本文選題：中小板上市公司 + 高管薪酬��； 參考：《東北農(nóng)業(yè)大學(xué)》2016年碩士論文

【摘要】：隨著經(jīng)濟(jì)的發(fā)展,我國中小板上市公司在經(jīng)歷了證券市場二十年發(fā)展后儼然成為了市場經(jīng)濟(jì)大舞臺的重要角色。我國的資本市場也在完成股權(quán)分置改革后日益走向全流通時代。對于大股東而言,從最初的非流通股東變?yōu)榱魍ü傻墓蓶|,如何提高中小板上市公司的業(yè)績成為利益趨同的永久話題。一方面有關(guān)如何更有效而公正地評價中小板上市公司的財(cái)務(wù)績效成為現(xiàn)在學(xué)術(shù)界的一個重要課題。另一方面對中小板上市公司財(cái)務(wù)績效影響因素的研究有利于公司長遠(yuǎn)的經(jīng)營利益,對改善公司經(jīng)營績效具有現(xiàn)實(shí)意義。為此,在文獻(xiàn)回顧及相關(guān)基礎(chǔ)理闡述的基礎(chǔ)上,站在中小投資者的角度,以2011年-2014年滬深中小板的上市公司為研究對象,以高管貨幣薪酬和高管非貨幣薪酬(高管持股比例和高管在職消費(fèi))為高管薪酬的衡量指標(biāo),以凈資產(chǎn)收益率和托賓Q值為財(cái)務(wù)績效的指標(biāo)體系,借助SPSS21.0和EXCEL統(tǒng)計(jì)軟件進(jìn)行描述性統(tǒng)計(jì)、相關(guān)性分析和回歸分析,得出回歸模型,闡述中小板上市公司高管薪酬對財(cái)務(wù)績效的影響。主要內(nèi)容如下:首先,本文主要以中小板上市公司高管薪酬與企業(yè)財(cái)務(wù)績效脫鉤的現(xiàn)象為研究背景,以利用高管薪酬體系更有效地激勵高管為中小板上市公司的財(cái)務(wù)績效做出貢獻(xiàn)為研究目的,以中小板上市公司更好地持續(xù)發(fā)展和相關(guān)領(lǐng)域提供研究數(shù)據(jù)為研究意義,利用中小板上市公司、高管薪酬和財(cái)務(wù)績效的相關(guān)概念,將委托代理理論、激勵理論和公平理論作為理論支撐,在國內(nèi)外相關(guān)文獻(xiàn)的基礎(chǔ)上進(jìn)行研究。其次,在中小板上司高管薪酬和財(cái)務(wù)績效的現(xiàn)狀及機(jī)理分析的基礎(chǔ)上,提出了相關(guān)假設(shè),即中小板上市公司高管貨幣薪酬對財(cái)務(wù)績效有正面作用、中小板上市公司高管持股比例對財(cái)務(wù)績效有正面作用、中小板上市公司高管在職消費(fèi)對財(cái)務(wù)績效有負(fù)面作用,運(yùn)用相關(guān)軟件進(jìn)行實(shí)證研究,包括描述性統(tǒng)計(jì)、相關(guān)性分析和回歸分析,驗(yàn)證了三個假設(shè)。再次,針對三方面假設(shè)提出相應(yīng)的建議,包括適當(dāng)增加中小板上市公司高管薪酬、完善中小板上市公司高管薪酬制度以及增加中小板上市公司高管薪酬的披露透明度。最后得出本文的結(jié)論。
[Abstract]:With the development of economy, Chinese small and medium board listed companies have become an important role in the market economy after 20 years of development. The capital market of our country also moves towards the era of full circulation day by day after completing the reform of split share structure. For large shareholders, how to improve the performance of small and medium-sized listed companies has become a permanent topic of interest convergence from the initial non-circulating shareholders to the circulating shareholders. On the one hand, how to evaluate the financial performance of small and medium-sized listed companies more effectively and fairly has become an important topic in academic circles. On the other hand, the study on the factors influencing the financial performance of the small and medium-sized listed companies is beneficial to the long-term business interests of the company and has practical significance to improve the company's operating performance. Therefore, on the basis of literature review and related basic theories, from the point of view of small and medium investors, this paper takes the listed companies of Shanghai and Shenzhen small and medium-sized board from 2011 to 2014 as the research objects. Taking executive monetary compensation and executive non-monetary compensation (executive shareholding ratio and executive in-service consumption) as the measure of executive compensation, taking the return of net assets and Tobin Q as the index system of financial performance, With the help of SPSS21.0 and excel statistical software, this paper makes descriptive statistics, correlation analysis and regression analysis, and obtains a regression model to illustrate the effect of executive compensation on financial performance of small and medium-sized listed companies. The main contents are as follows: first of all, this paper mainly takes the phenomenon of executive compensation and financial performance decoupling of small and medium-sized listed companies as the research background. In order to use the executive compensation system to encourage executives to contribute to the financial performance of small and medium-sized listed companies for the purpose of research, in order to better sustainable development of small and medium-sized board listed companies and provide research data in related fields for the research significance. Based on the related concepts of executive compensation and financial performance of small and medium-sized listed companies, the principal-agent theory, incentive theory and equity theory are taken as the theoretical support, based on the relevant literature at home and abroad. Secondly, based on the analysis of the current situation and mechanism of executive compensation and financial performance, the paper puts forward the hypothesis that the monetary compensation of executives in small and medium-sized board listed companies has a positive effect on financial performance. There is a positive effect on the financial performance by the proportion of the stock ownership of the executives in the small and medium-sized board listed companies, while the in-service consumption of the executives of the small and medium-sized board listed companies has a negative effect on the financial performance. The empirical study is carried out by using relevant software, including descriptive statistics. Correlation analysis and regression analysis verify three hypotheses. Thirdly, the paper puts forward corresponding suggestions on three hypotheses, including appropriately increasing executive compensation of small and medium board listed companies, perfecting executive compensation system of small and medium-sized board listed companies and increasing transparency of disclosure of executive compensation of small and medium-sized board listed companies. Finally, the conclusion of this paper is drawn.
【學(xué)位授予單位】：東北農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F275;F272.92
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本文編號：2008154