关于上市公司高管薪酬与企业绩效的研究

关于上市公司高管薪酬与企业绩效的研究-I-关于上市公司高管薪酬与企业绩效的研究摘要：随着我国市场经济的不断发展，现代企业的所有权和经营权的分离使得控制企业资源的高级管理人员的薪酬激励问题日益受到关注。如何使高管在满足自身利益的同时使企业价值最人化最终达到双赢，成为很多学者关注的问题。本文运用规范分析与实证分析相结合的方法，首先对国内外高管薪酬问题的相关文献进行了回顾和评价。分别从委托代理理论、激励理论、人力资本理论的角度对高管薪酬与公司绩效的相关性进行了理论分析。进而对09年我国高管薪酬现状作了描述性统计分析，发现我国高管薪酬存在行业差异、高管持股比例过低等问题。然后提出了七个假设,并用回归方程模型检验了高管薪酬与上市公司绩效之间的相关性，从而对我国上市公司高管人员薪酬激励的有效性进行了考察。通过研究，本文得出的主要结论有：上市公司经营绩效与高管薪酬显著正相关，说明了高管薪酬激励的有效性；公司长期绩效和高管持股都存在显著正关关系，反映出我国上市公司已经初步建立起对高管人员的股权激励机制；高管薪酬与企业绩效、公司规模、股权制衡度三个影响因素存在正相关关系。最后在前面的理论与实证分析的基础上，进一步提出优化我国上市公司高管人员薪酬激励模式的设计思路。关键词：公司绩效；高管薪酬；上市公司StudyontheSeniorExecutiveCompensationandCompanyPerformanceoftheListedCompanyAbstracts：WiththedevelopmentofmarketeconomyinChina，theseparationoftheownershipandtherightofmanagementinmodernenterprises．Theissueofsalaryincentiveofseniormanagershascaughtmoreandmoreattention．Manyscholarsfocusonhowtogetthemutualbenefitthattheseniorexecutivescanhavetheirowninterestandtheenterprisemakethemaximizationvalue.Thispapercombinesnormativeanalysesandempiricalanalysis．Firstly,itreviewsandanalyzesdomesticandforeignstudiesonexecutivecompensation.Thenitmakessometheoryanalysisbetweentheexecutivecompensationandcompanyperformancefromthefollowingaspects：theprincipal-agenttheory，incentivetheoryandhumancapitaltheory．Secondly，itmakesdescriptivestatisticsanalysisaboutChina’sexecutivecompensationin2009．ItfindsthatChina’sexecutivecompensationhasindustrydifferencesandexecutives’shareholdingsarefew．Thenthepaperputsforwardseven关于上市公司高管薪酬与企业绩效的研究-II-hypothesesandconstructslinearmulti-regressionmodel，withcorrelationanalysisandmultipleregressionanalysis．Empiricalresultsshowsthatthecompanyperformanceandseniorexecutivecompensationexecutives’shareholdingsaresignificantlypositivecorrelated,butcompanyperformanceandshareholdingarenotsignificantpositivecorrelated．Seniorexecutivecompensationandinfluentfactorssuchasthecompanyperformance，thecompanyscale，degreeofownershipbalancearepositivecorrelated．Finally,onthebasisofthetheoryandregressionanalysisabove，weexploreanimprovedmodeloftop—managementcompensation．Keywords:Companyperformance;Seniorexecutivecompensation;Listedcompanies关于上市公司高管薪酬与企业绩效的研究-III-目录1绪论..............................................................................................................................11.1研究背景和意义............................................................................................11.2文献综述............................................................................................................21.2.1高管人员薪酬与企业绩效的关系...............................................................21.2.2高管人员薪酬其他因素与企业绩效的关系...............................................31.3研究方法与结构安排........................................................................................41.2.2研究方法.......................................................................................................41.2.2结构安排.......................................................................................................52高管薪酬理论分析......................................................................................................52.1委托代理理论...................................................................................................52.2人力资本理论...................................................................................................62.3激励理论...........................................................................................................73上市公司高管薪酬现状..............................................................................................83.1上市公司高管薪酬现状...................................................................................93.2上市公司高管持股现状.................................................................................104高管薪酬与企业绩效的实证研究........................................................................114.1数据来源.........................................................................................................114.2研究假设......................................................................................................124.2.1上市公司企业绩效与高管薪酬的相关性研究.........................................124.2.2上市公司高管薪酬与其他因素的相关性研究........................................124.3变量选择与模型设计..................................................................................124.3.1变量选择....................................................................................................124.3.2模型设计....................................................................................................134.4实证结果及分析..........................................................................................134.4.1高管薪酬与其影响因素的相关性分析....................................................144.4.2高管薪酬与其他影响因素的回归分析....................................................145结论和建议............................................................................................................155.1实证结果及分析................................................................................................155.2政策建议...................................................