上市公司经营者报酬结构性差异的实证研究

上市公司经营者报酬结构性差异的实证研究谌新民刘善敏(510632510631):本文通过研究上市公司经营者的任职状况报酬结构与企业绩效之间的关系,发现:经营者的持股比例与经营绩效有显著性弱相关关系;报酬水平的激励强度更多的与横向纵向比较的相对值有关;两职兼任的经营者年薪持股比例与其绩效均不具有显著相关性,而实行年薪制的经营者呈显著性弱相关性本研究说明资产规模行业特性区域范围股权结构对经营者年薪持股比例和经营绩效具有深刻影响,完善上市公司经营者报酬激励的方向应是建立多元化的报酬结构:上市公司持股比例薪酬结构企业业绩相关性1,,,,(ROE)2200243020011102,66,1036,Eviews20013,(SOM)(ROM)(ROE),::SOM=a+bROE+ROM=c+dROE+1:,SOM(ROM)ROE2:,SOM(ROM)ROE3:,SOM(ROM)ROE4:ROM(SOM)ROEJensen&Murphy(1990),Rosen,015~020,5520038015,1Hall&Liebman199815,,Jensen&Murphy1980,,,OswaldJahera(1991),(Vance,1955,1964;Pfeffer,1972;Kimlee&Francis,1988),(Schmidt,1975;Loyd,1986;Kesner,1987)(2000),,,,,(2000),,(2001)1999:(),;,(2002)1997~2000,U1998,19981999,?1(1)1,,15127,15125102;7028%,6902%,(443)4218%,19,183%,,15,,ROE704%;159,ROE-2044%,159,;15,159,6,,;15(),5335%,15,(2),,5685%,5753%,1103%,000004%,0057%22,492%;1044%,000004%,0053%16,364%,341%,-068%,2,10,5108,56:2075%2666%105,10ROE994%,ROE103,6,1,ROE717%表1最高和最低15位经营者年度薪酬排名(有效样本:1036;单位:万元)序号代码股票名称公司地址行业年薪代码股票名称公司地址行业年薪1000921ST科龙广东省C7800000885春都A河南省C012600660福耀玻璃福建省C6150000695灯塔油漆天津市C413600588用友软件北京市G130600807济南百货山东省H14600233大连创世辽宁省C1100600159宁城老窖内蒙古C015000418小天鹅A江苏省C786000498丹东化纤辽宁省C41086600052浙江广厦浙江省F80000760湖北车桥湖北省C7127000778新兴铸管河北省C680600137长江包装四川省C31238600138青旅控股北京市K61600568潜江制药湖北省C81259000063中兴通讯广东省G60000544ST白鸽河南省C613710000725京东方A北京市C560000650九江化纤江西省C414611000787创智科技湖南省G60600240仕奇实业内蒙古C11512000948南天信息云南省G60000856唐山陶瓷河北省C61513000527粤美的A广东省C760000687保定天鹅河北省C41514600548深高速广东省F60600112长征电器贵州省C71515000488晨鸣纸业山东省C360600381白唇鹿青海省A15均值127均值127董事长年薪均值(599)143总经理年薪均值(1036)1233:表2最高10位董事长持股比例排名(样本数:447家)最高10位总经理持股比例排名(样本数:440家)序号代码股票名称公司地址行业持股比例代码股票名称公司地址行业持股比例1600330天通股份浙江省C511030%600330天通股份浙江省C510440%2600261浙江阳光浙江省C58040%600261浙江阳光浙江省C58040%3600811东方集团黑龙江M0490%000925浙大海纳浙江省C90500%4600366宁波韵升浙江省C70470%600366宁波韵升浙江省C70470%5600052浙江广厦浙江省E0300%600811东方集团黑龙江M0300%6000559万向钱潮浙江省C70190%600052浙江广厦浙江省E0300%7000061农产品广东省H0170%600501航天晨光江苏省C70107%8000527粤美的A广东省C70120%000021深科技A广东省G0097%9600233大连创世辽宁省C10091%000632三木集团福建省M0094%10600739辽宁成大辽宁省H0090%600233大连创世辽宁省C10090%5720038表3经营者持股年薪的纵向比较分析表(单位:万元)经营者平均年薪持股均数零报酬比例零持股比例工资倍数1998年(848家)1999年(315家)2000年(315家)2001年(1036家)董事长477415%总经理514334%董事长3822232850%433%总经理7892497721%379%董事长8873577545%538%总经理8342368991%547%董事长143553688422%569%总经理12334675518%575%667192122:(1998,075;1999,083;2000,094;2001,109)20011998,1999200020023(3)3,,40%,133%,200112;,473%,,,,(4)Eviews,,,1998(,2000;,2000):(,2000),,5%,,2(1),;,(,1998)1996~200065%401%317%237%169%,2001123,1187%,?1233,63,5164%;1505,,;015%,,;87,707%,697%8095%,36,15;1515377,;,19,155%,58:?