本文關(guān)鍵詞：中小板上市公司高管薪酬與企業(yè)績(jī)效、公司治理結(jié)構(gòu)關(guān)系研究　出處：《湖南科技大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：高管薪酬體制反映著企業(yè)的整體治理水平，高管薪酬是否有效激勵(lì)將對(duì)企業(yè)績(jī)效產(chǎn)生重大的影響。對(duì)于整個(gè)社會(huì)來(lái)說(shuō)，高管薪酬水平是否合理還透視出整個(gè)社會(huì)財(cái)富是否公平公正。國(guó)內(nèi)外研究學(xué)者對(duì)于高管薪酬問(wèn)題進(jìn)行了大量的研究，并取得了豐碩的研究成果，然而目前對(duì)于中小板上市公司高管薪酬的研究卻不多。高管薪酬作為中小板上市企業(yè)薪酬激勵(lì)的主要組成部分，具有重要的意義。盡管部分企業(yè)建立起了較為科學(xué)合理的激勵(lì)機(jī)制，但不可否認(rèn)，高管薪酬制度仍存在不少問(wèn)題。中小板上市公司制定的高管薪酬水平是否合理，它與企業(yè)績(jī)效的關(guān)系如何，，能否促進(jìn)了企業(yè)績(jī)效的提高，是否按照公司業(yè)績(jī)擬定薪酬分配？高管薪酬與公司治理結(jié)構(gòu)的關(guān)系又如何？究竟是哪些因素影響著高管薪酬激勵(lì)？對(duì)于以上這些問(wèn)題的研究與探討也成為了本文研究的出發(fā)點(diǎn)，嘗試尋求解決問(wèn)題的方法正是本文研究的目的所在。因此，本文以中小板上市公司為研究樣本，研究中小板上市公司高管薪酬與企業(yè)績(jī)效之間的關(guān)系，以及高管薪酬與公司治理結(jié)構(gòu)的關(guān)系，為合理確定高管薪酬水平，提高企業(yè)績(jī)效提供依據(jù)。 本文選取了2010年中小板上市公司高管薪酬、企業(yè)績(jī)效以及公司治理結(jié)構(gòu)的相關(guān)數(shù)據(jù)，通過(guò)對(duì)構(gòu)成企業(yè)績(jī)效的眾多指標(biāo)進(jìn)行因子分析，得到企業(yè)績(jī)效的綜合得分，并以此作為企業(yè)績(jī)效的變量。首先對(duì)研究樣本進(jìn)行了描述性的統(tǒng)計(jì)分析，并將2010年的高管薪酬水平與前四年的高管薪酬進(jìn)行了對(duì)比。通過(guò)統(tǒng)計(jì)發(fā)現(xiàn)，我國(guó)中小板上市企業(yè)高管薪酬逐年增高，但在不同的地區(qū)和不同的行業(yè)之間存在巨大的差距。緊接著在實(shí)證研究中，首先，得出了企業(yè)績(jī)效與高管薪酬之間存在正相關(guān)關(guān)系，中小板上市公司制定的高管薪酬在一定程度上促進(jìn)了企業(yè)績(jī)效的提高，薪酬的激勵(lì)機(jī)制發(fā)揮了一定的作用。高管薪酬主要是與反映企業(yè)盈利能力的績(jī)效指標(biāo)掛鉤，但是與企業(yè)的營(yíng)運(yùn)能力、償債能力還有發(fā)展能力等業(yè)績(jī)指標(biāo)的關(guān)系并不大。其次，研究公司治理結(jié)構(gòu)以及其它因素對(duì)高管薪酬的影響。研究表明公司治理結(jié)構(gòu)對(duì)高管薪酬的影響并不顯著，除此之外，還發(fā)現(xiàn)高管薪酬與企業(yè)規(guī)模之間存在著顯著的正相關(guān)關(guān)系，與資產(chǎn)負(fù)債率顯著負(fù)相關(guān)，與行業(yè)和地區(qū)因素之間也存在著密切的關(guān)系。最后本文提出了完善中小板上市企業(yè)高管薪酬激勵(lì)制度的政策建議，為我國(guó)的中小板上市企業(yè)提供一定的參考。
[Abstract]:Executive compensation system reflects the overall level of corporate governance, executive compensation is effective incentive will have a significant impact on corporate performance. For the whole society, the level of executive compensation is reasonable but also reflects the social wealth fairness. Research at home and abroad have conducted a lot of research on the issue of executive compensation, and research achievements fruitful, however the current study of the SME board listed company executive pay is not much. The main part of the executive compensation as compensation incentive in Listed Companies in SME board, has important significance. Although some enterprises to establish a scientific and reasonable incentive mechanism, but it is undeniable that the executive compensation system there are still many problems in small. The listed companies in the formulation of executive compensation is reasonable, its relationship with enterprise performance, can promote the corporate performance The performance of the company, whether in accordance with the proposed salary distribution? The relationship between executivecompensation and corporate governance and how? What are the factors affecting executive compensation incentive? For the research and discussion of these issues has become the starting point of this research, try to find ways to solve the problem is the purpose of this study. Therefore, in this paper, the SME board listed companies as research samples, the relationship between executive compensation and corporate performance of Listed Companies in the SME board, as well as the relationship between executivecompensation and corporate governance, in order to reasonably determine the level of executive pay, provide the basis for improving business performance.
This paper selects the executive compensation small board listed company in 2010, the relevant data of the enterprise performance and corporate governance structure. Through factor analysis of many indicators of business performance, the comprehensive score obtained the enterprise performance, and enterprise performance as a variable. Firstly, the descriptive statistical analysis of samples, and compares the the level of executive compensation with the first four years of the 2010 executive compensation. The statistics show that China's small and medium-sized board listed corporate executives pay increased year by year, but there is a huge gap between different regions and different industries. Then in the empirical study, firstly, it is found that there exists a positive correlation between corporate performance and executive compensation. Small board listed companies to develop the executive compensation to promote the improvement of enterprise performance in a certain extent, salary incentive mechanism play a certain role. Pay is the main performance indicators linked to reflect the profitability of enterprises, but enterprises operating capacity, solvency and ability to develop performance indicators such as the relationship is not significant. Secondly, the study of corporate governance structure and the influence of other factors on executive compensation. The results indicate that the influence of corporate governance structure on Executive compensation is not significant, in addition besides, also found that there is a significant positive correlation between executive compensation and enterprise scale, a significant negative correlation with asset liability ratio, and between the industry and region factors have a close relationship. Finally put forward to improve the small board listed companies executive compensation incentive system and policy suggestions of this paper, provide a reference for the listed SMEs in the enterprise of our country.

【學(xué)位授予單位】：湖南科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F272.92;F832.51

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