媒体负面报道对高管薪酬的影响研究

发布时间：2018-02-27 00:27

本文关键词： 媒体负面报道高管薪酬实证分析　出处：《西南交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国社会主义市场经济体制的建立及不断完善,我国企业无论是经营性质还是整体宏观环境都发生了剧烈的变化,而这些都直接影响到我国企业未来的发展以及生存状况。特别是进入新世纪以来,在全球化进程高速发展的当下,企业所面临的竞争不仅仅是单一的国内企业之间的竞争,更要面临来自于国外优秀跨国企业的共同抗衡。而作为行业内优秀企业的上市公司而言,其本身在市场竞争机制下受到了人们更多地关注,其自身的企业绩效以及盈利能力直接关系到股东的权益,由此对于上市企业的发展特别是财务管理就提出了新的要求和挑战。互联网的出现以及现代新兴媒体的介入,使得人们对于高管薪酬的关注热情不断上升。社会对不断爆出的关于国有企业高层管理人员的天价薪酬等现象更是颇有微词,认为他们的天价薪酬和其自身的实际管理能力以及对于企业创造的价值不符合。而从现有的监督管理层面来看,却缺乏对上市公司高层管理人员薪酬约束的有效治理机制。本文采用理论联系实证的研究方法,在对国内外相关理论分析与阐述的基础之上,结合现有高管薪酬的特点,通过理论分析加实证分析的方式,探究了当下,媒体负面报道对高管薪酬的约束与治理作用。本文的媒体负面报道数据选取年度为2011到2012年,上市公司数据选择为2011年至2013年我国深沪两市A股上市的公司。样本中剔除了金融行业的上市公司、ST的公司、数据缺失的公司以及2009年以后上市的公司,最后共得到2357个研究样本。实证研究了媒体负面报道对其薪酬的影响,以及媒体关注,对于这种影响的约束作用,得到如下三个结论：(1)媒体负面报道对高管薪酬呈负面影响；(2)媒体负面报道对国有上市公司高管薪酬影响较非国有上市公司高管薪酬约束能力较大。(3)在控制性股东股权结构中,终极控股股东的持股比例越高,媒体负面报道对高管薪酬约束能力越大。可见媒体负面报道对上市公司高管薪酬有一定的治理约束作用。并结合实证数据结果,提出了应当如何切实有效地,基于已有媒体报道的治理作用,对上市公司高管薪酬进行约束的相关政策性建议。
[Abstract]:With the establishment and continuous improvement of the socialist market economic system in China, the enterprises in our country have undergone drastic changes both in their management nature and in the overall macro environment. All these have a direct impact on the future development and survival of Chinese enterprises, especially in the new century, with the rapid development of globalization, the competition faced by enterprises is not only the competition among the single domestic enterprises. It is even more necessary to face a common challenge from foreign excellent multinational enterprises. As an outstanding enterprise in the industry, the listed companies themselves have been paid more attention to under the market competition mechanism. Its own enterprise performance and profitability are directly related to shareholders' rights and interests, thus putting forward new requirements and challenges to the development of listed enterprises, especially financial management, the emergence of the Internet and the intervention of modern emerging media. This has made people pay more and more attention to executive compensation, and the society has been complaining about the phenomenon of sky-high salary of senior managers in state-owned enterprises. They think that their sky-high salary and their own actual management ability and the value they create for the enterprise are not in line with... And from the existing supervisory management level, However, there is a lack of effective governance mechanism for the executive compensation constraint of listed companies. This paper adopts the research method of combining theory with empirical research, on the basis of theoretical analysis and exposition of relevant theories at home and abroad, combining the characteristics of existing executive compensation. Through theoretical analysis and empirical analysis, this paper explores the current negative media report on executive compensation constraints and governance. The data of listed companies are listed in the Shanghai and Shenzhen stock markets from 2011 to 2013. The sample excludes listed companies in the financial sector, companies with missing data and those listed after 2009. Finally, a total of 2357 research samples were obtained. The paper empirically studied the impact of negative media reports on their pay, and media attention, and the constraints on this impact. Get the following three conclusions: (1) negative media reports have a negative impact on executive compensation. (2) negative media reports have a greater impact on executive compensation in state-owned listed companies than in non-state-owned listed companies. The higher the shareholding ratio of ultimate controlling shareholder, the greater the ability of media negative report to restrain executive compensation. It can be seen that media negative report has a certain governance constraint on executive compensation of listed companies. This paper puts forward some policy suggestions on how to effectively and effectively restrict the executive compensation of listed companies based on the governance function of existing media reports.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.92;F832.51;G206

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