文档介绍：南京财经大学
硕士学位论文
商业银行经理薪酬年度奖金设置--汇丰银行个案研究
姓名:高菊萍
申请学位级别:硕士
专业:企业管理
指导教师:杨洪常
2009-01
摘要
商业银行是金融服务机构的重要组成部分,对整个国民经济的发展起着重要
的作用。建立完善的内部治理机制,实现对经理层人员的成功激励,使得人力资
本发挥最大效益是银行发展的决定性因素之一。鉴于目前对激励问题的探讨多集
中于股权激励,而年度奖金在经理薪酬中的作用不可忽视,因此本文借以汇丰银
行高管年度奖金设置问题专门论述,以引起对这方面问题的关注和对目前国内商
业问题现状的全面认识。
本文从影响经理年度奖金的因素和银行的特殊性入手,以及对汇丰历年公布
的数据进行实证研究的基础上,探讨汇丰高管年度奖金设置的合理性。从实证研
究结果看,2004 年至 2007 年汇丰经理年度奖金与银行 ROE、ROA 正相关,与
成本效益率负相关,与按风险调整收益率衡量的信贷表现负相关,与不良贷款率、
资本充足率相关性不强,与经济利润的相关性却因人而异,行政总裁年度奖金的
变化与经济利润的变化高度正相关,而财务总监奖金的变化几乎不受经济利润的
影响。
我国商业银行不断改善经理人激励问题,国内商业银行大都设置薪酬委员
会,但其成员多数来自银行内部,使得经理薪酬的公允性受到质疑;另一方面国
内商业银行完善绩效考核,建行就是最早引入经济利润的银行之一,但由于信息
披露的不完整,根本无法判别建行经理年度奖金与考核指标的相关性。因此,建
议提高经理薪酬信息的透明度和外部控制力,增强公众的监督。

关键词:商业银行;经理薪酬;年度奖金

I
ABSTRACT
Commercial banks are the ponent of financial services, and play a
crucial role in the national economy. Thus establishing perfect internal management
system to inspire all management people to eed, making the talents bring the
biggest profit is one of the decisive factors. At present, the discussion is focusing on
the equity incentives, however, it should not be ignored that the role of annual bonus
in pensation. The paper analyzes HSBC executive annual bonuses so as
to bring some more concern on this issue and prehensive knowledge on the
status quo mercial banks in China.
Analyzing the impact of the manager's annual bonus and the special nature of the
bank, as well as the data related from HSBC for all the years, the paper explore the
reasonable of HSBC executives annual bonuses. The empirical research shows that
annual bonus of HSBC executives during the period from 2004 to 2007 has direct
correlation with ROE and ROA, negative correlation with Cost Efficiency Ratio and
Credit Performance as Measured By Risk Adjusted Margin, but no direct correlation
with non-performing loans and capital adequacy. Annual bonus of CEO has direct
correlation with economic profit, but CFO has no direct correlation wit