随着媒体和投资者对上市公司高管薪酬的大量关注，年报上高管薪酬不再那么令人觉得惊讶了。但是这代表着上市公司高管薪酬已经合理了吗？Gul（2011）认为由于高管显性薪酬逐渐受到大家的关注，再加上国有企业对高管的显性薪酬（一般为现金薪酬）有所限制，高管隐性薪酬已经成为高管薪酬的重要部分[1]。已有学者的研究表明在中国，高管隐性薪酬普遍存在而且数额巨大。例如，Kato和Long（2006）对隐性薪酬进行估计后认为隐性薪酬大概占据高管薪酬的15%到32%之间[2]，Chen（2010）甚至认为高管隐性薪酬大概为高管薪酬的8倍之多[3]。大量的学术研究都发现隐性薪酬是高管利用公司资源谋取私利的一种形式（梁...As media and shareholders put a lot of attention on executive compensation of listed companies,the amount of executive compensation included in financial statement is no longer so “surprise”. But is it mean that executive compensation in listed companies has been controlled in a reasonable level? Gul(2011) point out that due to increasing attention and regulatory restrictions on cash compensation ...学位：会计硕士院系专业：管理学院_会计硕士学号：1752011115114
