基于EV/MVA的财富创造与管理层薪酬实证研究  

An Empirical Study on Wealth Creation and Executive Compensation in Listed Enterprises Based on EV/MVA

作　　者：夏宁[1] 刘淑贤[2] 房茂涛[3] 

机构地区：[1]山东财经大学会计科学研究中心,山东济南250014 [2]山东财经大学工商管理学院,山东济南250014 [3]山东财经大学管理创新研究院,山东济南250014

出　　处：《山东财政学院学报》2013年第5期80-87,共8页Journal of Shandong Finance Institute

基　　金：教育部人文社会科学研究青年基金项目"我国上市公司高管薪酬的影响因素与成因分解"(10YJC630290);山东省"泰山学者"建设工程专项经费资助

摘　　要：我国企业的薪酬与绩效问题一直是各方关注的焦点。本文通过使用企业价值(EV)和市场附加值(MVA)来评估我国上市公司的企业财富创造情况,进一步检验管理层薪酬与公司业绩的关系。研究结果表明,公司的EV是高管薪酬的一个很重要的决定性因素。高管们不仅创造了公司的EV,也会为当期或过去MVA的增加而受到奖励。我们的研究结果还表明,高管薪酬与公司承担的风险水平显著负相关,与公司的规模显著正相关。The issue of payment and performance has been a focal point of discussion. This paper mainly evaluates wealth creation in listed enterprises based on enterprise value （EV） and market value added （MVA）, and further tests the relationship between management compensation and the performance of the company. The findings show that, the company＇s EV is a very important decisive factor for executive compensation. Senior executives not only create the company＇ s EV, but also will be awarded for the increase of the current or past MVA. We also find that the level of risk the company undertakes has a significant negative influence on executive payment, while the size of the company has a significant positive influence on it.

关 键 词：薪酬 企业绩效 企业价值 市场附加值 

分 类 号：F244[经济管理—劳动经济]