我国民营制造业上市公司高管薪酬与公司绩效相关性研究

发布时间：2018-06-25 03:14

本文选题：民营制造业 + 高管薪酬　；参考：《哈尔滨工业大学》2015年硕士论文

【摘要】：自2008年金融危机以来,上市公司高管的“天价薪酬”现象引起了企业界和学术界的热烈讨论,高管薪酬与公司绩效之间的相关关系也成为学术界谈论的焦点。以行业划分为切入点成为该类研究的主要方向,并且取得了不错的研究成果。但是,研究对象的选取主要集中在金融、房地产和互联网行业,对民营制造业的关注较少。本文试图深入研究和探讨民营制造业高管薪酬与公司绩效的关系,从而提出一个新的研究思路,并且为高管薪酬体系的建立提供一定的理论指导。文章在分析了国内外研究现状和相关理论的基础之上,对二者的关系进行了探讨。首先,定义了公司绩效和高管薪酬等变量的含义,在构建公司绩效指标时,使用因子分析法对12个指标进行分析,建立了一个反映公司绩效的综合指标,以此作为研究公司绩效的代表变量。其次,以高管薪酬为被解释变量进行实证分析。在研究公司绩效对高管薪酬的影响时,文章构建了单因素回归模型3-1;在研究公司绩效、高管持股比例等因素对高管薪酬的影响时,文章构建了多元回归模型3-2;而且得出了高管薪酬与公司绩效存在显著的正相关关系等结论,并根据结论提出了相应的建议。再次,以公司绩效为被解释变量进行实证分析。在研究高管薪酬对公司绩效的影响时,文章构建了单因素回归模型4-1;在研究高管薪酬、高管持股比例等因素对公司绩效的影响时,文章构建了多元回归模型4-2;同时得出了公司绩效与高管薪酬存在显著的正相关关系等结论,并对结果中不合理之处给出了本文的建议。最后,为了保证研究结果的稳健性,本文同时使用净资产收益率作为公司绩效的代表变量带入回归模型,对比分析结果显示本研究结果稳健性较高,同时也得出使用净资产收益率作为公司绩效指标时存在的一些问题。
[Abstract]:Since the financial crisis of 2008, the phenomenon of "sky-high compensation" of executives in listed companies has aroused heated discussion in the business and academic circles, and the relationship between executive compensation and corporate performance has also become the focus of academic discussion. Industry division is the main research direction of this kind of research, and good research results have been obtained. However, the study focuses on the financial, real estate and Internet industries, with little attention to the private manufacturing industry. This paper attempts to deeply study and discuss the relationship between executive compensation and corporate performance in the private manufacturing industry, so as to put forward a new research idea, and provide some theoretical guidance for the establishment of executive compensation system. Based on the analysis of domestic and foreign research status and related theories, the relationship between the two is discussed in this paper. Firstly, it defines the meaning of the variables such as corporate performance and executive compensation. When constructing the corporate performance indicators, it uses factor analysis method to analyze 12 indicators, and establishes a comprehensive index to reflect corporate performance. This study as a representative of corporate performance variables. Secondly, the executive compensation as explained variables for empirical analysis. When we study the effect of company performance on executive compensation, we construct a single factor regression model 3-1. when we study the effect of company performance, executive shareholding ratio and other factors on executive compensation, we construct a single-factor regression model. This paper constructs a multivariate regression model 3-2, and draws the conclusion that there is a significant positive correlation between executive compensation and corporate performance, and puts forward the corresponding suggestions according to the conclusion. Thirdly, empirical analysis is carried out with firm performance as the explanatory variable. When we study the effect of executive compensation on corporate performance, we construct a single factor regression model 4-1. when we study the effects of executive compensation, executive shareholding ratio and other factors on corporate performance, the paper constructs a single-factor regression model. This paper constructs a multivariate regression model 4-2, and draws the conclusion that there is a significant positive correlation between corporate performance and executive compensation, and puts forward some suggestions on the irrationality of the results. Finally, in order to ensure the robustness of the research results, this paper also uses the ROE as the representative variable of corporate performance into the regression model. The comparative analysis results show that the results of this study are more robust. At the same time, we also get some problems when using ROE as a performance indicator.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F272.92;F275

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