媒体监督、法律环境与高管薪酬关系的实证研究

发布时间：2018-04-09 23:40

本文选题：媒体监督　切入点：法律环境　出处：《西南交通大学》2016年硕士论文

【摘要】：高管薪酬同企业绩效不匹配的现象在国内外都屡见不鲜。我国高管的薪酬水平在中国经济飞跃发展的同时也进入了快速增长时期,高管薪酬问题之所以受到广大投资者、乃至普通老百姓的高度关注,是因为一些关乎国计民生的社会热点如社会公平、公司治理与腐败现象与之有着诸多联系。而“天价薪酬”、“零薪酬”等不合理现象的频繁出现也刺激着公众情绪,媒体作为这一现象的传播载体,其信息的传播与扩散职能异常突出,放大了社会影响效应。基于我国当前社会发展阶段和经济状况考虑,学者们多肯定了媒体在高管薪酬治理中起到的重要作用,但对行政机制、制度等因素等到底是如何同时影响高管薪酬的较少。在我国当下,各地区法律环境水平不统一的国情之下,本文认为法律环境这一因素同样是高管薪酬治理走向完善的重要方面,这更加宏观,也不可忽略。因此本文将验证不同法律环境水平中对高管薪酬合理水平也不同,从而肯定了法律环境的重要性。本章根据相关理论和研究成果进行实证研究,以2013年违规的上市公司为研究对象,对各变量进行全面的描述性统计分析,对样本有一个全面的了解,然后再进行相关性分析,了解各个变量之间的相关性,再在前文构建模型之上对假设进行实证验证。先通过回归结果分别证明了媒体监督度越高,高管薪酬水平下降越大,法律环境越好,高管薪酬水平下降越大。但是在不同法律环境之下,媒体监督对高管薪酬的影响验证并没有得到验证,所以本文为将按照法律环境指数的高低将样本公司分为两个样本,从实证结果分析得出,在法律环境好的地方,负面媒体报道对高管薪酬影响是较为偏大的,在法律环境不好的地方,就算有负面媒体报道的情况出现高管薪酬影响也不是非常明显,从而证实了本文的假设。
[Abstract]:Executive compensation and corporate performance do not match the phenomenon is common at home and abroad.China's executive compensation level has also entered a period of rapid growth while China's economy is developing rapidly. The issue of executive compensation has been highly concerned by the majority of investors and even ordinary people.This is because some social hotspots such as social equity, corporate governance and corruption have many links.However, the frequent appearance of unreasonable phenomena such as "sky-high salary" and "zero salary" also stimulates public sentiment. As the communication carrier of this phenomenon, the information dissemination and diffusion function of the media is extremely prominent, amplifying the social influence effect.Based on the current stage of social development and economic situation in China, scholars have affirmed the media play an important role in executive compensation governance, but how the administrative mechanism, system and other factors affect executive compensation at the same time is less.At present, the level of legal environment in different regions is not uniform. This paper holds that the legal environment is also an important aspect of executive compensation governance towards perfection, which is more macro and can not be ignored.Therefore, this paper will verify that the reasonable level of executive compensation is different in different legal environment level, thus affirming the importance of legal environment.This chapter carries on the empirical research according to the related theory and the research result, takes the listed company which violates the regulations in 2013 as the research object, carries on the comprehensive descriptive statistical analysis to each variable, has a comprehensive understanding to the sample, then carries on the correlation analysis.To understand the correlation between the variables, and then build a model above the hypothesis empirical verification.First, the regression results show that the higher the media supervision, the bigger the executive compensation level falls, the better the legal environment, the greater the executive compensation level decline.However, under different legal circumstances, the impact of media supervision on executive compensation has not been verified, so this paper will be based on the legal environment index will be divided into two samples, from the empirical results analysis,Where the legal environment is good, negative media reports have a relatively large impact on executive compensation. Where the legal environment is not good, even if there are negative media reports, the impact of executive compensation is not very obvious.Thus, the hypothesis of this paper is confirmed.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F272.92

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