核心高管货币性薪酬与公司业绩相关性实证研究

本文考察了核心高管货币性薪酬与公司业绩之间的关系,克服了以往文献只对整个高管层进行整体分析而没有注意到核心高管才是决定公司经营政策、财务政策的中坚力量缺陷;考虑到"58岁现象"可能造成对报酬与业绩的影响,在研究设计时加入了年龄控制变量;研究结果表明,核心高管的货币性薪酬与公司的业绩相关性不强,而与核心高管持股比例表现出稳定的正相关,公司规模在2008、2009年均通过检验,但在房地产行业爆炸式膨胀的2010年,对总经理的回归时却没有通过检验;同时,核心高管年龄特征也表现出了与公司规模同样的检验结果。研究结论建议委托人应改变核心高管薪酬结构,加大现金激励力度,抑制非现金收益,适度提高核心高管持股比例。

An Empirical Study of Relevance on Core Executives' Monetary Compensation and Company Performance

This paper investigates the relationship between core executives＇monetary compensation and company performance. It overcomes the defects that previous documents just focus on overall analysis of the whole executive level regardless of the fact that only core executives are the hard core to decide company＇s operation policy and financial policy. Concern the possible influence of ＂fifty - eight year old phenomenon＂ on compensation and per- formance, we add age control variables in research design. The result shows that the relevance on core executives＂ monetary compensation and company performance is not strong. But the rate with core executive＇s share -hold rate is relevant positively. Company scale pasted inspection in 2008 and 2009. However, in the year 2010 （ the real estate industry is expanding explosively） , the regression of general manager failed to pass inspection. Meanwhile, the age features of core executives also show same test result as that of the company scale. The research conclusion suggests that consignor should change core executives monetary compensation structure, increase cash stimulating standard, restrict non -case profits and improve core executives＇share -holding rate to a certain extend.