我国创业板上市公司高管薪酬结构对公司绩效的影响研究

发布时间：2018-08-22 20:23

【摘要】：现代公司制的发展导致了所有权和控制权的分离，高管和所有者之间的目标利益的不一致以及信息不对称引发了所谓的激励兼容问题从机制设计角度看，如何设计一套具有激励性的薪酬方案就成为所有者和理论界关心的重大问题促动我们关注这一问题的直接动机是我国创业板上市公司的高管流失问题我国创业板市场自2009年10月23日创立以来，，截至2011年底，短短两年的时间，已有近百名高管纷纷离职，可见我国创业板市场高层人力资本流失严重的事实，说明我国创业板上市公司高管激励机制存在一定的问题创业板包含着大量最富有企业家精神的人力资本，而高管也是影响创业企业成长发展的关键因素，大量的高管流失反映出高管激励约束制度的缺失，而这必将影响创业企业的长期发展本文以中国创业板上市公司为研究对象，选取满足一定条件的68家公司作为研究样本，选取其2010年的年报数据作为研究数据，进行实证分析首先，文章提出研究背景和研究问题其次，梳理回顾上市公司绩效与高管薪酬结构相关的文献第三，依据委托代理理论人力资本理论和行为理论，形成文章实证分析的研究假设第四，利用SPSS统计分析软件，从高管货币薪酬高管股权报酬及高管内部薪酬差距三个方面着手，分别研究其对公司绩效的影响，进行相关性分析与多元回归分析研究发现：公司绩效与高管层平均货币薪酬显著正相关，与CEO货币薪酬则无显著相关性；与CEO持股比例显著负相关，但与高管层平均持股比例无显著相关性；与CEO与高管层的货币薪酬差距持股比例差距均显著负相关；与公司规模公司董事监事和高级管理人员总数董事会和监事会年度会议次数之和均显著正相关最后，根据本文的研究结论对上市公司与相关部门提供一定的建议
[Abstract]:The development of modern corporate system has led to the separation of ownership and control, the inconsistency of objectives and interests between executives and owners, and information asymmetry, which leads to the so-called incentive compatibility problem from the point of view of mechanism design. How to design a set of incentive compensation scheme has become a major issue of concern to the owners and theorists. The direct motivation for us to pay attention to this issue is the loss of senior executives of listed companies on the gem. Since the establishment of the gem market on October 23, 2009, Up to the end of 2011, in a short period of two years, nearly 100 senior executives have left their jobs one after another. It can be seen that the loss of human capital at the top of the gem market in our country is serious. It shows that there are some problems in the incentive mechanism of the listed companies in the gem, and the gem contains a large number of human capital with the most entrepreneurial spirit, and the executives are also the key factors that affect the growth and development of entrepreneurial enterprises. The loss of a large number of senior executives reflects the lack of incentive and restraint system, which will affect the long-term development of entrepreneurial enterprises. 68 companies that meet certain conditions are selected as the research sample, and the annual report data of 2010 are selected as the research data. Firstly, the paper puts forward the research background and research questions. Combing and reviewing the literature of listed companies' performance and executive compensation structure third, according to principal-agent theory, human capital theory and behavior theory, form the research hypothesis of empirical analysis of the article fourth, use SPSS statistical analysis software, Starting from the three aspects of executive monetary compensation, executive equity compensation and executive internal pay gap, the paper studies its impact on corporate performance. The results of correlation analysis and multiple regression analysis showed that corporate performance was positively correlated with the average monetary compensation of executives, but not with CEO monetary compensation, and negatively correlated with CEO shareholding ratio. However, there is no significant correlation with the average shareholding ratio of senior management, and there is a significant negative correlation with the difference between CEO and currency salary gap. The sum of the annual meetings of the board of directors and the board of supervisors is significantly positive correlation with the total number of directors, supervisors and senior managers of the company. Finally, according to the conclusions of this paper, some suggestions are given to the listed companies and the relevant departments.
【学位授予单位】：西安电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.5;F272.92;F832.51

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