高管人员薪酬与上市公司经营绩效相关性分析——来自沪、深A股市场制造业上市公司的经验证据

本文以我国沪、深两市2004年A股制造业上市公司样本作为研究对象,从上市公司年度经营绩效以及管理人员报酬等相关信息着手,对上市公司经营绩效、公司规模、国有股比例、高管持股比例与高管人员的薪酬之间的相关性进行了实证分析,以探讨上市公司高层管理人员薪酬与公司绩效的内在关系。     

公司治理结构与公司绩效的关系——基于中小企业板的实证研究

文章利用中小企业板上市公司2009年的财务数据对公司治理结构与公司绩效进行了相关与回归分析.实证结果验证第一大股东持股比例与企业绩效显著正相关;控制权竞争与企业的绩效呈显著正相关关系;董事会规模与公司绩效负相关,但不显著;而独立董事和监事会对公司的绩效没发挥应有的作用;高管持股与高管薪酬对公司绩效有显著的正相关关系.     

公司治理对公司绩效影响实证研究——基于创业板上市公司数据

本文以2009年至2012年创业板上市公司为样本,分析了创业板上市公司治理因素对公司绩效的影响。结果表明：第一大股东持股比例对公司绩效有显著的正面影响;第二至第五大股东持股比例对公司绩效有显著的正面影响;董事会规模对公司绩效有显著的正面影响,独立董事比例对公司绩效有显著的正面影响;董事会的二元领导结构与公司绩效不存在显著的相关关系;高管前三名薪酬总额对公司绩效有显著的正面影响;高管股权激励政策与公司绩效不存在显著的相关关系。     

高管薪酬及持股比例与财务信息质量

公司财务信息质量受诸多因素的影响,尤其是高管层的影响。本文研究了公司财务信息质量与高管薪酬和持股比例的关系,结果表明高管薪酬与公司财务信息质量显著正相关,而高管持股与财务信息质量关系不显著,说明薪酬激励更加有效,公司在做激励计划时可适当提高薪酬激励的比重。     

上市公司股权结构与组织绩效关系的实证研究——以江苏为例

文章实证检验江苏省上市公司股权结构和公司绩效的关系.研究发现江苏上市公司在股权结构上呈现出较为独特的特征:国家股比例与公司绩效显著负相关,流通股比例、法人股比例与公司绩效关系不显著,高管持股比例与公司绩效正相关,实际控股股东比例与公司绩效显著负相关,股权集中度与公司绩效显著负相关,而第一大股东持股比例、公司规模、成长性及所在行业对公司绩效无显著关系.     

上市公司高管薪酬与经营绩效的实证研究

文章以2005—2010年深市全部上市公司为研究对象对公司高管薪酬与经营绩效的关系进行了实证分析,结果表明:上市公司高管薪酬与公司绩效、公司规模、高管持股比例呈正相关关系,与国有股比例呈负相关关系,上市公司要加大董事会建设力度。     

高管薪酬、在职消费、薪酬差距与企业绩效——来自2010～2012年沪深上市中央管理企业的经验数据

本文以2010~2012年沪深两市中央管理企业的经验数据为样本,系统分析了高管薪酬、在职消费、薪酬差距和企业绩效之间的相关性。经过研究发现:央企高管薪酬与企业绩效显著正相关,单纯限制高管薪酬实际上并不利于企业绩效的整体提升;在职消费与高管薪酬负相关但不显著,仅仅从两者之间的相关性角度分析来看,薪酬的增减会影响在职消费,但是当纳入其他可能影响在职消费的因素做整体回归后,两者之间的相关关系变得不再显著,这说明薪酬的增减并不是诱发在职消费的主要动因;薪酬差距与企业绩效负相关但不显著,缩小高管与一般员工之间的薪酬差距,有利于维护社会公平和正义,但对于企业绩效提升在短期内没有实质性作用。     

