中小板上市公司高管薪酬与企业绩效、公司治理结构关系研究

发布时间：2018-01-07 12:40

本文关键词：中小板上市公司高管薪酬与企业绩效、公司治理结构关系研究　出处：《湖南科技大学》2012年硕士论文　论文类型：学位论文

【摘要】：高管薪酬体制反映着企业的整体治理水平，高管薪酬是否有效激励将对企业绩效产生重大的影响。对于整个社会来说，高管薪酬水平是否合理还透视出整个社会财富是否公平公正。国内外研究学者对于高管薪酬问题进行了大量的研究，并取得了丰硕的研究成果，然而目前对于中小板上市公司高管薪酬的研究却不多。高管薪酬作为中小板上市企业薪酬激励的主要组成部分，具有重要的意义。尽管部分企业建立起了较为科学合理的激励机制，但不可否认，高管薪酬制度仍存在不少问题。中小板上市公司制定的高管薪酬水平是否合理，它与企业绩效的关系如何，，能否促进了企业绩效的提高，是否按照公司业绩拟定薪酬分配？高管薪酬与公司治理结构的关系又如何？究竟是哪些因素影响着高管薪酬激励？对于以上这些问题的研究与探讨也成为了本文研究的出发点，尝试寻求解决问题的方法正是本文研究的目的所在。因此，本文以中小板上市公司为研究样本，研究中小板上市公司高管薪酬与企业绩效之间的关系，以及高管薪酬与公司治理结构的关系，为合理确定高管薪酬水平，提高企业绩效提供依据。本文选取了2010年中小板上市公司高管薪酬、企业绩效以及公司治理结构的相关数据，通过对构成企业绩效的众多指标进行因子分析，得到企业绩效的综合得分，并以此作为企业绩效的变量。首先对研究样本进行了描述性的统计分析，并将2010年的高管薪酬水平与前四年的高管薪酬进行了对比。通过统计发现，我国中小板上市企业高管薪酬逐年增高，但在不同的地区和不同的行业之间存在巨大的差距。紧接着在实证研究中，首先，得出了企业绩效与高管薪酬之间存在正相关关系，中小板上市公司制定的高管薪酬在一定程度上促进了企业绩效的提高，薪酬的激励机制发挥了一定的作用。高管薪酬主要是与反映企业盈利能力的绩效指标挂钩，但是与企业的营运能力、偿债能力还有发展能力等业绩指标的关系并不大。其次，研究公司治理结构以及其它因素对高管薪酬的影响。研究表明公司治理结构对高管薪酬的影响并不显著，除此之外，还发现高管薪酬与企业规模之间存在着显著的正相关关系，与资产负债率显著负相关，与行业和地区因素之间也存在着密切的关系。最后本文提出了完善中小板上市企业高管薪酬激励制度的政策建议，为我国的中小板上市企业提供一定的参考。
[Abstract]:Executive compensation system reflects the overall level of corporate governance, executive compensation is effective incentive will have a significant impact on corporate performance. For the whole society, the level of executive compensation is reasonable but also reflects the social wealth fairness. Research at home and abroad have conducted a lot of research on the issue of executive compensation, and research achievements fruitful, however the current study of the SME board listed company executive pay is not much. The main part of the executive compensation as compensation incentive in Listed Companies in SME board, has important significance. Although some enterprises to establish a scientific and reasonable incentive mechanism, but it is undeniable that the executive compensation system there are still many problems in small. The listed companies in the formulation of executive compensation is reasonable, its relationship with enterprise performance, can promote the corporate performance The performance of the company, whether in accordance with the proposed salary distribution? The relationship between executivecompensation and corporate governance and how? What are the factors affecting executive compensation incentive? For the research and discussion of these issues has become the starting point of this research, try to find ways to solve the problem is the purpose of this study. Therefore, in this paper, the SME board listed companies as research samples, the relationship between executive compensation and corporate performance of Listed Companies in the SME board, as well as the relationship between executivecompensation and corporate governance, in order to reasonably determine the level of executive pay, provide the basis for improving business performance.
This paper selects the executive compensation small board listed company in 2010, the relevant data of the enterprise performance and corporate governance structure. Through factor analysis of many indicators of business performance, the comprehensive score obtained the enterprise performance, and enterprise performance as a variable. Firstly, the descriptive statistical analysis of samples, and compares the the level of executive compensation with the first four years of the 2010 executive compensation. The statistics show that China's small and medium-sized board listed corporate executives pay increased year by year, but there is a huge gap between different regions and different industries. Then in the empirical study, firstly, it is found that there exists a positive correlation between corporate performance and executive compensation. Small board listed companies to develop the executive compensation to promote the improvement of enterprise performance in a certain extent, salary incentive mechanism play a certain role. Pay is the main performance indicators linked to reflect the profitability of enterprises, but enterprises operating capacity, solvency and ability to develop performance indicators such as the relationship is not significant. Secondly, the study of corporate governance structure and the influence of other factors on executive compensation. The results indicate that the influence of corporate governance structure on Executive compensation is not significant, in addition besides, also found that there is a significant positive correlation between executive compensation and enterprise scale, a significant negative correlation with asset liability ratio, and between the industry and region factors have a close relationship. Finally put forward to improve the small board listed companies executive compensation incentive system and policy suggestions of this paper, provide a reference for the listed SMEs in the enterprise of our country.

【学位授予单位】：湖南科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51

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