高管报酬激励与企业绩效——来自中国上市公司的证据  

Executive compensation and corporate performance

作　　者：高雷[1] 宋顺林[1] 

机构地区：[1]汕头大学商学院

出　　处：《财经科学》2007年第4期96-104,共9页Finance & Economics

基　　金：香港特区政府研究资助局项目(项目编号:CUHK4437/04H);中国博士后科研基金(项目编号:20060400690)阶段性成果之一

摘　　要：本文利用我国上市公司高管人员报酬数据及财务数据,分析了上市公司高管人员的报酬现状及其报酬绩效联系。我们发现,上市公司高管报酬的变化与当年的会计绩效显著正相关,但与会计绩效的变化之间的关系不稳定,上市公司股东价值每增加100万元,高管平均报酬仅增加3.8元;上市公司市场异常收益率每增加10%,高管平均报酬增加1.58%。不同性质和规模的公司报酬绩效联系不同。Based on the data of Chinese listed companies, this paper analyzes the relationship between executive＇ s compensation and corporate performance. We find that the change of executive＇ s compensation is significantly positively correlated with corporate performance of the current year and instably positively correlated with the change of corporate performance, the executive＇ s average compensation increases by only RMB 3. 8 with the shareholder＇ s value increasing by RMB 1, 000, 000, the executive＇ s average compensation increases by 1. 58% with the finn＇ s abnormal return rate increasing by 10%. And the relationship between executive compensation and coroorate performance varies with conmpany s size and nature.

关 键 词：高管报酬 激励 企业绩效 上市公司 

分 类 号：F272[经济管理—企业管理] F224[经济管理—国民经济]