管理者特征与公司绩效关系——基于2006年沪深A股上市公司的实证研究

本文以2006年沪深A股上市公司为样本,分析了我国上市公司管理者特征-管理者年龄、薪酬、持股比例、学历、地域性等对公司绩效的影响。研究发现：管理者的年龄、薪酬与公司绩效显著正相关;管理者的持股比例与公司绩效存在显著的“倒U”型关系;管理者学历和管理者地域性对公司绩效存在显著正相关的关系。     

管理者特征与公司绩效关系——基于2006年沪深A股上市公司的实证研究

本文以2006年沪深A股上市公司为样本,分析了我国上市公司管理者特征——管理者年龄、薪酬、持股比例、学历、地域性等对公司绩效的影响。研究发现:管理者的年龄、薪酬与公司绩效显著正相关;管理者的持股比例与公司绩效存在显著的倒U型关系;管理者学历和管理者地域性对公司绩效存在显著正相关的关系。     

中小板上市公司内部薪酬差距对公司次年绩效影响研究

本文通过实证分析,得出高管间的薪酬差距以及高管与普通员工间的薪酬差距对公司次年绩效均具有正向的影响,竞赛理论得到支持。此外,公司中独立董事的比例和高管权力的大小对薪酬差距影响公司次年绩效的关系起着调节作用,主要是弱化了两者之间的正向关系。     

The remuneration of CEOs and corporate financial performance in Norway

Economics and management literatures advocate that senior company executives should be remunerated on the basis of the financial performance of the firms they manage. This helps align the interests of management with those of stockholders. There are, however, problems in implementing pay for performance schemes and these, along with other factors, may lead to there being no empirical relationship between compensation and stockholder returns. This study set out to explore the determinants of chief executive compensation in Norwegian stock exchange listed firms. To date there have been very few studies on this topic using data from Norway; most previous research has employed American data. The results show a positive relationship between CEO pay and corporate size but there was no significant association between remuneration and corporate financial performance as measured by accounting profitability and as measured by stock returns. Estimates of the value added by companies were significantly related to chief executive pay. There was also a positive and significant relationship between a CEO's compensation and the average wage level of the company. This association may be due to the unique characteristics of Norway's social and economic structure.     

Directors' Pay and Turnover: An Application to a Sample of Large UK Firms

This paper examines the operation of the UK managerial labour market. We test the twin agency predictions that directors' pay is positively related to corporate performance and CEO turnover is negatively associated with firm profitability. We find that (i) the panel data econometric evidence reveals a significant and positive correlation between directors' pay, company performance and size, (ii) the CEO turnover model predicts a negative, and significant, association with pre-dated shareholder returns: the data is consistent with the view that CEOs are disciplined by the threat of dismissal, (iii) boardroom governance factors (e.g. proportion of non-executives and board size) are only of some importance in the CEO succession process.     

权益性超额薪酬、CEO权力强度与真实盈余管理

基于公司治理角度,以2011—2016年沪深A股上市公司非平衡面板数据为样本,分析了A股上市公司真实盈余管理水平是否受到高管团队权益性超额薪酬的影响以及CEO权力强度和内部控制质量对两者关系的调节作用。研究发现,高管权益性超额薪酬与真实盈余管理呈显著正相关关系,CEO权力强度能够显著加强权益性超额薪酬对于真实盈余管理的正向影响,而高质量的内部控制整体上能够抑制权益性超额薪酬对于真实盈余管理的促进作用。     

Doing good or choosing well? Corporate reputation,CEO reputation,and corporate financial performance

Using data from Taiwan’s top 150 listed companies over the period 2003 to 2014, our study explores the influence of CEO reputation and corporate reputation on the financial performance of companies. The analysis focuses especially on the interaction between CEO reputation and corporate reputation to identify which dimension of reputation is more relevant to firm performance. We show that, though both corporate reputation and CEO reputation have an individual impact that benefits the financial performance of the company, the impact of CEO reputation is more persistent across different time periods and more comprehensive across different industries. Furthermore, we find that CEO reputation still has a positive impact on firm performance when corporate reputation is poor, indicating that CEO reputation is more important to firm performance. To pursue better financial performance, should a company make greater effort to build a good corporate reputation, or merely recruit a CEO with a good reputation? Our suggestion here is simple: “choosing well” is better than “doing good.”     