表4经营者年薪持股比例与经营绩效回归tStatisticProbAdjustedRsquaredFstatisticProb兼任年薪制年度薪酬持股比例004535000902420963909282-0008247-00081970002057000814409639030928244年度薪酬102647003055000018410536410305525Log回归536168200000009257028747640000000持股比例101659903108000019910334730310815Log回归213995200339002174945793960033874领薪持股409185435550466611400000000000400000002396200189660058853167432712638354371061000004800004080000000领薪不持股-103492403010000008810710680301013不领薪持股252875600127004074663946060012681:292:118,19419169:92,77():,,(,);4,,ROE506%,ROE109%,PTPTROE,62115%33318%(),,ROE-274%,123,61,496%,121%,,,(2)1036,195,188%,125,805%;,18(000639)16723(600808),195,ROE-0013%,(ROE-98379%)ROE374%,ROE34,ROE2649%(600606),30,-39707%(A000533),,22,ROE705%;72%,;ROE0%72,ROE10%161,ROE0~10%132,?,76,392%,,1643,,5920038526%603%,,4,,009,;,,5%,(3),,,,4,5%,5%,,:+1,,,,,表5不同资产规模区间的上市公司经营者报酬与经营绩效回归资产规模(亿)样本数ROESOMROMSOM与ROEtStatistiProbROM与ROEtStatisticProb.1~499107-16268600074024212108090-1815100007835~999282-323993018-00192320984713893070166810~14992282201142001015801740115025941410010315~19991205421270000949223130000021371350034820~299912505412190009107399230460410971270275030以上17456625260013-593692100000395200000001总样本(1036)10913040047-087176803835415602700000:,,ROE5,,102403026;2080CEO60:032,15~199930,5%10~149915~199930,5%,1998SOM(ROM)ROE2表6不同区域的上市公司经营者报酬激励与经营绩效回归区域样本数ROESOM(ROM)tStatisticProb.RsquaredtStatisticProb.东部6213061666(860)0073(494)-16897774438001009140000000021550040406285534819695850091400000*北京687352034(97)00072(48)077309708083150441404231-000420-000743059767906533740441404231上海1193801460(151)00047(110)-3145992731799000200007500559940060704989727074627270002000075广东1150522928(159)0017(86)-097578-0652300330705160-000030-000680095215504254950330705160中部229152796(347)0011(198)2277305069392300234048860011954-000263518611904815290023404886西部186-603838(289)00068(132)064010705298480522605971-000205-000552040973602807390522605971:SOM(ROM),*ROE(Beyondpropertyrightargument),,,ROE,2,21872075,736752,3ROE171%(PT636%)348%,532%,636%,ROE,,129%,(0059%)(0038%)(0029%),ROE481%386%-1015%;(00050%)(00053%)(00053%),ROE135%421%754%8,,,(102%,G)898,(-1346%)1743(-1015%)0029%,00061%,,:6120038,,,,,36,,,,3,,,,,,,ROE73,10%,5%,,,,,4:(50%),(20~50%),(0~20%)(,1999)表7不同股权结构的上市公司经营者报酬激励与经营绩效回归比例区间样本数ROESOM(ROM)tStatisticProb.RsquaredtStatisticProb.国家股东100-6641068(162)0011(91)-009703-0743960922804589-0006191-000498000941505534860922804589国有法人股东7302331146(1041)00081(607)21440744026585003230000100034470