An Analysis of Effect Between Executive Compensation Disclosure and Corporate Governance

通过修改内阁府公司事务披露条例等，日本公司高管获得1亿日元以上报酬的，有义务单独披露。这一新规则的目的是提高上市公司的透明度。我获得了修订规则后两个会计年度的数据，并基于这些数据调查了日本公司的披露实际情况。笔者发现，我国上市公司具有外资持股比例高、总裁持股比例高、总裁任职年限长的特点。

By revising the Cabinet Office Ordinance on Disclosure of Corporate Affairs, etc., the executive in Japanese firms who obtains the reward of 100 million yen or more is obligated to disclose individually. The objective of this new rule is improvement of transparency of the listed company. I obtained the datafor 2 fiscal years after the revised rule, and I investigated the disclosure actual condition survey of Japanese firms based on the data. I find the features of the individual disclosure firm as below : high foreign stock ownership ratio, high president stock ownership ratio, and long the term during which president position is held.