上市医药公司高管激励方式对绩效影响的研究

发布时间：2018-03-10 00:07

本文选题：高管薪酬　切入点：企业绩效　出处：《东华大学》2014年硕士论文　论文类型：学位论文

【摘要】：长期以来,如何对高管人员进行有效激励一直是理论界和实务界关心的重要问题。特别是股份公司大量兴起之后,伴随公司所有权与经营权的分离而产生的委托代理问题,使高管人员激励问题受到了更广泛的关注,激励方式也得到了极大地发展。我国市场对激励高管人员的探索实践起步较晚,但最近几年随着公司治理的改进以及资本市场的发展,高管人员获得的激励水平也开始出现持续增长。2006年初中国证监会发布《上市公司股权激励管理办法》(试行),为我国上市公司广泛开展股权激励铺平了道路。在理论研究方面,国内部分研究者对高管人员薪酬激励、股权激励与公司业绩的关系进行了初步的研究,取得了有益的成果,然而这些研究各自由于可能在数据选取、样本挑选或统计方法使用等方面存在一些缺陷,因此仍然不够完善。同时,在薪酬激励、股权激励与公司业绩关系这一课题之下还可以衍生出许多细分的研究方向,过往的研究也较少涉及。有鉴于此,本文从Wind数据库及CSMAR数据库获取上市医药公司数据,运用描述性统计,多元回归分析等方法重点研究了四个问题,即：(1)高管薪酬激励与上市医药企业业绩的相关性(2)董事长是否兼任总经理对高管薪酬与上市医药企业业绩的相关性的影响。(3)控股股东的类型对高管薪酬与上市公司医药企业业绩的相关性的影响。(4)不同薪酬激励方式的效果是否存在差异。研究发现：(1)总体而言,高管年薪与上市医药企业短期绩效显著正相关,高管持股比例与上市医药企业长期绩效正相关。(2)相较而言,董事长兼任总经理会使得上市医药企业高管薪酬激励作用有所下降。(3)目前我国上市医药国企与民企中,高管激励效果差异并不显著。(4)上市医药企业中,高管年薪对短期激励更有效,而股权激励则更适用于长期激励。
[Abstract]:For a long time, how to motivate executives effectively has been an important concern of the theoretical and practical circles, especially after the emergence of a large number of joint-stock companies, accompanied by the separation of corporate ownership and management of the principal-agent problem. As a result, the incentive problem of senior managers has been paid more attention to, and the incentive methods have been greatly developed. But in recent years, with the improvement of corporate governance and the development of capital markets, At the beginning of 2006, the China Securities Regulatory Commission issued the "measures on Stock incentive Management of listed companies", which paved the way for China's listed companies to widely carry out equity incentives. Some domestic researchers have made a preliminary study on the relationship between executive compensation incentive, equity incentive and corporate performance, and obtained useful results. However, these studies may be selected in the data. There are some defects in sample selection or the use of statistical methods, so it is still not perfect. At the same time, under the topic of compensation incentive, equity incentive and corporate performance relationship, there are still many subdivision research directions. Previous studies have also been less involved. In view of this, this article obtains the listed pharmaceutical company data from the Wind database and the CSMAR database, uses the descriptive statistics, the multivariate regression analysis and so on the method has studied the four questions emphatically, (1) the correlation between executive compensation incentives and the performance of listed pharmaceutical companies. (2) whether the chairman is concurrently the chairman of the board of directors on the relationship between executive compensation and the performance of listed pharmaceutical enterprises. 3) the type of controlling shareholders on the relationship between executive compensation and listed companies. The impact of the correlation of the performance of pharmaceutical companies. 4) whether there are differences in the effects of different compensation incentives. The study found that, in general, the annual executive salary was significantly positively correlated with the short-term performance of listed pharmaceutical companies, and the proportion of executive ownership was positively correlated with the long-term performance of listed pharmaceutical companies. The executive compensation incentive function of the listed pharmaceutical enterprises will be reduced by the chairman of the board of directors as the general manager.) at present, there is no significant difference in the effect of the executive incentive between the listed pharmaceutical state-owned enterprises and the private enterprises in our country) among the listed pharmaceutical enterprises, Annual executive pay is more effective for short-term incentives, while equity incentives are more suitable for long-term incentives.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.92;F426.72

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