듽붨솢ꆢ헾뢮볠맜짐듽췪짆뗄쪱웚ꆣퟷ캪튻훖컈췗뫍잡떱뗄ퟶ램,틸탐룟닣쫕죫뗄퓶볓뫍벤샸뗄퓶잿,펦룃퓚헢튻맽돌훐훰늽뗃떽쪵쿖ꆣ닎뾼컄쿗Ang,J1,B1Lauterbach,andB1Schreiber,2000,ꆰPayattheExecutiveSuite:HowDoU1S1BanksCompensateTheirTopManagementTeams?ꆱUnpublishedpaper,FloridaStateUniversity1Barro,J1,andR1Barro,1990,ꆰPay,Performance,andTurnoverofBankCEOsꆱ,JournalofLaborEconomics8,No14:448ꆪ811Brenner,M1,R1Sundaram,andD1Yermack,2000,ꆰAlteringtheTermsofExecutiveStockOptionsꆱ,JournalofFinancialEconomics57:103ꆪ281Cornett,MarciaMillon,HamidMehran,andHassanTehranian,1998ꆰ,AreFinancialMarketsOverlyOptimisticabouttheProspectsofFirmsThatIssueEquity?EvidencefromVoluntaryVersusInvoluntaryEquityIssuancebyBanksꆱ,JournalofFinance53:2139ꆪ601Gibbons,R1,andK1J1Murphy,1990,ꆰRelativePerformanceEvaluationforChiefExecutiveOfficersꆱ,IndustrialandLaborRelationsReview43,No13:30ꆪ511Houston,J1,andC1James,1995,ꆰCEOCompensationandBankRisk:IsCompensationinBankingStructuredtoPromoteRiskTaking?ꆱJournalofMonetaryEconomics36:405ꆪ311John,K1,andY1Qian,2003,ꆰIncentiveFeaturesinCEOCompensationintheBankingIndustryꆱ,FRBNYEconomicPolicyReviewΠApril2003109ꆪ1211Murphy,K,1999,ꆰExecutiveCompensationꆱ,InOrleyAshenfelterandDavidCard,eds1,HandbookofLaborEconomics,Vol13,Amsterdam:North2Holland1ASurveyReportofIncentivesforExecutivesinTwentyLargeUSBanksQueChenyu(DꆡWangYijiangongbeiUniversityofFinance&Economics)(UniversityofMinnesota,USA)Abstract:Usingdatafrom1992ꆪ2002oftwentybanksfromthelistofForbes500,westudythemainfeaturesofcompensationfortopbankexecutivesincludingthechairsoftheboardofdirectorsandtheCEOsofthesebanks1Thestudyrevealscertainpatternsofthecompensationoftheseexecutivesintermsoftheirstructure,andvariationsovertimeandacrossranks1WealsodiscussthecausesofthesepatternsandtheextenttowhichthepracticesofUSbanksmayormaynotbeapplicabletoChinesebanks1KeyWords:Incentives;CompensationStructure;BankExecutivesJELClassification:D210,G210,M100(퓰죎뇠벭:뫪ꆡ쇁)(킣뛔:쇖)룼ꆡ헽놾뾯2005쓪뗚1웚뗚28튳뗚10탐ꆰ:늢붨솢쇋튻룶럖컶뿲볜,ꆱ룼헽캪ꆰ:늢샻폃쇋튻룶럖컶뿲볜(닎볻Fan,ZhangandZhang2002)ꆱ;춬웚뗚28튳뗚20탐ꆰ:퓚틔잰퇐뺿뗄믹뒡짏,놾컄쳡돶쇋ꆱ룼헽캪ꆰ:퓚Fan,ZhangandZhang(2002)퇐뺿뗄믹뒡짏,놾컄샻폃쇋ꆱ;춬웚뗚36튳뗚25탐ꆰ:퇐뺿뇭쏷,듳늿럖뷰ꆱ룼헽캪ꆰ:퇐뺿뇭쏷,늿럖뷰ꆱ;춬웚뗚37튳닎뾼컄쿗늹돤:Fan,.,Growth,Inequality,andPovertyinRuralChina,TheRoleofPublicInvestments,ResearchReport125,InternationalFoodPolicyResearchInstitute,Washington,' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
