我国上市公司业绩与高管薪酬相关性研究——基于高管持股视角

本文选取2010年度沪深两市去除金融企业,pt,st企业以及未公布财务报告的1645家上市公司为样本。按照样本公司高管持股比例的不同,将样本分为了两组。分别对两个样本进行线性与非线性的回归,并设置了股权集中度,公司规模等控制变量,用来检验货币型报酬与高管持股与上市公司业绩的相关性。发现相对于货币性报酬,高管持股比例在一定范围内,与上市公司业绩呈正相关,且相关程度超过货币性报酬,但超过一定的范围,则与上市公司业绩呈负相关的关系。

China listed company performance and executive payment relation research

this paper select the 2010 Shanghai and Shenzhen exchanges 1645 published financial reports of listed companies as a sample.without the financial enterprises,pt,st enterprise.company executives stake,the sample was divided into two groups by company executives stake,using linear and nonlinear regression,and set the control variable of ownership concentration,firm size,used to test the type of monetary compensation and executive ownership and performance of listed companies.Found that relative to the monetary reward,managerial ownership ratio within a certain range,and the performance of listed companies was positively correlated with the relevance to more than monetary compensation,but over a certain range,showed a negative correlation with the performance of listed companies.