上市公司经营者报酬结构性差异的实证研究

本文通过研究上市公司经营者的任职状况、报酬结构与企业绩效之间的关系 ,发现 :经营者的持股比例与经营绩效有显著性弱相关关系 ;报酬水平的激励强度更多的与“横向”“纵向”比较的相对值有关 ;两职兼任的经营者年薪、持股比例与其绩效均不具有显著相关性 ,而实行年薪制的经营者呈显著性弱相关性。本研究说明资产规模、行业特性、区域范围、股权结构对经营者年薪、持股比例和经营绩效具有深刻影响 ,完善上市公司经营者报酬激励的方向应是建立多元化的报酬结构。

An Empirical Study on the Structural Difference among the Compensation of Managers in Chinese Public Companies

Through the study on the relationship between position status, compensation structure of managers and corporation performance in Chinese public companies, the paper finds: there is an evidently slight relativity between stock keeping ratio and management performance, and incentive intensity of compensation level is more relevant to the relative value coming from the “longitudinal” and “transverse” comparison, there is not an evident relativity between corporation performance and annual pay, stock keeping ratio of managers taking two jobs, but an evidently slight relativity of managers carrying out annual pay system. The study shows: scale of capital, character of vocation, area coverage, structure of equity capital all have significant influences on managers' annual pay, stock keeping ratio and management performance, the way to boost up the compensation incentive of managers in public companies is to build up the system of diversified compensation structure.