高管薪酬与上市公司业绩相关性研究  

Study of the Relationship between Management Compensation and Listed Companies Performance

作　　者：曾爱军[1] 

机构地区：[1]广东商学院会计学院,广东广州510320

出　　处：《财经理论与实践》2013年第4期64-67,共4页The Theory and Practice of Finance and Economics

基　　金：国家社科基金项目(10CGL043);国家自科基金项目(71172224);广东省软科学研究计划项目(2012B070300002)

摘　　要：采用净利润作为公司业绩评价指标,基于2008～2010年A股市场上市公司数据,研究管理层年薪总额、公司净利润、平均总资产三者之间的相关性。实证结果发现三个指标不符合正态性,但有一定非线性关系,并且是以平均总资产作为控制变量时,净利润与管理层年薪总额的对数存在很弱的非线性关系。分行业分析结果显示,净利润与管理层年薪总额仅在少数行业中存在相关性,其中金融、保险业与房地产业两者偏相关系数为负。Using net income as the index of company performance, the relationship between management compensation, corporate performance and average total assets has been analyzed using the data of company on A stock market from 2008 to 2010. Empirical results show that the distribution of the three is not in a normal fashion but obeys nonlinear distribution. When the average total assets are taken as control variables, there is a very weak nonlinear relationship between the net income and management annual salary. Classification analysis shows that, the above relationship only exists in a few industries, especially for some industries, the partial correlation coefficient is negative.

关 键 词：高级管理层 薪酬 公司业绩 偏相关 

分 类 号：F275.5[经济管理—企业管理]