本文選題：上市公司　切入點：薪酬　出處：《新疆財經大學》2014年碩士論文

【摘要】：2008年金融危機爆發(fā)之后，有專家將這次危機的真正原因歸咎于國際大中型上市公司的經理人過度偏好風險，意圖運用冒進的方式為自身謀取更高的利益回報，借助杠桿工具將公司風險成倍增加，造成風險的堆積。與此同時，我國正處于經濟、政治、社會、文化、生態(tài)文明等多層次轉型階段，能夠加強對上市公司的內部控制的相關研究，也有助于我國市場經濟形式順利轉型。 本文選取上市公司經理人薪酬制度和公司風險為突破口，著重研究上市公司經理人薪酬激勵對公司風險的影響關系。運用規(guī)范研究與實證研究相結合的方法。文章首先深入回顧了經理人薪酬制定的相關經典理論，并對本文所要分析的經理人薪酬的范圍和本文研究的風險種類做了進一步的說明，以明確文章的研究對象，結合委托代理理論、強化理論、權變理論、經理理論等，探討了上市公司經理人薪酬與公司風險的內在聯(lián)系，并發(fā)掘上市公司薪酬存在的缺陷，進一步研究上市公司經理人薪酬的缺陷對公司風險的影響。然后，運用STATA和EVIEWS統(tǒng)計軟件進行統(tǒng)計描述分析和面板數(shù)據(jù)回歸分析，，數(shù)據(jù)都來源于“國泰安數(shù)據(jù)庫——上市公司研究”。基于規(guī)范研究的結果，對上市公司經理人薪酬狀況和公司風險分別選取相應變量，構建模型，驗證上市公司經理人薪酬對公司風險的影響關系。結果表明，上市公司風險與經理人短期薪酬存在正相關關系；中國上市公司風險與長期薪酬存在負相關關系；中國上市公司風險與股票價格波動存在正相關關系；上市公司經理人長期薪酬與股價波動存在正相關關系；上市公司經理人短期薪酬與公司規(guī)模存在正相關關系。最后，結合實證結果和規(guī)范分析結果，對我國經理人薪酬建立和降低公司風險提出相應的對策和建議。
[Abstract]:After the financial crisis broke out in 2008, some experts attributed the real cause of the crisis to the excessive risk preference of managers of large and medium-sized international listed companies, in an attempt to seek a higher return on their own interests by using bold approaches.Leverage tools to multiply the risk of the company, resulting in the accumulation of risk.At the same time, our country is in the economic, political, social, cultural, ecological civilization and other multi-level transformation stage, which can strengthen the internal control of listed companies, and also contribute to the smooth transformation of China's market economy.In this paper, the manager compensation system and corporate risk of listed companies are selected as the breakthrough point, focusing on the relationship between managers' compensation incentives and corporate risks.The method of combining normative research with empirical research is used.Firstly, the paper reviews the relevant classical theories of manager's compensation, and further explains the scope of manager's compensation and the types of risks studied in this paper, in order to clarify the research object of the article.Combined with principal-agent theory, reinforcement theory, contingency theory and manager theory, this paper discusses the internal relationship between manager's compensation and corporate risk, and explores the defects of listed company's salary.Further study the effect of manager compensation defects on the risk of listed companies.Then, the statistical description analysis and panel data regression analysis are carried out by using STATA and EVIEWS statistical software. The data are derived from "Cathay Tai'an Database-A study of listed companies".Based on the results of the normative research, this paper selects the corresponding variables for managers' compensation and corporate risk of listed companies, builds a model, and verifies the relationship between managers' compensation and corporate risks.The results show that there is a positive correlation between the risk of listed companies and short-term compensation of managers, a negative correlation between risk and long-term compensation of listed companies in China, a positive correlation between risks of listed companies in China and volatility of stock prices.There is a positive correlation between long-term compensation and stock price fluctuation of listed companies, and a positive correlation between short-term compensation of managers and scale of companies.Finally, based on the empirical results and normative analysis results, the author puts forward the corresponding countermeasures and suggestions to establish and reduce the risk of managers' compensation in China.
【學位授予單位】：新疆財經大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F272.92;F272.3

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