创业板上市公司高管薪酬、在职消费与公司成长性的实证研究

发布时间：2018-08-18 12:48

【摘要】：2009年10月30日,创业板市场开始运行,给中国资本市场注入了新的活力。创业板上市公司具有较高的成长性和较高的科技性,在现代市场经济中地位已经日益显明,它已经成为带动经济发展的新的增长点。据调查显示,创业板启动仅一年的时间里,国内创业投资公司、私募股权投资公司发展迅猛,活跃的私募股权投资公司和创业投资公司达到4789家,本土机构管理资金达到1.64万亿元,国家级高新技术园区从54个增加到105个,吸引了大量海内外人才加入创业队伍。在创业板上市公司中,高层管理人员作为公司中重要的人力资源,他们的素质和能力甚至代表整个公司,他们的行为对公司具有重要作用。据资料显示,创业板上市公司高管离职现象自2010年从未间断,从2010年年初创业板公司已经发布170份高管辞职公告,这些高管辞职给创业板上市公司的股价都带来了一定的影响。所以,在如何留住人才,如何更好地利用人才这一问题上,采取合理的高管激励政策对创业板上市公司就显得尤为重要,在高管激励中,高管薪酬、在职消费都发挥着举足轻重的作用,因此,对创业板上市公司高管薪酬、在职消费以及公司成长性的研究具有重要意义,既可以为理论研究提供一定思考也可以在实践中进行参照。该论文在已有的研究基础上,采用规范化和实证研究相结合的方法,研究了创业板上市公司高管薪酬、在职消费与公司成长性之间的关系。首先,文章对国内外研究进行了文献综述,并对国内外高管薪酬、在职消费、公司成长性的研究文献进行了评述,然后对高管薪酬、在职消费、创业板市场以及公司成长性的概念进行了界定,并对与本文研究相关的理论进行了回顾。其次,根据我国创业板上市公司的特殊性,建立了两个模型,首先对模型的相关变量进行了描述性统计分析,然后对各变量之间的相关性进行了检验,最后对模型进行回归分析。经过实证研究,结果表明：在我国创业板上市公司中,高管薪酬与在职消费之间呈现显著地正相关关系,高管薪酬与公司成长性之间存在显著地正相关关系,在职消费与公司成长性之间存在负相关关系。最后,通过理论分析和实证分析得出了研究结论,为了更好地提高创业板上市公司的成长性,针对在研究中发现的创业板上市公司一些不足和问题提出了一些参考建议。
[Abstract]:On October 30, 2009, the gem market began to run, which injected new vitality into the Chinese capital market. Gem listed companies have high growth and high science and technology, in the modern market economy status has become increasingly clear, it has become a new point of growth to promote economic development. According to the survey, in the only one year since the gem was launched, domestic venture capital firms and private equity firms have developed rapidly, with 4789 active private equity and venture capital firms. The management fund of local institutions has reached 1.64 trillion yuan and the number of state-level high-tech parks has increased from 54 to 105, attracting a large number of talents from home and abroad to join the entrepreneurial team. In the gem listed companies, senior management is an important human resource in the company, their quality and ability even represent the whole company, their behavior plays an important role in the company. According to the data, the gem listed companies' executive turnover phenomenon has not stopped since 2010, since the beginning of 2010 gem companies have issued 170 executive resignation announcements, these executive resignation to gem listed companies have a certain impact on the stock price. Therefore, how to retain talent, how to make better use of talent, the adoption of a reasonable executive incentive policy on the gem listed companies is particularly important, in the executive incentive, executive compensation, On-the-job consumption plays an important role, therefore, it is of great significance to study the executive compensation, in-service consumption and corporate growth of gem listed companies. It can not only provide some thinking for theoretical research, but also can be referenced in practice. Based on the existing research, this paper studies the relationship between executive compensation, in-service consumption and corporate growth of gem listed companies by using the method of standardization and empirical research. First of all, the article reviews the domestic and foreign research literature, and reviews the domestic and foreign senior executive compensation, in-service consumption, corporate growth, and then the executive compensation, in-service consumption, The concept of gem market and company growth is defined, and the theories related to this paper are reviewed. Secondly, according to the particularity of the gem listed companies in China, two models are established. Firstly, the related variables of the model are analyzed by descriptive statistics, and then the correlation between the variables is tested. Finally, the regression analysis of the model is carried out. Through empirical research, the results show that: in China's gem listed companies, there is a significant positive correlation between executive compensation and in-service consumption, and there is a significant positive correlation between executive compensation and corporate growth. There is a negative correlation between on-job consumption and company growth. Finally, through theoretical analysis and empirical analysis, the research conclusions are drawn. In order to better improve the growth of gem listed companies, the paper puts forward some suggestions on the deficiencies and problems of gem listed companies found in the research.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.92;F275;F832.51

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