我国金融业上市公司高管薪酬与企业绩效相关性实证研究

发布时间：2018-01-14 18:16

本文关键词：我国金融业上市公司高管薪酬与企业绩效相关性实证研究　出处：《北京交通大学》2015年硕士论文　论文类型：学位论文

更多相关文章： 高管薪酬 金融业 企业绩效 限薪令

【摘要】：首先,本文总结性地回顾了研究中所涉及到的重要理论,包括委托代理理论、内部人控制理论、人力资本理论、期望理论和权变理论,为后续的实证研究奠定理论基础。然后通过归纳在此之前国内外学者对于高管薪酬与公司绩效相关性的研究成果,笔者发现国内外学者虽然对企业高级管理人员薪酬问题经过了多年密集的研究,却并未能得出一个完整、连贯的知识体系。在二十世纪八十年代前,仅有小部分文献涉及这个问题,之后每年都有很多关于这个问题研究的新成果。但是由于时间阶段不同、选取行业不同等因素影响,国内外学者在公司绩效和高管薪酬之间关系的实证研究结果存在着较大的分歧,有的研究结果表明二者之间存在显著正相关关系,有的则认为二者之间根本不相关。在理论归纳和文献回顾的基础上,笔者对我国金融行业上市公司高管薪酬的现状进行了概述,包括我国金融行业特点和金融业高管薪酬的构成和水平,以及进一步分析了2009年我国出台的针对金融业“限薪令”的要点等。在实证研究部分,本文运用横截面回归模型对2007-2013年国内41家金融类上市公司相关数据进行回归,探索了国内金融类上市公司高管薪酬与企业经营绩效的相关性,并通过添加虚拟变量研究了“限薪令”对金融业高管薪酬与企业绩效相关性的影响。研究发现,国内金融业上市公司经营绩效与其高管薪酬之间的正相关关系不显著,说明企业在制定高管薪酬激励机制时没有充分考虑企业的经营绩效；此外,“限薪令”在降低了金融行业过高的薪酬的同时,对其高管薪酬与企业绩效的相关性印象不大,说明政府出台的“限薪令”在一定程度上并未起到预期的效果。
[Abstract]:First of all, this paper reviewing important theories which are involved in the study, including the principal-agent theory, internal control theory, human capital theory, expectation theory and contingency theory, laid the theoretical foundation for subsequent empirical research. And then this paper before the domestic and foreign scholars for the correlation between executive compensation and Corporate Performance Research I found that, although the domestic and foreign scholars for senior executives to pay after years of intensive research, but failed to get a complete, coherent knowledge system. In 1980s, this problem involves only a small part of the literature, after every year there are many new results about this problem. But because of the different time stage influence of different factors, including the industry, domestic and foreign scholars in between company performance and executive compensation between the empirical research results There are large differences, and some results show that there is a significant positive correlation between the two, while others are not related to the two.
Based on theory and literature review, the author summarizes the current situation of executive compensation of listed companies on China's financial industry, including the composition and characteristics and level of executive pay in the financial sector of China's financial industry, and further analysis of China in 2009 for the introduction of the financial industry "limit pay points".
In the part of empirical research, this paper use the cross-sectional regression model regression data of listed companies for 2007-2013 years 41 domestic financial class, to explore the relationship between the domestic financial listed company executive compensation and corporate performance, and by adding a dummy variable of "salary limit order" effect on the relationship between financial industry executive compensation and corporate performance the study found a positive correlation between the domestic financial sector listed companies operating performance and executive compensation is not significant, indicating that companies in the development of executive compensation incentive mechanism is not fully consider the performance of the enterprise; in addition, the "salary limit order" in reducing excessive pay in the financial industry at the same time, the executive compensation and enterprise the performance of correlation shows that the government introduced a little impression, "salary limit order" to a certain extent, did not play the desired effect.

【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.3;F272.92;F830.42

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