创业板上市公司高管薪酬与企业绩效相关性实证研究

发布时间：2018-05-27 04:26

本文选题：创业板 + 上市公司　；参考：《天津财经大学》2014年硕士论文

【摘要】：随着现代企业所有权和经营权的分离,高级管理人员作为现代企业关键的人力资源,他们对企业的发展至关重要,所以,对高管的激励和约束体制越来越值得探究。创业板成立之初,就有学者发现创业板上市公司对高管存在过度薪酬激励的现象,文章认为非常有必要研究创业板上市公司高管薪酬与公司绩效的相关性问题,以找到更加适合的高管激励和约束机制,进而提高创业板上市公司绩效。文章以创业板上市公司为研究样本,采用规范研究和实证研究相结合的方法,首先对国内外研究高管薪酬的相关文献进行了综述,然后分别从薪酬理论、委托代理理论和人力资本理论的角度对高管薪酬与企业绩效的相关性进行了理论分析,进而对2012年我国创业板上市公司高管薪酬现状和公司绩效现状作了描述性统计与分析,然后提出假设并进行样本设计,最终对2010-2012年的数据进行实证检验,并针对实证分析结果对我国创业板上市公司高管薪酬的管理提出建议和对策。该文章选取2010-2012年共计538家创业板上市公司为研究样本,对高管薪酬和企业绩效进行实证分析,得出如下结论：(1)创业板高管薪酬与公司绩效呈正相关关系,且在每股经营现金净流量和净资产收益率两个绩效指标中显著。(2)高管薪酬与公司规模呈显著的显著正相关关系。(3)创业板上市公司高管薪酬水平与公司所在地区存在很强的正相关。经济越发达地区,高管薪酬也越高。(4)创业板上市公司高管薪酬水平与公司所在行业存在很强的相关关系,所属行业为非制造业的公司,高管薪酬要比制造行业的高。本文以创业板上市公司为例,对高管薪酬与企业绩效相关性进行了实证研究,并且加入了行业变量和地区变量,还提出创业板上市公司高管薪酬的管理意见,加深了我国上市公司高管薪酬激励机制与公司绩效之间相关性的认识,具有进一步的创新意义。
[Abstract]:With the separation of modern enterprise ownership and management, senior managers as the key human resources of modern enterprises, they are very important to the development of enterprises, so the incentive and restraint system of executives is more and more worth exploring. At the beginning of the gem, some scholars found that there is excessive compensation incentive for executives in gem listed companies. The article thinks it is very necessary to study the correlation between executive compensation and corporate performance of gem listed companies. In order to find a more suitable incentive and constraint mechanism, and then improve the performance of gem listed companies. This paper takes gem listed companies as the research sample, adopts the method of combining normative research and empirical research, first of all, summarizes the related literature on executive compensation at home and abroad, and then from the pay theory, From the perspective of principal-agent theory and human capital theory, this paper makes a theoretical analysis of the correlation between executive compensation and corporate performance, and then makes descriptive statistics and analysis on the current executive compensation and corporate performance of listed companies in China's gem in 2012. Then the hypothesis and sample design are put forward, and finally the data from 2010-2012 are tested empirically, and suggestions and countermeasures are put forward for the management of executive compensation of listed companies in gem based on the results of empirical analysis. In this paper, 538 listed companies in the gem from 2010 to 2012 are selected as the research samples, and the empirical analysis of executive compensation and corporate performance is carried out. The conclusion is as follows: 1) there is a positive correlation between executive compensation and corporate performance in gem. Moreover, there is a significant positive correlation between executive compensation and company size in the two performance indicators of net cash flow per share and net return on assets. In a very strong positive correlation. The more developed the region, the higher the executive compensation.) there is a strong correlation between the executive compensation level of listed companies on the gem and the industry in which they belong to a non-manufacturing industry, and the executive compensation is higher than that in the manufacturing industry. Taking gem listed companies as an example, this paper makes an empirical study on the correlation between executive compensation and corporate performance, and adds industry variables and regional variables, and also puts forward management advice on executive compensation of gem listed companies. It deepens the understanding of the correlation between executive compensation incentive mechanism and corporate performance of listed companies in China, and has further innovation significance.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F272.92

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