金融类上市公司公允价值计量与高管薪酬相关性研究

发布时间：2018-01-21 03:25

本文关键词： 金融类上市公司公允价值计量高管薪酬相关性　出处：《陕西科技大学》2016年硕士论文　论文类型：学位论文

【摘要】：理论界对于公允价值计量与公司高管薪酬相关性的研究日趋深入,由于金融行业的特殊性,在研究样本选择时通常将其剔除。金融行业高管薪酬远高于其他行业,且高薪酬缺乏高业绩支撑的现象时有发生,社会关注强烈。金融行业在公允价值计量及其与高管薪酬相互关系等方面与其他行业有较大差异,迫切需要在理论上对此差异进行揭示与诠释。基于此,本文专门针对我国金融类上市公司,立足于公允价值计量的发展历程,全面调查金融类上市公司高管薪酬的状况,结合相关理论分析,提出研究假设,基于2009-2014年公司公允价值变动损益等财务数据,进行深入的实证研究,探讨金融类上市公司公允价值计量对高管薪酬的影响。本文通过实证分析,得出以下主要结论：(1)金融类上市公司公允价值变动收益与高管薪酬之间并不存在显著正相关关系,而公允价值变动损失与高管薪酬之间存在显著负相关关系,所谓“薪酬粘性”在金融类上市公司并无体现。说明金融类上市公司薪酬制定机制相对理性,公允价值变动损失有薪酬约束作用。(2)金融类上市公司高管薪酬对于公允价值变动损益的敏感性系数小于经常性损益(其他盈余)的敏感性系数。说明金融类上市公司高管薪酬制定更看重能体现管理者努力程度的利润项目。(3)金融类上市公司高管薪酬受到较为严格的约束,并没有出现管理者为提高自身薪酬而通过公允价值计量调节利润的行为异化现象。为进一步完善金融类上市公司公允价值计量的应用,优化高管薪酬制定机制,本文认为当前应着重从三方面着手：(1)构建公允价值计量引导性框架；(2)优化高管薪酬制定机制；(3)平衡不同行业之间的高管薪酬。
[Abstract]:The research on the correlation between fair value measurement and executive compensation is getting deeper and deeper, because of the particularity of financial industry. Financial industry executives pay far higher than other industries, and the phenomenon of high pay lack of high performance support occurs from time to time. The financial industry has great differences with other industries in the measurement of fair value and its relationship with executive compensation. It is urgent to reveal and interpret the differences in theory. This paper focuses on the financial listed companies, based on the fair value measurement of the development process, a comprehensive investigation of financial listed companies executive compensation situation, combined with relevant theoretical analysis, put forward research assumptions. Based on the financial data of the change of fair value of the company in 2009-2014, an in-depth empirical study is carried out. This paper discusses the impact of fair value measurement on executive compensation in financial listed companies. The main conclusions are as follows: 1) there is no significant positive correlation between fair value change income and executive compensation of financial listed companies. However, there is a significant negative correlation between the loss of fair value change and executive compensation, and the so-called "salary stickiness" is not reflected in the financial listed companies. The sensitivity coefficient of executive compensation of financial listed companies to fair value change profit or loss is less than that of recurrent profit and loss (other surplus). Shows that the financial listed companies pay more attention to reflect the level of management efforts of profit items. 3) Financial listed companies are more strictly constrained by executive compensation. In order to further improve the application of fair value measurement of financial listed companies, the development mechanism of executive compensation is optimized. This paper holds that we should focus on three aspects to construct the guiding framework of fair value measurement. 2) optimizing the mechanism of executive compensation; Balance executive pay between industries.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F272.92;F832.3;F830.42

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