中小板上市公司高管薪酬对财务绩效影响的研究

发布时间：2018-06-12 03:40

  本文选题：中小板上市公司 + 高管薪酬　； 参考：《东北农业大学》2016年硕士论文

【摘要】：随着经济的发展,我国中小板上市公司在经历了证券市场二十年发展后俨然成为了市场经济大舞台的重要角色。我国的资本市场也在完成股权分置改革后日益走向全流通时代。对于大股东而言,从最初的非流通股东变为流通股的股东,如何提高中小板上市公司的业绩成为利益趋同的永久话题。一方面有关如何更有效而公正地评价中小板上市公司的财务绩效成为现在学术界的一个重要课题。另一方面对中小板上市公司财务绩效影响因素的研究有利于公司长远的经营利益,对改善公司经营绩效具有现实意义。为此,在文献回顾及相关基础理阐述的基础上,站在中小投资者的角度,以2011年-2014年沪深中小板的上市公司为研究对象,以高管货币薪酬和高管非货币薪酬(高管持股比例和高管在职消费)为高管薪酬的衡量指标,以净资产收益率和托宾Q值为财务绩效的指标体系,借助SPSS21.0和EXCEL统计软件进行描述性统计、相关性分析和回归分析,得出回归模型,阐述中小板上市公司高管薪酬对财务绩效的影响。主要内容如下:首先,本文主要以中小板上市公司高管薪酬与企业财务绩效脱钩的现象为研究背景,以利用高管薪酬体系更有效地激励高管为中小板上市公司的财务绩效做出贡献为研究目的,以中小板上市公司更好地持续发展和相关领域提供研究数据为研究意义,利用中小板上市公司、高管薪酬和财务绩效的相关概念,将委托代理理论、激励理论和公平理论作为理论支撑,在国内外相关文献的基础上进行研究。其次,在中小板上司高管薪酬和财务绩效的现状及机理分析的基础上,提出了相关假设,即中小板上市公司高管货币薪酬对财务绩效有正面作用、中小板上市公司高管持股比例对财务绩效有正面作用、中小板上市公司高管在职消费对财务绩效有负面作用,运用相关软件进行实证研究,包括描述性统计、相关性分析和回归分析,验证了三个假设。再次,针对三方面假设提出相应的建议,包括适当增加中小板上市公司高管薪酬、完善中小板上市公司高管薪酬制度以及增加中小板上市公司高管薪酬的披露透明度。最后得出本文的结论。
[Abstract]:With the development of economy, Chinese small and medium board listed companies have become an important role in the market economy after 20 years of development. The capital market of our country also moves towards the era of full circulation day by day after completing the reform of split share structure. For large shareholders, how to improve the performance of small and medium-sized listed companies has become a permanent topic of interest convergence from the initial non-circulating shareholders to the circulating shareholders. On the one hand, how to evaluate the financial performance of small and medium-sized listed companies more effectively and fairly has become an important topic in academic circles. On the other hand, the study on the factors influencing the financial performance of the small and medium-sized listed companies is beneficial to the long-term business interests of the company and has practical significance to improve the company's operating performance. Therefore, on the basis of literature review and related basic theories, from the point of view of small and medium investors, this paper takes the listed companies of Shanghai and Shenzhen small and medium-sized board from 2011 to 2014 as the research objects. Taking executive monetary compensation and executive non-monetary compensation (executive shareholding ratio and executive in-service consumption) as the measure of executive compensation, taking the return of net assets and Tobin Q as the index system of financial performance, With the help of SPSS21.0 and excel statistical software, this paper makes descriptive statistics, correlation analysis and regression analysis, and obtains a regression model to illustrate the effect of executive compensation on financial performance of small and medium-sized listed companies. The main contents are as follows: first of all, this paper mainly takes the phenomenon of executive compensation and financial performance decoupling of small and medium-sized listed companies as the research background. In order to use the executive compensation system to encourage executives to contribute to the financial performance of small and medium-sized listed companies for the purpose of research, in order to better sustainable development of small and medium-sized board listed companies and provide research data in related fields for the research significance. Based on the related concepts of executive compensation and financial performance of small and medium-sized listed companies, the principal-agent theory, incentive theory and equity theory are taken as the theoretical support, based on the relevant literature at home and abroad. Secondly, based on the analysis of the current situation and mechanism of executive compensation and financial performance, the paper puts forward the hypothesis that the monetary compensation of executives in small and medium-sized board listed companies has a positive effect on financial performance. There is a positive effect on the financial performance by the proportion of the stock ownership of the executives in the small and medium-sized board listed companies, while the in-service consumption of the executives of the small and medium-sized board listed companies has a negative effect on the financial performance. The empirical study is carried out by using relevant software, including descriptive statistics. Correlation analysis and regression analysis verify three hypotheses. Thirdly, the paper puts forward corresponding suggestions on three hypotheses, including appropriately increasing executive compensation of small and medium board listed companies, perfecting executive compensation system of small and medium-sized board listed companies and increasing transparency of disclosure of executive compensation of small and medium-sized board listed companies. Finally, the conclusion of this paper is drawn.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F272.92
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本文编号：2008154