本文關(guān)鍵詞： 股權(quán)溢價 公司治理溢價 企業(yè)異質(zhì)性 盈利能力 高管薪酬差距　出處：《重慶交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：自股權(quán)溢價之謎提出以后，國內(nèi)外對其進行了大量研究，主要有四個研究視角：古典經(jīng)濟學(xué)角度、經(jīng)濟運行視角、行為金融視角和公司治理視角，這些研究在均一定程度上解釋了股權(quán)溢價。其中，公司治理溢價是相對較新的研究視角，通常采用分析公司綜合治理質(zhì)量或水平與公司價值之間關(guān)系，進而解釋股權(quán)溢價存在或大小，然而尚缺乏從具體的公司治理因素對溢價原因的研究。此外，以往有關(guān)公司治理溢價的研究是基于企業(yè)同質(zhì)性假設(shè)開展的，隨著企業(yè)異質(zhì)性假設(shè)提出后，公司治理轉(zhuǎn)向具體治理因素的研究�；谝陨蟽牲c，本文嘗試以企業(yè)異質(zhì)性假設(shè)為前提，研究公司治理的具體因素對公司治理溢價的影響，主要研究內(nèi)容及結(jié)論如下： ①梳理國內(nèi)外關(guān)于股權(quán)溢價的研究，概括出四個主要研究視角：古典經(jīng)濟學(xué)角度、經(jīng)濟運行角度、行為金融學(xué)角度和公司治理溢價角度。其后，重點對公司治理溢價的概念進行界定，并探究治理溢價的來源及衡量方法。 ②闡述企業(yè)異質(zhì)性與公司治理的關(guān)系，提取公司治理異質(zhì)性因子。首先，對企業(yè)異質(zhì)性假設(shè)的理論來源和與公司治理的關(guān)系進行研究。其次，評述公司治理水平的研究，構(gòu)建融入財務(wù)因素的公司治理指標(biāo)體系。最后，采用因子分析法提取8個公司治理異質(zhì)性因子：基本財務(wù)、高管薪酬、董事高管持股、董事會構(gòu)成、股權(quán)結(jié)構(gòu)、會議參與、信息披露、非法侵占，并以此為公司治理溢價的研究方向。 ③以公司盈利能力作為基本財務(wù)因子的代表，探究盈利能力對公司治理溢價的解釋能力。首先，，對公司盈利能力的進行概念界定及其影響因素分析。其次，選取銷售凈利潤率、凈資產(chǎn)收益率、投資報酬率、總資產(chǎn)收益率、基本每股收益和股價收益率這6個指標(biāo)構(gòu)建盈利能力指標(biāo)體系，仍采用因子分析法衡量公司盈利能力大小。最后，采用Panel Data個體時點固定效應(yīng)模型，得出上市公司盈利能力與公司治理溢價之間存在正相關(guān)關(guān)系，能夠在一定程度上解釋治理溢價。 ④以公司績效作為中間研究變量，構(gòu)建高管團隊內(nèi)部薪酬差距、董事-高管薪酬差距與公司績效的交叉變量，采用回歸模型研究公司薪酬差距對股權(quán)溢價的解釋能力。最終得出：績效較好的上市公司存在較高的治理溢價；高管團隊內(nèi)部薪酬差距和董事-高管薪酬差距的擴大均有助于公司績效的提升；在高管團隊內(nèi)部薪酬差距較大的公司中，公司績效與公司治理溢價正相關(guān)關(guān)系有所增強；在董事-高管薪酬差距較大的公司中，公司績效與公司治理溢價正相關(guān)關(guān)系有所減弱。
[Abstract]:Since the enigma of equity premium was put forward, a lot of researches have been carried out at home and abroad, mainly from four perspectives: classical economics, economic operation, behavioral finance and corporate governance. These studies explain the equity premium to some extent. The corporate governance premium is a relatively new perspective, and it is usually used to analyze the relationship between the quality or level of comprehensive corporate governance and the value of the company. Then it explains the existence or magnitude of equity premium, but there is still a lack of research on the causes of the premium from specific corporate governance factors. In addition, the previous research on corporate governance premium is based on the assumption of corporate homogeneity. After the hypothesis of corporate heterogeneity is put forward, corporate governance turns to specific governance factors. Based on the above two points, this paper attempts to study the influence of specific factors of corporate governance on corporate governance premium on the premise of enterprise heterogeneity hypothesis. The main contents and conclusions are as follows:. 1 combing the research on equity premium at home and abroad, summarizing four main perspectives: classical economics, economic operation, behavioral finance and corporate governance premium. Focus on the definition of corporate governance premium, and explore the source and measurement of governance premium. (2) expounding the relationship between corporate heterogeneity and corporate governance, and extracting the heterogeneity factor of corporate governance. Firstly, the theoretical source of enterprise heterogeneity hypothesis and the relationship between corporate governance and corporate governance are studied. Secondly, the research on corporate governance level is reviewed. Finally, we use factor analysis method to extract eight heterogeneity factors of corporate governance: basic finance, executive compensation, directors' stock ownership, board composition, equity structure, conference participation. Information disclosure, illegal encroachment, and this is the research direction of corporate governance premium. (3) taking the corporate profitability as the representative of the basic financial factors, exploring the explanatory ability of profitability to corporate governance premium. Firstly, the concept of corporate profitability and its influencing factors are defined. Secondly, the net profit margin of sales is selected. The return on net assets, the return on investment, the return on total assets, the return on basic earnings per share and the return on stock price constitute the profitability index system, and still use factor analysis method to measure the profitability of the company. By using the Panel Data time fixed effect model, it is concluded that there is a positive correlation between the profitability of listed companies and the corporate governance premium, which can explain the governance premium to a certain extent. (4) taking corporate performance as the intermediate research variable, constructing the internal salary gap of executive team, the intersecting variable between director-executive compensation gap and corporate performance. The regression model is used to study the ability of explaining the compensation gap to equity premium. Finally, it is concluded that there is a higher governance premium for listed companies with better performance; The expansion of the pay gap and the board-executive pay gap both contribute to the improvement of corporate performance, and the positive correlation between corporate performance and corporate governance premium has been enhanced in the companies with large pay gap within the executive team. Among the companies with a large gap between directors and executive compensation, the positive correlation between corporate performance and corporate governance premium has been weakened.
【學(xué)位授予單位】：重慶交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F271

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