中小板上市公司高管薪酬影响因素的实证研究

发布时间：2018-06-23 08:20

本文选题：上市公司 + 薪酬　；参考：《沈阳理工大学》2013年硕士论文

【摘要】：有关上市公司高级管理者的激励问题一直都备受实业界和理论界的关注。近年来，我国逐渐加强了薪酬激励问题的治理，并将完善薪酬制度的有关问题作为建立公司治理最为重要的目标之一。几年来，在现代企业治理机制中，由委托代理关系引发的股东和高管目标不一致问题越发的严重，这不只体现在主板上市公司中，在刚刚上市不久的中小板上市公司中也有所反映。2008年金融危机之后，相比全球，中国经济率先显露出复苏迹象。对于中小板上市公司而言，这次席卷全球的金融危机既是一场挑战，，也意味着一次机遇。随着国际经济形势的好转和我国一系列刺激需求政策的出台，预计我国中小板上市公司的外部环境将逐渐趋好，这将十分有助于中小板公司的持续发展。因此本文从中小板上市公司高管薪酬影响因素的角度切入，进行实证研究，进而为中小板上市公司的薪酬激励机制提出相关建议，希望促使企业高管朝着股东期望的目标前进。在论文结构安排上，本文首先回顾了国内外相关文献，立足于委托代理理论、人力资本理论、公司治理理论、产权理论和公平理论，并结合国内外相关研究成果从高管个人特征、公司特征、公司治理结构以及行业环境四个方面对高管薪酬的影响因素进行了分析，并在此基础之上，提出了本研究的假设模型。随后，选取我国中小板上市公司中的101家符合要求的上市公司2009年—2011年连续3年共303个样本公司为研究对象，运用统计软件SPSS17.0进行了实证研究，共研究了11个变量对高管薪酬的影响。得出中小板上市公司高管薪酬与公司规模变量和公司业绩变量呈显著的正相关关系；与高管持股比例变量、股权集中度变量和公司成长性变量呈显著负相关关系。最后，针对实证研究结果为中小板上市公司高管薪酬激励机制提出对策建议。
[Abstract]:The incentive problem of senior managers of listed companies has always been concerned by the industry and theoretical circles. In recent years, China has gradually strengthened the governance of compensation incentive, and regard the improvement of compensation system as one of the most important objectives of establishing corporate governance. In recent years, in the modern corporate governance mechanism, the problem of inconsistent goals between shareholders and executives caused by principal-agent relationship has become more and more serious, which is not only reflected in the main board listed companies. It is also reflected in the recent listing of small and medium-sized companies. After the 2008 financial crisis, China's economy was the first to show signs of recovery compared with the global economy. For small and medium-sized listed companies, the global financial crisis is both a challenge and an opportunity. With the improvement of the international economic situation and the introduction of a series of policies to stimulate the demand, it is expected that the external environment of the small and medium-sized board listed companies will gradually improve, which will be very helpful to the sustainable development of the small and medium-sized board companies. Therefore, this paper from the perspective of the factors affecting the executive compensation of small and medium board listed companies, empirical research, and then for the small and medium board listed companies pay incentive mechanism to put forward relevant recommendations, hoping to promote corporate executives toward the goal of shareholders' expectations. In the structure of the thesis, this paper first reviews the relevant literature at home and abroad, based on the principal-agent theory, human capital theory, corporate governance theory, property rights theory and equity theory. Combined with domestic and foreign related research results from the personal characteristics of executives corporate governance structure and the industry environment four aspects of the impact of executive compensation factors were analyzed and on the basis of this the hypothetical model of this study was put forward. Then, we select the 101 listed companies which meet the requirements of the small and medium board listed companies in our country from 2009 to 2011, and use SPSS 17.0 to carry out the empirical research, which consists of 303 sample companies for three consecutive years from 2009 to 2011. This paper studies the effect of 11 variables on executive compensation. It is concluded that executive compensation has a significant positive correlation with company size variables and corporate performance variables, and has a significant negative correlation with executive shareholding ratio variables, equity concentration variables and corporate growth variables. Finally, the empirical research results for small and medium-sized listed companies executive compensation incentive mechanism proposed countermeasures.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.92;F832.51

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