高管薪酬结构对民营上市公司经营绩效的影响及实证研究

发布时间：2018-03-14 02:24

本文选题：高管　切入点：薪酬结构　出处：《首都经济贸易大学》2012年硕士论文　论文类型：学位论文

【摘要】：改革开放以来，我国民营企业不断发展壮大，对国民经济的贡献不断增长；随着我国资本市场的完善与成熟，有关公司治理与企业绩效之间关系的探索越来越多。但是，对于民营企业的公司治理状况与其企业绩效之间的研究却不是很多，在实践中，民营企业的委托人亟需建立健全的代理人薪酬激励制度，以最大限度地降低代理成本，从根本上改善企业绩效。本文采用2008年至2010年之间沪深A股的民营上市公司为研究样本，以委托代理理论为理论基础，从薪酬结构决定因素的角度，对民营企业的高管薪酬结构进行分析，探讨各种激励形式与公司绩效的内在关系，为高管激励实践提供理论支持，以推动企业效率的提高。本文第一章主要是阐述论文的研究背景、研究理论价值和现实意义，以及本文的研究内容和研究方法，并指出了本文的主要创新之处。第二章是文献综述部分。主要是对该领域内的研究成果进行回顾，重点分析了激励理论相关的管理学激励理论、人力资本理论、交易费用理论、代理理论、契约理论和企业绩效评价理论等。第三章主要是对民营企业高管薪酬结构的现状和薪酬与绩效关系进行分析：首先对本文研究过程中涉及到的相关概念进行界定，说明数据来源和样本选择的依据，并对公司高管薪酬结构的现状进行分析；通过对薪酬结构现状的比较分析，指出我国企业高管人员的收入与其价值严重背离的现状，同时，在经验研究的基础上分析薪酬结构对公司绩效的影响机理，从而为有针对性地建立我国民营上市企业高层管理人员激励机制提供基础。第四章开始构建企业绩效评价标准体系。从上市公司年报中摘取盈利能力、周转能力、短长期偿债能力、成长能力四方面的指标，通过主成分分析方法得出加权平均后的绩效评价标准，，力求科学全面的解释公司绩效。第五章实证分析部分，选取2008~2010年沪深两市A股的民营公司为样本，采用相关性分析方法对薪酬结构与公司绩效之间的关系进行统计分析，并得出有效结论；第六章，结论与建议部分，对研究问题进行总结，由此提出一些政策建议，并指出本文的主要局限，为下一步的研究做铺垫。民营企业是我国经济中的新生代力量，在国民经济中的地位和作用日益凸显，但是民营企业在发展中存在不少问题。公司治理机制的不完善制约了民营企业的健康发和持续性展，如何解决这一问题，将是业内学者共同努力的方向。
[Abstract]:Since the reform and opening up, private enterprises in China have been developing and expanding, and their contribution to the national economy has been growing. With the perfection and maturity of the capital market in China, more and more researches have been made on the relationship between corporate governance and enterprise performance. However, there is not much research on the relationship between corporate governance and corporate performance of private enterprises. In practice, the clients of private enterprises urgently need to establish a sound incentive system of agent compensation in order to minimize agency costs. Fundamentally improve corporate performance. Based on the principal-agent theory, this paper analyzes the executive compensation structure of private enterprises from 2008 to 2010 from the perspective of the determinant factors of salary structure, using the private listed companies of Shanghai and Shenzhen A-shares as the research samples, and taking the principal-agent theory as the theoretical basis. To explore the internal relationship between various incentive forms and corporate performance, to provide theoretical support for executive incentive practice, in order to promote the efficiency of enterprises. The first chapter of this paper is mainly about the research background, theoretical value and practical significance, as well as the research content and research methods. And points out the main innovation of this paper. The second chapter is the literature review part. It mainly reviews the research results in this field, focusing on the incentive theory related to management incentive theory, human capital theory, transaction cost theory. The third chapter mainly analyzes the current situation of executive compensation structure and the relationship between compensation and performance in private enterprises. Firstly, it defines the related concepts involved in the research process of this paper. Explain the data source and the basis of sample selection, and analyze the current situation of the executive compensation structure of the company, through the comparative analysis of the status quo of the compensation structure, point out that the income of the senior managers in our country deviates from its value seriously, at the same time, On the basis of empirical research, this paper analyzes the influence mechanism of compensation structure on corporate performance. So as to provide the foundation for establishing the incentive mechanism of the senior managers of the private listed enterprises in China. Chapter 4th begins to construct the standard system of enterprise performance evaluation, taking the profitability and turnover ability from the annual report of the listed companies. Four indicators of short-term and long-term solvency, growth ability, through principal component analysis method to get the weighted average after the performance evaluation criteria, in order to scientifically and comprehensively explain corporate performance. 5th chapter empirical analysis, From 2008 to 2010, the private companies listed in Shanghai and Shenzhen A-shares were selected as samples, and the correlation analysis method was used to analyze the relationship between compensation structure and corporate performance, and the effective conclusions were drawn; Chapter 6th, conclusions and recommendations, This paper summarizes the research problems, puts forward some policy suggestions, and points out the main limitations of this paper, paving the way for the next research. The private enterprise is the new generation strength in our country's economy, and its position and function in the national economy are increasingly prominent. However, there are many problems in the development of private enterprises. The imperfection of corporate governance mechanism restricts the healthy development and sustainable development of private enterprises. How to solve this problem will be the direction of the joint efforts of scholars in the industry.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.5;F832.51;F224

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