上市公司经理人激励机制实证研究--以第六届"中证·亚商50强"为样本企业

目前，中国的上市公司，经理人报酬与财务指标的相关性较强；报酬对非财务指标的敏感度较高；报酬与主营业务盈利能力和发展潜力指标有显著的正相关关系。敏感度较其他指标也是最高的；报酬对风险既没有相关性也不敏感；业绩评价指标与激励机制结合不完善。因此，应建立一套以企业战略目标为导向的财务指标与非财务指标有效结合的经营者绩效考核体系，激励机制的设计要掌握好业绩和风险的平衡点，企业的业绩评价机制也应与激励制度充分整合。

Positive research into incentive mechanism of chief executive officials (CEO) of listed companies

The relation of CEO's income and financial index is strong and the sensitivity of income to financial index is high.The income and profit ability of main business and development potential index are positively related.The sensitivity is highest.The income is not related and sensitive to risk.Performance evaluation index and incentive mechanism are not complete.Thus,CEO management evaluation system which is oriented with enterprise strategic objective and which combines financial index with non-financial index should be set up.The design of incentive mechanism should be balanced by performance and risk.Performance evaluation mechanism and incentive mechanism should be integrated.