创业板上市公司高管薪酬影响因素实证研究

发布时间：2018-03-08 08:06

本文选题：创业板　切入点：高管薪酬　出处：《湖南大学》2013年硕士论文　论文类型：学位论文

【摘要】：在国家弘扬科学发展观,推进产业结构转型的大背景下,深圳创业板正在成为创新经济新的推动力,代表了未来一段时间国内经济转型升级的方向,是国家政策扶持发展的重点所在。但是,国内学术界的研究绝大多数聚焦于主板市场的研究,对创业板上市企业的研究少之又少。2013年以来,创业板股价持续走高,高管纷纷减持套现,创业板高管持股偏高、董事长一股独大等特点开始缓解,高管内部结构的变更在所难免。创业板上市公司大多是高科技中小企业,具有高成长性、高创新性、高风险性等特点,因此迫切需要吸引和激励优秀的管理人才并发挥他们的管理才能。但由于企业上市时间短、规模较小等原因,公司内部治理结构和薪酬激励制度尚不完善,由此产生的一系列不合理现象层出不穷。本文针对创业板上市公司的特点和现实情况,以委托代理理论、人力资本理论和激励理论为理论基础,结合国内外相关研究,从公司特征、公司治理、高管特征、外部环境等四个方面对影响高管薪酬的因素进行了文献综述。在此基础上,综合比较了创业板和深圳主要板块各项指标的差异,着重从创业板的差异点出发,以创业板上市公司的高管薪酬为因变量,公司规模、公司绩效、研发投入、董事长持股、董事会规模等指标为自变量,从创业板上市公司2009年到2012年的年度报告中获取数据作为研究样本,运用描述性统计分析、相关分析和多元回归分析对影响创业板高管薪酬的公司内外部因素进行了实证研究。研究发现：在创业板上市公司中,公司规模、公司绩效、研发投入、公司位于发达地区等指标对高管薪酬有显著的正向影响,董事长持股比例对高管薪酬水平有显著的负向影响。而董事会规模和结构、薪酬委员会、高管个人特征等因素对高管薪酬的影响不显著,董事会中独立董事的存在、以及企业中机构投资者的存在、薪酬委员会的设立并没有对高管薪酬起到应有的监控作用,高管自身人力资本的价值没有得到充分体现。由此发现,我国创业板上市公司在高管薪酬契约制定和董事会构成等公司治理方面还存在诸多欠缺和不合理的现象。针对这些现象,本文在实证研究结论的基础上提出了有针对性的改进建议,以期为创业板上市公司薪酬政策的制定和公司内部治理结构的完善提供参考。
[Abstract]:Against the background of promoting the concept of scientific development and promoting the transformation of industrial structure, the Shenzhen gem is becoming a new driving force for the innovation economy and represents the direction of the domestic economic transformation and upgrading for some time to come. However, most of the domestic academic research focuses on the main market, and the research on gem listed enterprises is rare. Since 2013, the share price of gem has continued to rise. Executives have reduced their holdings to cash, the gem executives hold shares are on the high side, and the characteristics of the chairman of the board, such as a dominant share, begin to ease, and changes in the internal structure of executives are inevitable. Most listed companies on the gem are high-tech small and medium-sized enterprises with high growth. Because of the characteristics of high innovation and high risk, there is an urgent need to attract and motivate excellent management talents and bring their management skills into full play. However, due to the short time to market, the small scale of enterprises, and so on, The internal corporate governance structure and salary incentive system are not perfect, resulting in a series of unreasonable phenomena. Based on the theory of principal-agent theory, human capital theory and incentive theory, this paper aims at the characteristics and reality of listed companies in the gem, combining the relevant research at home and abroad, from the company characteristics, corporate governance, executive characteristics, On the basis of the literature review of the factors influencing executive compensation, the paper compares the differences between gem and Shenzhen's main sectors, and focuses on the differences between gem and Shenzhen's main plates. Taking the executive compensation of listed companies on the gem as dependent variables, the company size, company performance, R & D investment, chairman's stock holding, board size and so on are independent variables. The data obtained from the annual report of gem listed companies from 2009 to 2012 are taken as research samples, and descriptive statistical analysis is used. Correlation analysis and multiple regression analysis have made an empirical study on the internal and external factors that affect the executive compensation of the gem. The study found that: in the gem listed companies, the company size, corporate performance, R & D investment, Indicators such as the company's location in developed regions have a significant positive impact on executive compensation, while the chairman's shareholding ratio has a significant negative impact on executive compensation levels, while the size and structure of the board, compensation committees, The influence of personal characteristics of executives on executive compensation is not significant, the existence of independent directors in the board of directors, and the existence of institutional investors in enterprises, the establishment of compensation committees do not play a role in monitoring executive compensation. The value of executives' own human capital is not fully reflected. There are still many deficiencies and unreasonable phenomena in the corporate governance of listed companies in the gem, such as the formulation of executive compensation contracts and the composition of the board of directors. Based on the conclusions of empirical research, this paper puts forward some suggestions to improve the salary policy of listed companies in gem and the improvement of corporate governance structure.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F276.6;F272.92

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