上市公司高管激励与公司绩效关系的实证研究  

An Empirical Study on the Relationship between Senior Executive Incentive and Corporate Performance of Listed Companies

作　　者：张曦[1] 许琦 

机构地区：[1]哈尔滨商业大学东北亚服务外包研究中心,哈尔滨150028 [2]黑龙江省对外贸易学校业务教研室,哈尔滨150008

出　　处：《商业研究》2013年第3期108-115,共8页Commercial Research

基　　金：黑龙江省教育厅人文社会科学研究项目"公司高管动态激励的理论与经验研究";项目编号:12512075

摘　　要：本文利用2007-2008年部分上海证券市场上市公司的薪酬数据,对高管激励与公司绩效关系进行了实证检验,结果发现:当前中国上市公司绩效——高管货币薪酬的相关系数与公司规模之间呈倒U型关系;高管持股与公司规模、公司绩效均没有显著的相关关系,股权激励没有起到应有的作用;公司治理指数和高管货币薪酬之间存在着负向的相关关系,但相关系数很小,且没有统计上的显著性,公司治理水平有待进一步提高;投资者法律保护,即中小股东法律保护对于公司高管薪酬——绩效联系的增强作用尚未体现。Using empirical data of listed companies in 2007 and 2008,which are selected from Shanghai stock market database,the paper tested the relationship between senior executive incentive and firm performance.The results showed that： there is an inverted U curve between the firm size and the coefficient of senior executive pay ——corporate performance;there is no significant relationship between senior executive shareholding and corporate size and performance,which implies that the equity incentive is non-effective;there is a negative correlation between corporate governance index and currency remuneration,but the correlation coefficient is very small and no statistical significance,the level of corporate governance needs to be further improved;the impact of the legal protection of minority shareholders on the enhancement of the link of company executive pay —— performance has not been enhanced.

关 键 词：上市公司高管 薪酬激励 股权激励 公司绩效 

分 类 号：F271.5[经济管理—企业管理]