上市公司高管团队内部薪酬差异对公司绩效影响的实证研究

发布时间：2018-04-11 08:53

本文选题：上市公司 + 高管薪酬　；参考：《辽宁大学》2012年硕士论文

【摘要】：1932年，美国制度学派的伯利和米恩斯经过多年研究，共同出版了《现代公司与私有财产》一书。此书从企业权力结构和掌权人的经济地位两个角度出发，对二者进行了分析，它所强调的是法律制度和法律形式对于企业所有权和经营方式变化的作用。此著作让越来越多的人认识到了目前较为普遍的委托代理关系，既公司的治理结构中的不同行为主体间的关系，并在随后的数十年内迅速发展，尤其是20世纪90年代以后，这种关注逐步成为了一种理论，既委托代理理论。随着委托代理理论的发展，其应用范围已从最初的仅限于对企业的分析变的更为广泛，即便如此，在实际的应用中，该理论的最主要用途仍然是针对企业利益相关者的委托代理分析。本文运用规范分析与实证分析相结合的方法，首先对国内外高管薪酬问题的相关文献进行了回顾和评价。分别从锦标赛理论和行为理论的角度对高管薪酬与公司绩效的相关性进行了理论分析。进而对2008-2010年我国高管薪酬现状作了描述性统计分析，发现我国高管薪酬差距与公司绩效的关系受到公司规模和行业差异的影响。在此基础上选取2008-2010年140家上市公司作为研究对象，结合上市公司规模、地区和行业等多重因素，提出了两个假设。选取高管薪酬、公司绩效、公司规模、公司资本结构、地区和行业等变量建立多元线性回归模型，进行相关性分析和回归分析。本文第一部分为绪论部分主要介绍本文的研究背景、研究意义、研究思路及方法，概括总结国内外学者的主要研究观点；第二部分为理论研究和现状分析部分，，首先，阐述了薪酬差距的两大理论基础－锦标赛理论和行为理论。其次，界定了高管团队内部薪酬差距和公司绩效的相关概念。再次，对我国上市公司近几年高管团队内薪酬差距数据进行了描述性统计，总结出上市公司高管团队内薪酬差距的现状；第三部分是实证分析部分，通过最新样本数据的选择和变量指标的选取，构建模型，运用SPSS统计软件对高管团队内薪酬差距和公司绩效进行相关性研究；第四部分主要针对上述理论和实证分析结果，概括研究结论，从合理安排高管团队内薪酬差距、加强公司治理等五个方面提出了政策建议，最后还对未来的研究进行了展望。结论显示公司绩效与高管薪酬存在显著的正相关关系。影响公司绩效的因素中，公司绩效与公司规模呈正相关关系，与公司所处行业存在显著的负相关关系。
[Abstract]:In 1932, Burleigh and Maines of the American Institution School published Modern Corporation and Private property after many years of research.This book analyzes the power structure of the enterprise and the economic status of the person in power. It emphasizes the function of the legal system and the legal form on the change of the enterprise's ownership and management mode.This work has made more and more people realize the common principal-agent relationship, that is, the relationship between the different actors in the corporate governance structure, and it developed rapidly in the following decades, especially after the 1990s.This concern has gradually become a theory, namely principal-agent theory.With the development of principal-agent theory, its application scope has become more extensive from the original analysis to the enterprise, even so, in the practical application,The principal use of this theory is still the principal-agent analysis for corporate stakeholders.By combining normative analysis with empirical analysis, this paper reviews and evaluates the literature on executive compensation at home and abroad.From the perspective of tournament theory and behavior theory, the correlation between executive compensation and corporate performance is analyzed theoretically.Then it makes a descriptive statistical analysis of the current situation of executive compensation in China from 2008 to 2010, and finds that the relationship between executive compensation gap and corporate performance is affected by the company size and industry differences.On the basis of this, 140 listed companies from 2008 to 2010 were selected as the research objects, and two hypotheses were put forward according to the multiple factors such as the size, region and industry of listed companies.Selecting the variables such as executive compensation, corporate performance, company size, corporate capital structure, region and industry, to establish a multivariate linear regression model, to carry out correlation analysis and regression analysis.The first part of this paper is the introduction part mainly introduces the research background, the research significance, the research thought and the method, summarizes the domestic and foreign scholar's main research viewpoint; the second part is divided into the theory research and the present situation analysis part, first,This paper expounds the two theoretical bases of salary gap-tournament theory and behavior theory.Secondly, it defines the internal pay gap and the related concepts of corporate performance.Thirdly, the paper makes descriptive statistics on the pay gap in the executive team of listed companies in China in recent years, and summarizes the current situation of the pay gap in the executive team of listed companies. The third part is the empirical analysis part.Through the selection of the latest sample data and the selection of variable indicators, this paper constructs a model, using SPSS statistical software to study the correlation between the executive team pay gap and corporate performance. The fourth part mainly focuses on the above theoretical and empirical analysis results.Summarize the conclusion of the study, from the rational arrangement of executive team pay gap, strengthen corporate governance and other five aspects of the policy recommendations, and finally the future of the study is prospected.The conclusion shows that there is a significant positive correlation between corporate performance and executive compensation.Among the factors affecting corporate performance, corporate performance has a positive correlation with company size and a significant negative correlation with the industry in which the company is located.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F275;F832.51;F224

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