中国民营上市公司高管薪酬的影响因素——基于动态面板模型的实证分析  

An Empirical Study On the Influence Factors of Top Managerial Compensation in Chinese Private Listed Companies——Based on Dynamic Panel Data Model

作　　者：贺彩银[1] 陈开军[2] 陈蓉[2] 

机构地区：[1]西北民族大学经济学院,甘肃兰州730030 [2]西北师范大学经济学院,甘肃兰州730070

出　　处：《经济与管理》2013年第8期55-60,共6页Economy and Management

基　　金：国家社科青年项目(11CJY002);西北师范大学2010年度青年教师科研能力提升计划

摘　　要：选取2003至2010年间三大地区、十一大类行业的207家民营上市公司作为样本,基于系统广义矩估计方法分析民营上市公司高管薪酬的影响因素。结果显示:产权更为清晰、市场化导向更为明确的民营上市公司高管薪酬具有显著的粘性特征,高管薪酬还受到公司经营业绩、公司资本结构、公司规模等因素的正向影响。中国民营上市公司高管薪酬在一定程度上发挥了激励作用。This paper studies the influence factors of top managerial compensation by selecting 207 private listed companies in three region and eleven industries between 2003 and 2010. It uses system GMM estimation method to find the factors of top managerial compensation in China＇s private listed companies. The results shows that it has been positively correlated with business performance, firm＇s capital structure and size. And also top managerial compensation is sticky. Overall, the compensation system can give full play to its functions of incentive.

关 键 词：高管薪酬 粘性 经营业绩 资本结构 

分 类 号：F830.91[经济管理—金融学]