發(fā)布時(shí)間：2018-02-24 00:47

  本文關(guān)鍵詞： 上市公司 管理層薪酬 股利政策 可持續(xù)增長(zhǎng) 實(shí)證分析　出處：《重慶理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來(lái),我國(guó)上市公司數(shù)量不斷增加,并在公司治理以及財(cái)務(wù)質(zhì)量等方面取得了理想的成果,成為國(guó)民經(jīng)濟(jì)的重要組成部分。就目前的實(shí)際情況來(lái)看,眾多上市公司的財(cái)務(wù)狀況良好,處于理想的可持續(xù)增長(zhǎng)狀態(tài)。但是,在上市公司的發(fā)展過(guò)程中也呈現(xiàn)出一定的問(wèn)題和不足,對(duì)其可持續(xù)增長(zhǎng)產(chǎn)生了一定的不利影響。其中,股利政策以及管理層薪酬是比較突出的問(wèn)題。在股利政策方面,對(duì)廣大上市公司而言,股利政策的制定不但與相關(guān)投資者的切身利益息息相關(guān),也會(huì)對(duì)公司的可持續(xù)增長(zhǎng)以及長(zhǎng)期發(fā)展產(chǎn)生十分重要的影響。在薪酬制度方面,對(duì)于上市公司的管理層,其中薪酬水平也與公司的可持續(xù)增長(zhǎng)關(guān)系密切。合理的管理層薪酬制度要注重公司發(fā)展過(guò)程中的眼前利益,并綜合考慮公司之后的長(zhǎng)期發(fā)展情況。盲目的提高管理層的薪酬待遇容易導(dǎo)致管理層自利行為的出現(xiàn),也會(huì)使薪酬的激勵(lì)效果大打折扣,另外,也不利于公司的可持續(xù)增長(zhǎng)和長(zhǎng)期發(fā)展。而就當(dāng)前眾多上市公司的發(fā)展?fàn)顩r而言,很多公司都缺乏完善的股利政策以及管理層薪酬制度,導(dǎo)致各種問(wèn)題的出現(xiàn),嚴(yán)重的影響到公司的長(zhǎng)期發(fā)展和可持續(xù)增長(zhǎng),成為備受人們關(guān)注的重要問(wèn)題。為此,面對(duì)日益激烈的市場(chǎng)競(jìng)爭(zhēng),對(duì)于上市公司而言,為了實(shí)現(xiàn)自身的可持續(xù)增長(zhǎng)和長(zhǎng)期發(fā)展,還需要提高對(duì)自身股利政策以及薪酬制度等多方面情況的重視程度。通過(guò)制定合理的股利政策,完善的管理層薪酬制度,對(duì)各種資源予以有效分配。立足這一背景,本文對(duì)該問(wèn)題進(jìn)行詳細(xì)的分析研究。在本文的研究過(guò)程中,按照遵循“提出問(wèn)題→分析問(wèn)題→解決問(wèn)題”的思路展開(kāi)深入、規(guī)范的分析研究。本文嘗試先后對(duì)比分析公司的管理層薪酬、股利政策與可持續(xù)增長(zhǎng)之間的相關(guān)關(guān)系。加入股權(quán)激勵(lì)變量,結(jié)合了我國(guó)的國(guó)情與實(shí)際,更具實(shí)踐價(jià)值。對(duì)管理層薪酬、股利政策與上市公司可持續(xù)發(fā)展之間的關(guān)系進(jìn)行分析研究,從而更好的掌握其中存在的緊密聯(lián)系,為上市公司的可持續(xù)發(fā)展戰(zhàn)略提供一定的參考依據(jù)。最后,根據(jù)全文的研究結(jié)果,提出相關(guān)的指導(dǎo)建議,引導(dǎo)廣大上市公司更好的完善自身的股利政策,并構(gòu)建科學(xué)的管理層薪酬制度,以更好的為公司的可持續(xù)增長(zhǎng)保駕護(hù)航。
[Abstract]:In recent years, the number of listed companies in China has been increasing, and has achieved ideal results in the aspects of corporate governance and financial quality, and has become an important part of the national economy. The financial situation of many listed companies is good and they are in the ideal state of sustainable growth. However, in the process of development of listed companies, there are some problems and deficiencies, which have a certain negative impact on their sustainable growth. Dividend policy and management compensation are outstanding issues. In the aspect of dividend policy, for the majority of listed companies, the formulation of dividend policy is not only closely related to the immediate interests of relevant investors, It will also have a very important impact on the sustainable growth and long-term development of the company. The compensation level is also closely related to the sustainable growth of the company. A reasonable management compensation system should pay attention to the immediate interests of the company in the process of development. Considering the long-term development of the company, blindly improving the salary treatment of the management will easily lead to the emergence of self-interest behavior of the management, but also will greatly reduce the incentive effect of the compensation, in addition, It is also not conducive to the sustainable growth and long-term development of the company. However, as far as the current development of many listed companies is concerned, many companies lack a sound dividend policy and a management compensation system, which leads to various problems. It has seriously affected the long-term development and sustainable growth of the company, and has become an important issue that people pay close attention to. Therefore, in the face of increasingly fierce market competition, for listed companies, in order to achieve their own sustainable growth and long-term development, We also need to pay more attention to our own dividend policy and pay system. Through the development of reasonable dividend policy and perfect management compensation system, we should allocate all kinds of resources effectively. In this paper, the problem is analyzed and studied in detail. 鈫扐nalysis problem. 鈫扵his paper tries to compare and analyze the relationship between management compensation, dividend policy and sustainable growth. Combining the situation and reality of our country, it has more practical value. The relationship between management compensation, dividend policy and the sustainable development of listed companies is analyzed and studied in order to better grasp the close relationship between them. Finally, according to the research results of the full text, put forward the relevant guidance suggestions to guide the majority of listed companies to better improve their dividend policy. And build a scientific management compensation system to better protect the company's sustainable growth.
【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F272.92;F275;F832.51

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