本文關(guān)鍵詞： 上市公司 高管薪酬 企業(yè)績效 回歸分析 股權(quán)激勵　出處：《長春工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：上市公司的高管薪酬問題一直受到社會各個方面和階層的持續(xù)關(guān)注,國內(nèi)外學(xué)者對于上市公司高管薪酬與企業(yè)績效之間的關(guān)系進行了許許多多的理論總結(jié)與實證研究,已經(jīng)取得了豐碩的成果。但這些研究基本上集中在高管總體薪酬水平、薪酬結(jié)構(gòu)與激勵作用對企業(yè)績效的影響上,而且衡量企業(yè)績效的指標(biāo)大多為凈資產(chǎn)收益率、總資產(chǎn)規(guī)模等總體性指標(biāo),對于高管薪酬內(nèi)部差距的考量較少,以更為具體的指標(biāo)衡量企業(yè)績效的研究也較少。而高管薪酬內(nèi)部差距對企業(yè)績效的影響有多大,它是怎樣影響企業(yè)績效的,衡量企業(yè)績效的具體指標(biāo)的選擇等,都是值得我們深入研究的課題。據(jù)此,本文的研究依附于東北經(jīng)濟疲軟,體制改革不徹底的大背景之下,在回顧并歸納了國內(nèi)外高管薪酬對企業(yè)經(jīng)營績效影響等方面己經(jīng)取得的研究成果的基礎(chǔ)上,把吉林省上市公司作為為研究對象,以吉林省30余家上市公司2014—2016年的企業(yè)年報中的相關(guān)數(shù)據(jù)為樣本,利用SPSS分析工具,對數(shù)據(jù)進行描述性分析、相關(guān)性分析和回歸分析,從微觀角度揭示了上市公司高管薪酬和企業(yè)績效的相關(guān)性,結(jié)果發(fā)現(xiàn):上市公司高管團隊的總體薪酬水平、薪酬的差距和高管控股水平與企業(yè)績效存在正相關(guān)關(guān)系,獨立董事占比和監(jiān)事會規(guī)模的存在均會影響高管薪酬與企業(yè)績效之間的關(guān)系。本文的創(chuàng)新點可以概括為以下幾個方面:1、變量選取更新穎。基于東北經(jīng)濟之冷再度成為熱點的大背景下,回顧總結(jié)了高管薪酬與企業(yè)績效的相關(guān)理論,在這個基礎(chǔ)之上,避開以往的以凈資產(chǎn)收益率、總資產(chǎn)規(guī)模等總體性指標(biāo)描述企業(yè)績效,而從新的角度出發(fā),以每股收益和總資產(chǎn)增長率來描述企業(yè)績效,更具客觀性和科學(xué)性,更加全面地探討吉林省上市公司高管薪酬與企業(yè)績效之間的關(guān)系,提出更有效的改進薪酬的方案和提高企業(yè)績效的方法。2、研究邏輯更科學(xué)。選取吉林省的上市公司為研究對象,從影響高管薪酬和企業(yè)績效關(guān)系的內(nèi)部因素——薪酬差距和外部因素——監(jiān)事會規(guī)模兩大主要因素進行深入分析,得出實證研究結(jié)論,針對吉林省上市公司的特點給出更具專業(yè)性的意見和建議,更具針對性和嚴(yán)謹(jǐn)性。3、研究結(jié)論更全面。通過實證研究發(fā)現(xiàn),吉林省上市公司高管薪酬與企業(yè)績效正相關(guān);公司治理結(jié)構(gòu)對二者之間關(guān)系的影響一直被忽略。應(yīng)加強對薪酬制度中的長期激勵因素的關(guān)注,尤其是發(fā)揮股權(quán)激勵制的有效性;還應(yīng)科學(xué)設(shè)置公司治理結(jié)構(gòu)。
[Abstract]:The issue of executive compensation of listed companies has been continuously concerned by all aspects and strata of society. Scholars at home and abroad have carried out a lot of theoretical summary and empirical research on the relationship between executive compensation and corporate performance of listed companies. However, these studies focus on the overall pay level of executives, the impact of salary structure and incentives on corporate performance, and most of the indicators of corporate performance are the rate of return on net assets. However, there are few researches on the internal gap of executive compensation, and less research on the measurement of corporate performance by more specific indicators, such as the total asset scale, and how much the internal gap of executive compensation affects the performance of the enterprise. How it affects enterprise performance and the choice of specific indicators to measure enterprise performance are worthy of further study. Accordingly, the research of this paper is dependent on the background of weak economy in Northeast China and incomplete system reform. On the basis of reviewing and summing up the research results on the effect of executive compensation on the performance of enterprises at home and abroad, the listed companies in Jilin Province are taken as the research objects. Taking the relevant data from the annual reports of more than 30 listed companies in Jilin Province from 2014-2016 as samples, using the SPSS analysis tool, the data are analyzed by descriptive analysis, correlation analysis and regression analysis. The correlation between executive compensation and corporate performance of listed companies is revealed from a micro perspective. The results show that there is a positive correlation between the overall compensation level, the salary gap and the level of executive holding of listed companies, and the performance of listed companies. The proportion of independent directors and the size of the board of supervisors will affect the relationship between executive compensation and corporate performance. The innovation of this paper can be summarized as the following aspects: 1, the selection of variables is more novel. Against the backdrop of a hot spot, This paper reviews and summarizes the relevant theories of executive compensation and enterprise performance. On the basis of this, it avoids the previous total indicators such as net asset return, total asset size and so on to describe enterprise performance, but starts from a new perspective. It is more objective and scientific to describe enterprise performance with earnings per share and total asset growth rate, and the relationship between executive compensation and corporate performance of listed companies in Jilin Province is discussed in a more comprehensive way. The research logic is more scientific. The listed companies in Jilin Province are selected as the research objects. This paper makes a deep analysis of the two main factors that affect the relationship between executive compensation and enterprise performance, that is, the salary gap and the external factor, and draws the conclusion of the empirical research. According to the characteristics of listed companies in Jilin Province, the author gives more professional opinions and suggestions, more pertinence and preciseness, and more comprehensive conclusions. Through empirical research, it is found that the executive compensation of listed companies in Jilin Province is positively related to corporate performance. The influence of corporate governance structure on the relationship between them has been neglected. We should pay more attention to the long-term incentive factors in the compensation system, especially the effectiveness of equity incentive system, and set up the corporate governance structure scientifically.
【學(xué)位授予單位】：長春工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F272.92;F832.51;F272.5

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