中国上市公司高管薪酬与公司绩效的相关性研究

南京航空航天大学硕士学位论文中国上市公司高管薪酬与公司绩效的相关性研究姓名：潘佳佳申请学位级别：硕士专业：企业管理指导教师：耿弘20080301i123456iiAbstractInthemodernenterprises,thetopmanagersarethekeypolicy-makerswhotakeontheresponsibilitiesofmakingsomesignificantpoliciesincludingstrategicmanagement.Theyplayacoreroleinthedevelopmentofenterprise.Excellenttopexecutiveshavebeentargetswhomenterprisescompetingforintensively.Reasonablecompensationhassuchfunctionsasraisingachievementsandencouragingcreativities.Thispaperstudiestherelationshipbetweenthesalaryoftopmanagersandenterprise’sachievementsbyusingstatisticaldescriptionanalysisandhypothesistestinganalysis.Itdrawsthefollowingconclusions;Overall,thereisasignificantlypositiverelationshipbetweenthetopexecutivesalaryandthelistedcompany’sperformance.Andtheyhaveasignificantlylinearrelationship.Byconsideringthescaleofcorporations,thelargerthelistedcompaniesare,thehigherthetopexecutivespayis.Andlistedcompanysizeincreases,thecompany'sexecutivepayimpactsonperformancesmaller.Byconsideringtheproportionofthestate-ownedsharesinthelistedcompany,partofstate-ownedholdingcompanyexecutivespaythegreatestimpactoncompanyperformance,followedbythestate-ownedholdingcompanies,non-state-ownedholdingcompanyofminimizingtheimpact.Byconsideringtheindustrycompetitiveenvironmentoflistedcompanies,Strongcompetitiveenvironmentoflistedcompaniesforexecutivepaytocompanyperformanceisgreaterthantheimpactoftheweakcompetitiveenvironmentcompanies.Byconsideringthedegreeofeconomydevelopmentofarea,listedcompaniesineconomicallydevelopedareas,executives’compensationimpactingtheperformanceisworsethaninthebackwadcompanies.Forlistedcompaniesindifferentindustries,executivepaytocompanyperformancehasnosignificantcorrelationinadditiontoconstruction,electricity,gasandwaterproductionandsupplyindustry,informationtechnologyandmanufacturingindustry.iiiKeywords:topexecutive;annualpay;firmperformanceviii4.1……………………………286.1…………493.12006150………………………………………233.22006……………………………………………244.1…………………………………………………305.1………………………325.2………335.3…………………345.4……………355.5…………365.6……………………366.1()……………………396.2………………………………406.3…………………406.4…………416.5………426.6…………………………………………………………………………………426.7……………436.8……446.9…………………446.10…………456.11…………………466.12…………476.13………………48,-1-1.1197859-2-19981.22003A719STPT1.3-3-A2006SPSS1.412ROEEPS3-4-2.11ABHNA22173-5-[1]2.22.2.1compensation[2]·J·[3]1·19[4]2·[5]-6-3[6]2.2.22.2.2.1MichaelJensenWilliamHMeckling19761932AdolphBerleGardinerMeans[7]-7-[8]2.2.2.21-8-·AbrahamMaslowERG·ClaytonAlderferERG·FredericHerzberg2·VictorH.Vroom2060-9-2060·StacyAdamsB.F.Skinner[9]2.32.3.1JensenandMurphy,1990[10]CEOCEO3.251000CEO50CEOCEOMartinandMcConnell,1991[11]-10-KangandShivdasani,1995Garen,1994[12]Kaplan,1994[13]Mehran,1995[14]1979-1980153CEOCEOCEOCEOYermack,1995[15]1984-1991792CEO96CEOYermack,1997CEOGinbbons,1998[16]-11-CoreJ.,R.HolthausenandLarcker,D.,1999[17]CEOCEOCEOCEO69CEOCEO2.3.219982000[18]79974819992000[19]81619982003[20]761997-2000CEOCEOCEOCEO-12-CEOCEOCEOCEOCEOCEOCEO2003[21]103620012003[22]12720012003[23]1999A91110083.171006.6310061.2510121072-13-94%2003[24]199920001102003[25]37319993122000B20002003[26]432001-14-2003[27]199819992.3.3-15-1234-16-3.13.1.13.1.1.1-17-1992319943.1.1.2112[28]2314-18-[29]31603200115.561575011704-19-[28]51063.1.23.1.2.1-20-[30]1-21-21998968201998657003.1.2.212-22-3456[31]7-23-[32]3.2120051378.0224571.22602.5720067464.85171020062007425236.702005176.1334.39%73.38200558.6225.18%82.24200564.0928.32%3.115080%-24-3.2006150()1710.281338.20Richard-ACKSON1228.001115.46AFrank.N.Newman995.00LonnieDounn791.58584.50581.49561.88452.893.()446.18428.25A422.00A374.00345.15323.85309.00274.03245.92245.92244.39220063.2-25-3.22006%41348951.69950000700021.6627346084.979157851000024.6637220385.921698500830011.710173488.061675100960029.0917168878.231383000180020.1424161374830000300016.343.2()7140413.826300001000010.2333139969.851500000600019.2917139747.947039005000-10.142213501395800040004.2414133279.196000001500020.1311125694.9673900024003.28124842.8659780058006.7334122348.01770300440013.5514117710.7345000060004.6310112185.04630000300045.398111942.244300001000058.877106934.3834000020000-4.2219106005.8842840120013.698105497.62720000800018.8-26-5103005.73800001200026.672197297.54842840500010.9496773.717200001200047.81296673.715960001200047.811286142.3132000030002.31079394.4380000500012.291576540.73497200240014.63973141.11362600720038.37970591.282000001000017.12465318.97230000200018.2220076384.11CoughlanSchmidt(1985)19781982149CEOCEO[33]Murphy(1985)1964198173()[34]Rosen(1992)-27-CEOCEO0.250.35,10%CEO3%Baumol(1959)[35]Iala-BelkaouiPavlik1993[36]11H12H221H22H3[37]31H-28-32H441H42H()51351H52H4.1-29-4.24.2.11A2006,ABHA2003STPT4.1-30-1A7192006SPSS13.0210154103031530250(+)/[38]20%27820%50%24950%19291628[39]411174-31-1344.17191240556.3%30.4%4.1%152.1192.640556.3365.0182.5405.6456.3507.0263.6182.530.4446.17191004.2.21QROEEPS-32-201FaaPAYε=+×+PAY()F01a,aεSPSS012FbbROEbEPS=+×+×FROEEPS-33-5.15.17197192006719750016.07250005.3643760.8%6000075544090600311180003085.1N719719719719-1.73288