我国金融业上市公司高管薪酬影响因素实证研究

发布时间：2018-02-03 03:07

本文关键词： 金融业上市公司高管薪酬公司规模　出处：《吉林财经大学》2015年硕士论文　论文类型：学位论文

【摘要】：随着现代企业制度在国内的建立,高管的激励问题已成为学术界和实践界普遍关心的话题。薪酬作为激励高管的最重要手段,也自然成为了学者们讨论的热点。近几年来金融业高管薪酬一直排在高管薪酬榜的前列,并且与其他行业的高管薪酬间的差距有越拉越大的趋势。金融高管的薪酬究竟受哪些因素的影响,究竟金融公司的治理机构合不合理,就自然成为了本文研究的重点。本文的研究立足于委托代理理论、人力资本理论、激励理论,结合国内外针对高管薪酬影响因素的研究,选择了一个单一的行业—金融业的高管薪酬来进行实证分析。研究以2009年至2013年金融业公司的年报数据为样本,提出了十一个假设,通过建立模型采用描述性分析和线性回归分析来实证研究金融高管薪酬的影响因素。研究的实证结果显示:金融业上市公司高管薪酬与公司规模、高管年龄、高管学历、地区、子行业显著正相关,与股权集中度、股权结构显著负相关,并且公司规模是第一个进入模型的变量。相反金融业上市公司高管薪酬与公司绩效、董事会特征并无明显的相关关系。针对本文的研究结论对我国金融业上市公司高管薪酬激励和制度设计提出了建议:第一,建立科学薪酬制度,注重长短期激励结合;第二,建立科学高效的绩效考核制度;第三,进一步完善公司治理结构,加强公司内部监督。
[Abstract]:With the establishment of modern enterprise system in China, the incentive of senior executives has become a topic of general concern in academia and practice. Compensation is the most important means to motivate senior executives. Naturally, it has become a hot topic for scholars. In recent years, the financial industry executive compensation has been in the top of the executive compensation list. And the gap between executive compensation and other industries has a growing trend. Financial executive compensation is affected by what factors, financial companies governance institutions are reasonable. The research of this paper is based on the principal-agent theory, human capital theory, incentive theory, combined with the domestic and foreign research on the factors affecting executive compensation. This paper chooses a single industry-financial industry executive compensation for empirical analysis. Based on the annual report data of financial companies from 2009 to 2013, the study puts forward 11 hypotheses. Through the establishment of a model using descriptive analysis and linear regression analysis to empirical study of financial executive compensation factors. The empirical results show that: financial listed companies executive compensation and company size, executive age. Executive education, regional, sub-industry significantly positive correlation, and equity concentration, equity structure significantly negative correlation. And the size of the company is the first variable into the model. On the contrary, the financial industry listed company executive compensation and corporate performance. There is no obvious correlation between the characteristics of the board of directors. In view of the conclusions of this paper, some suggestions are put forward for the incentive and system design of executive compensation of listed companies in the financial industry in China: first, establish a scientific compensation system. Pay attention to the combination of long-term and short-term incentives; Second, establish a scientific and efficient performance appraisal system; Third, further improve the corporate governance structure, strengthen the company's internal supervision.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F272.92;F832.39

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