股权结构、经营业绩与高管人员报酬的相关性研究——基于江苏高技术上市公司的实证分析

笔者运用江苏高技术上市公司的年报数据来综合考察股权结构、经营业绩与高管报酬之间的关系.结果表明:国有股比例与经营业绩呈现正方向影响,企业规模与经营业绩呈现负方向影响,净资产收益率和每股收益均与高管报酬呈现高度正相关,高管年度报酬与企业经营业绩、企业规模并不存在显著的正相关关系,与国有股比例的负相关程度也不显著.高技术企业应构建基于经营业绩的高管人员综合激励制度.

A Research of the Relationship between Stock Right Structure,Operating Performance and Senior Managers' Pay——An Empirical Analysis Based on the High - tech Listed Companies of Jiangsu Province

Using the data in the annual report of listed companies in Jiangsu province,the author makes a comprehensive study of the relationship between stock right structure,operating performance and senior managers' pay.The result shows that the proportion of state-owned shares has positive effect on the operating performance,the scale of enterprises has negative effect on the operating performance,rate of return on common stockholders' equity and earnings per share are highly positively related to senior managers' pay,senior managers' annual pay is not significantly positively related to the operating performance and scale of enterprises,and its relationship to the proportion of state-owned shares is not clearly negative.High-tech enterprises should construct comprehensive incentive system for senior managers based on the operating performance.