英语翻译4.Research method4.1.SampleThe sample consists of non-fi

英语翻译
4.Research method
4.1.Sample
The sample consists of non-financial companies that are listed on the Shanghai and Shenzhen stock exchanges throughout the years 1998 to 2000.The start date is the first year that listed companies are required to disclose top management compensation.Financial companies are excluded because their financial characteristics are far different from other firms.In addition,financial firms are subject to more regulation and this may have an impact on CEO pay.Company annual reports provide the source of information for executive compensation,ownership,non-executive directors,board size,and CEO/chairman characteristics.As the independent variables are lagged values from year t−1,the data are collected for the period 1997 to 2000.Accounting and stock market data are obtained from the CSMAR Database.Missing annual reports and missing observations on the CSMAR Database reduce the sample size.The final sample consists of 549 companies and 1647 firm-year observations.
4.3.Model
The model uses regression analysis to test the relation between pay,performance,ownership,and boardroom variables.The general model is:
CEO PAY = α + β1 PERFORMANCE
+ β2 OWNERSHIP
+ β3 BOARD STRUCTURE
+ β4 OPERATING CHARACTERISTICS
+ β5 CONTROL FACTORS + ε
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4.研究方法
4.1.示例
该示例包含1998-2000年在上交所和深交所登记上市的非金融企业.开始日期是上市公司公开最高管理报酬的第一年.金融企业因其与其他企业相差较大的金融特性而被排除在外.另外,金融企业受到更多的规范管制,可能影响其CEO的薪酬.企业年度报告提供了主管薪酬、产权、非执行董事、董事规模、CEO/主席特性等信息来源.因为这些非独立变量是t-1年的迟滞值,所以要收集1997-2000年间的数据.会计和股票市场数据由CSMAR（国泰安）数据库获得.CSMAR数据库中缺失的年度报告和观察资料缩小示例规模.最终示例包含549家企业和1647份企业年度观察资料.
4.3.模型
该模型使用回归分析测试薪酬、业绩、产权及行情变量之间的关联.一般模型如下：
CEO薪酬=α + β1 业绩
+ β2 产权
+ β3 组织结构
+ β4 运作特性
+ β5 控制因素 + ε