房地产行业上市公司高管薪酬与公司绩效关系的实证研究

发布时间：2018-06-01 22:16

本文选题：房地产 + 高管薪酬　；参考：《贵州财经大学》2013年硕士论文

【摘要】：目前，上市公司高管薪酬与公司绩效的关系研究逐步成为了热点话题，从国内上市公司目前发展的状况来看，中国的上市公司与西方诸多上市公司一样，都面临着两权分离所带来的委托代理的问题。为了解决委托代理所面临的问题，就需要在股东与管理者之间建立有效的激励机制和监督机制，形成一种契约的关系，将管理者的利益与公司绩效相挂钩，不断激励高级管理人员进行生产经营，以提高公司绩效。高管薪酬作为这种契约关系的代表就应运而生了，它能同时满足股东公司利益最大化和高管自身利益最大化的需求，很好地化解了委托代理关系中存在的问题。所以，本文认为，，研究高管薪酬与公司绩效之间的关系，制定出符合本公司的一套合理的高管薪酬制度方案，既能有效激励高级管理人员，又能约束其自利行为，使其与股东的利益保持一致，对提高公司的绩效也起着至关重要的作用。 2012年房地产行业逐步进入了微利时代，中央通过采取限制购房和限制贷款等相关措施，不断对房地产行业进行政策调控，减缓房地产行业快速发展的脚步。面对持续从紧的调控政策，未来房地产行业外部状况不容乐观，本文期望从上市公司内部环境进行调控，以期推动房地产行业平稳健康的发展。根据以上对研究背景的总述，本文最终选取了房地产行业，集中探讨了该行业上市公司的高管薪酬和公司绩效之间的相关性，希望对我国房地产行业上市公司的高管薪酬制度设计提供原则性的理论依据。本文主要的研究思路是先进行具体的理论研究，在此基础上提出相应的假设和构建模型，最后进行实证的检验。首先，本文在充分借鉴国内外前人研究成果的基础上，对高管薪酬与公司绩效关系的文献进行了较为系统的阐述，同时考虑到我国国内房地产行业的实际情况，运用规范研究的方法，从理论上分析了房地产行业高管薪酬与公司绩效的关系。然后，选取房地产行业A股上市公司作为研究对象，从实证的角度对高管薪酬与公司绩效之间的关系及影响这种关系的主要因素进行了研究，采用了描述性统计分析、相关性统计分析和多元线性回归分析的方法对规范研究的结论进行实证检验。最后，对上述实证内容进行总结，得出两个结论分别为：我国房地产行业上市公司高管薪酬与公司绩效呈显著正相关关系，高管持股比例与公司绩效之间的关系不显著。并且提出对房地产行业上市公司高管薪酬制度的优化建议，期望能对薪酬理论应用于实践发展做出一点贡献，也对房地产行业上市公司内部治理的完善和公司绩效的提升有良好的指导意义。
[Abstract]:At present, the research on the relationship between executive compensation and corporate performance of listed companies has gradually become a hot topic. From the current development of domestic listed companies, China's listed companies are like many western listed companies. Both are faced with the problem of entrustment and agency brought about by the separation of two rights. In order to solve the problems faced by principal-agent, it is necessary to establish an effective incentive mechanism and supervision mechanism between shareholders and managers to form a contractual relationship that links the interests of managers with corporate performance. Continuously motivate senior managers to carry out production and management to improve company performance. As the representative of this contractual relationship, executive compensation emerges as the times require, which can meet the needs of the maximization of shareholders' corporate interests and executives' own interests at the same time, and resolve the problems existing in the principal-agent relationship. Therefore, this paper holds that, by studying the relationship between executive compensation and corporate performance, we can draw up a set of reasonable executive compensation system scheme, which can not only effectively motivate senior managers, but also restrain their self-interest behavior. Keeping it in line with the interests of shareholders also plays a vital role in improving the company's performance. In 2012, the real estate industry gradually entered the era of small profits, the central government through the adoption of restrictions on housing purchase and restrictions on loans and other related measures, continue to control the real estate industry policy, slow down the pace of rapid development of the real estate industry. In the face of the continuous tight regulation and control policy, the external situation of the real estate industry is not optimistic in the future. This paper expects to regulate and control the internal environment of the listed companies in order to promote the steady and healthy development of the real estate industry. According to the above overview of the research background, this paper finally selected the real estate industry, focused on the relationship between executive compensation and corporate performance of listed companies in this industry. This paper hopes to provide a theoretical basis for the design of executive compensation system of listed companies in real estate industry. The main research idea of this paper is to carry on the concrete theory research first, then put forward the corresponding hypothesis and build the model on this basis, finally carry on the demonstration test. First of all, based on the domestic and foreign predecessors' research results, this paper systematically expounds the relationship between executive compensation and corporate performance, and at the same time takes into account the actual situation of the real estate industry in China. The relationship between executive compensation and corporate performance in real estate industry is analyzed theoretically by means of normative research. Then, select A-share listed companies in real estate industry as the research object, from the perspective of empirical analysis of the relationship between executive compensation and corporate performance and the main factors affecting this relationship, using descriptive statistical analysis. Correlation statistical analysis and multiple linear regression analysis are used to test the conclusion of normative research. Finally, the above empirical content is summarized, and two conclusions are drawn: there is a significant positive correlation between executive compensation and corporate performance of listed companies in real estate industry, while the relationship between executive ownership ratio and corporate performance is not significant. And put forward to the real estate industry listed companies executive compensation system optimization suggestions, hoping to make a little contribution to the application of compensation theory in practice. It also has good guiding significance for the improvement of internal governance and corporate performance of listed companies in real estate industry.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F272.92;F299.233.4

【参考文献】