管理层薪酬、股利政策与上市公司可持续增长的实证研究

发布时间：2018-02-24 00:47

本文关键词： 上市公司管理层薪酬股利政策可持续增长实证分析　出处：《重庆理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,我国上市公司数量不断增加,并在公司治理以及财务质量等方面取得了理想的成果,成为国民经济的重要组成部分。就目前的实际情况来看,众多上市公司的财务状况良好,处于理想的可持续增长状态。但是,在上市公司的发展过程中也呈现出一定的问题和不足,对其可持续增长产生了一定的不利影响。其中,股利政策以及管理层薪酬是比较突出的问题。在股利政策方面,对广大上市公司而言,股利政策的制定不但与相关投资者的切身利益息息相关,也会对公司的可持续增长以及长期发展产生十分重要的影响。在薪酬制度方面,对于上市公司的管理层,其中薪酬水平也与公司的可持续增长关系密切。合理的管理层薪酬制度要注重公司发展过程中的眼前利益,并综合考虑公司之后的长期发展情况。盲目的提高管理层的薪酬待遇容易导致管理层自利行为的出现,也会使薪酬的激励效果大打折扣,另外,也不利于公司的可持续增长和长期发展。而就当前众多上市公司的发展状况而言,很多公司都缺乏完善的股利政策以及管理层薪酬制度,导致各种问题的出现,严重的影响到公司的长期发展和可持续增长,成为备受人们关注的重要问题。为此,面对日益激烈的市场竞争,对于上市公司而言,为了实现自身的可持续增长和长期发展,还需要提高对自身股利政策以及薪酬制度等多方面情况的重视程度。通过制定合理的股利政策,完善的管理层薪酬制度,对各种资源予以有效分配。立足这一背景,本文对该问题进行详细的分析研究。在本文的研究过程中,按照遵循“提出问题→分析问题→解决问题”的思路展开深入、规范的分析研究。本文尝试先后对比分析公司的管理层薪酬、股利政策与可持续增长之间的相关关系。加入股权激励变量,结合了我国的国情与实际,更具实践价值。对管理层薪酬、股利政策与上市公司可持续发展之间的关系进行分析研究,从而更好的掌握其中存在的紧密联系,为上市公司的可持续发展战略提供一定的参考依据。最后,根据全文的研究结果,提出相关的指导建议,引导广大上市公司更好的完善自身的股利政策,并构建科学的管理层薪酬制度,以更好的为公司的可持续增长保驾护航。
[Abstract]:In recent years, the number of listed companies in China has been increasing, and has achieved ideal results in the aspects of corporate governance and financial quality, and has become an important part of the national economy. The financial situation of many listed companies is good and they are in the ideal state of sustainable growth. However, in the process of development of listed companies, there are some problems and deficiencies, which have a certain negative impact on their sustainable growth. Dividend policy and management compensation are outstanding issues. In the aspect of dividend policy, for the majority of listed companies, the formulation of dividend policy is not only closely related to the immediate interests of relevant investors, It will also have a very important impact on the sustainable growth and long-term development of the company. The compensation level is also closely related to the sustainable growth of the company. A reasonable management compensation system should pay attention to the immediate interests of the company in the process of development. Considering the long-term development of the company, blindly improving the salary treatment of the management will easily lead to the emergence of self-interest behavior of the management, but also will greatly reduce the incentive effect of the compensation, in addition, It is also not conducive to the sustainable growth and long-term development of the company. However, as far as the current development of many listed companies is concerned, many companies lack a sound dividend policy and a management compensation system, which leads to various problems. It has seriously affected the long-term development and sustainable growth of the company, and has become an important issue that people pay close attention to. Therefore, in the face of increasingly fierce market competition, for listed companies, in order to achieve their own sustainable growth and long-term development, We also need to pay more attention to our own dividend policy and pay system. Through the development of reasonable dividend policy and perfect management compensation system, we should allocate all kinds of resources effectively. In this paper, the problem is analyzed and studied in detail. 鈫扐nalysis problem. 鈫扵his paper tries to compare and analyze the relationship between management compensation, dividend policy and sustainable growth. Combining the situation and reality of our country, it has more practical value. The relationship between management compensation, dividend policy and the sustainable development of listed companies is analyzed and studied in order to better grasp the close relationship between them. Finally, according to the research results of the full text, put forward the relevant guidance suggestions to guide the majority of listed companies to better improve their dividend policy. And build a scientific management compensation system to better protect the company's sustainable growth.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F275;F832.51

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