摘 要:高管薪酬制度是公司激励管理层实现公司价值最大化的重要工具，也是公司治理的重要内容。本文在对国内外文献进行综述的基础上，从引起高管薪酬变动的几个基本因素出发，以前三名高管人员平均薪酬水平为被解释变量,以公司业绩，公司规模，股权结构和资产负债率等指标为解释变量,对2005年至2009年间二者之间的关系进行回归分析。通过实证研究结果发现，公司的资产负债率,规模,业绩和股权结构是与高管薪酬变动相关性较大的主要影响因素。

关键词： 公司治理，高管薪酬，回归分析

ABSTRACT:Executive pay system is not only an important tool to stimulate the management to maximize the enterprise values, but also of great importance to corporate governance. Based on looking up domestic and foreign documents, this essay starts from several factors about changes in executive pay, then put the top three average pay level executives as explained variable and company performance, company size, ownership structure and asset-liability ratio and other indicators as explanatory variables. Finally,research the relationship between regression analysis from 2005 to 2009.The empirical findings is that the company's asset-liability ratio, size, performance and ownership structure is the main factors of the greater correlation between executive pay changes.

Key Words:  Corporate governance, Executive pay, Regression Analysis.