中小上市公司治理结构与会计信息透明度关系研究

完善的公司治理结构对会计信息披露有着积极的作用,会计信息披露亦有助于提高公司治理和经营管理透明度。经对2007-2010年深市样本中小上市公司Logistic回归分析,结果表明:第一大股东控制力、董事会规模和公司规模与会计信息透明度正相关;独立董事比例、董事长与总经理两职合一和资产负债率与会计信息透明度负相关;监事会规模与会计信息透明度无明显的相关性。     

The impact of voluntary environmental protection instruments on company environmental performance

In the last decade there has been increasing emphasis on the use of voluntary environmental protection tools such as corporate environmental reporting (CER) and environmental management systems (EMSs). There has been relatively little research, however, on the impact of these tools on the actual environmental performance of companies. This paper presents the findings of a survey of 40 companies operating in Western Australia to determine the extent to which the implementation of two voluntary instruments has influenced company environmental performance. The research considered four questions: To what extent have CER and EMSs influenced the environmental performance of companies operating in Western Australia? What are the characteristics of these influences? How does the influence of EMSs on environmental performance compare to that of CER? Have other external factors concurrently influenced environmental performance? In general, most respondents indicated that EMSs had influenced environmental management practices to some extent. On the other hand, CER was seen more as a public relations exercise and had less impact on company practices compared with EMSs. Other factors that influenced environmental performance included pressure from clients, senior management, the public and regulators; corporate culture; and cost savings. Copyright © 2004 John Wiley & Sons, Ltd and ERP Environment.     

家族管理与CEO支配力对企业价值之影响

本文以台湾上市公司为研究对象,实证探讨家族管理与CEO支配力对企业价值之影响,研究结果发现:控制股东之家族成员参与高阶管理团队时,若增强CEO结构支配力,减弱CEO股权支配力,对企业价值具有正面影响.因此,从本研究可获得启示,若控制股东家族希望能够借由参与高阶管理团队以提升企业价值,应同时考虑CEO支配力之影响.     

上市公司高管薪酬的激励效果及影响因素研究

作为一种重要的激励方式,高管薪酬通过促进其管理能力的发挥,进而影响企业业绩。但实证研究表明,我国上市公司高管薪酬水平与企业业绩不相关,上市公司的薪酬激励效果有限,需要进一步完善。影响上市公司高管薪酬水平的主要因素有:公司规模、第一大股东比例、国有股比例、流通股比例、董事会规模、总经理权限和公司所处的经济地理位置。     

管理层特征与公司绩效关系的统计分析

文章在系统回顾国内外有关上市公司管理层与公司绩效关系研究的基础上,选择沪深两市487家制造业上市公司为样本,通过实证检验分析了我国上市公司的管理层特征与公司绩效之间的相关关系。实证结果显示:总经理和董事长的两职合一与公司绩效关系不显著;而高管持股比例随着其不断增加,对公司绩效的影响呈现出"三段波浪线"特征。     

The compensation of top managers and the performance of Italian firms

This paper examines one of the most studied aspects regarding the compensation of top managers: the relationship between remuneration and corporate performance. The principle research objective is to find evidence of this correlation in Italian companies. Based on a sample of 145 Italian companies listed on the Milan Stock Exchange, as analysed during the period between 2004 and 2009, the research findings do not demonstrate a link between company performance and the pay of top managers. Another empirical result that should be highlighted is the presence of a greater correlation between rate of pay and company size, in terms of stock turnover, which demonstrates the likely presence, at least in certain situations, of a dimensional premium that is to the benefit of the managers of larger companies. This research project evidences empirical results in the Italian context that support the findings of the most important international literature on the subject, as regards the absence of a connection between the compensation of managers and the performance of their firms.