吉林省上市公司高管薪酬与企业绩效的实证研究

发布时间：2018-02-14 07:29

本文关键词： 上市公司高管薪酬企业绩效回归分析股权激励　出处：《长春工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：上市公司的高管薪酬问题一直受到社会各个方面和阶层的持续关注,国内外学者对于上市公司高管薪酬与企业绩效之间的关系进行了许许多多的理论总结与实证研究,已经取得了丰硕的成果。但这些研究基本上集中在高管总体薪酬水平、薪酬结构与激励作用对企业绩效的影响上,而且衡量企业绩效的指标大多为净资产收益率、总资产规模等总体性指标,对于高管薪酬内部差距的考量较少,以更为具体的指标衡量企业绩效的研究也较少。而高管薪酬内部差距对企业绩效的影响有多大,它是怎样影响企业绩效的,衡量企业绩效的具体指标的选择等,都是值得我们深入研究的课题。据此,本文的研究依附于东北经济疲软,体制改革不彻底的大背景之下,在回顾并归纳了国内外高管薪酬对企业经营绩效影响等方面己经取得的研究成果的基础上,把吉林省上市公司作为为研究对象,以吉林省30余家上市公司2014—2016年的企业年报中的相关数据为样本,利用SPSS分析工具,对数据进行描述性分析、相关性分析和回归分析,从微观角度揭示了上市公司高管薪酬和企业绩效的相关性,结果发现:上市公司高管团队的总体薪酬水平、薪酬的差距和高管控股水平与企业绩效存在正相关关系,独立董事占比和监事会规模的存在均会影响高管薪酬与企业绩效之间的关系。本文的创新点可以概括为以下几个方面:1、变量选取更新颖。基于东北经济之冷再度成为热点的大背景下,回顾总结了高管薪酬与企业绩效的相关理论,在这个基础之上,避开以往的以净资产收益率、总资产规模等总体性指标描述企业绩效,而从新的角度出发,以每股收益和总资产增长率来描述企业绩效,更具客观性和科学性,更加全面地探讨吉林省上市公司高管薪酬与企业绩效之间的关系,提出更有效的改进薪酬的方案和提高企业绩效的方法。2、研究逻辑更科学。选取吉林省的上市公司为研究对象,从影响高管薪酬和企业绩效关系的内部因素——薪酬差距和外部因素——监事会规模两大主要因素进行深入分析,得出实证研究结论,针对吉林省上市公司的特点给出更具专业性的意见和建议,更具针对性和严谨性。3、研究结论更全面。通过实证研究发现,吉林省上市公司高管薪酬与企业绩效正相关;公司治理结构对二者之间关系的影响一直被忽略。应加强对薪酬制度中的长期激励因素的关注,尤其是发挥股权激励制的有效性;还应科学设置公司治理结构。
[Abstract]:The issue of executive compensation of listed companies has been continuously concerned by all aspects and strata of society. Scholars at home and abroad have carried out a lot of theoretical summary and empirical research on the relationship between executive compensation and corporate performance of listed companies. However, these studies focus on the overall pay level of executives, the impact of salary structure and incentives on corporate performance, and most of the indicators of corporate performance are the rate of return on net assets. However, there are few researches on the internal gap of executive compensation, and less research on the measurement of corporate performance by more specific indicators, such as the total asset scale, and how much the internal gap of executive compensation affects the performance of the enterprise. How it affects enterprise performance and the choice of specific indicators to measure enterprise performance are worthy of further study. Accordingly, the research of this paper is dependent on the background of weak economy in Northeast China and incomplete system reform. On the basis of reviewing and summing up the research results on the effect of executive compensation on the performance of enterprises at home and abroad, the listed companies in Jilin Province are taken as the research objects. Taking the relevant data from the annual reports of more than 30 listed companies in Jilin Province from 2014-2016 as samples, using the SPSS analysis tool, the data are analyzed by descriptive analysis, correlation analysis and regression analysis. The correlation between executive compensation and corporate performance of listed companies is revealed from a micro perspective. The results show that there is a positive correlation between the overall compensation level, the salary gap and the level of executive holding of listed companies, and the performance of listed companies. The proportion of independent directors and the size of the board of supervisors will affect the relationship between executive compensation and corporate performance. The innovation of this paper can be summarized as the following aspects: 1, the selection of variables is more novel. Against the backdrop of a hot spot, This paper reviews and summarizes the relevant theories of executive compensation and enterprise performance. On the basis of this, it avoids the previous total indicators such as net asset return, total asset size and so on to describe enterprise performance, but starts from a new perspective. It is more objective and scientific to describe enterprise performance with earnings per share and total asset growth rate, and the relationship between executive compensation and corporate performance of listed companies in Jilin Province is discussed in a more comprehensive way. The research logic is more scientific. The listed companies in Jilin Province are selected as the research objects. This paper makes a deep analysis of the two main factors that affect the relationship between executive compensation and enterprise performance, that is, the salary gap and the external factor, and draws the conclusion of the empirical research. According to the characteristics of listed companies in Jilin Province, the author gives more professional opinions and suggestions, more pertinence and preciseness, and more comprehensive conclusions. Through empirical research, it is found that the executive compensation of listed companies in Jilin Province is positively related to corporate performance. The influence of corporate governance structure on the relationship between them has been neglected. We should pay more attention to the long-term incentive factors in the compensation system, especially the effectiveness of equity incentive system, and set up the corporate governance structure scientifically.
【学位授予单位】：长春工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F832.51;F272.5

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