高管人力资本、高管报酬和公司绩效关系的实证研究——以中部地区上市公司为例

高管人力资本、高管报酬和公司绩效三者之间体现何种关系特征，是企业配置高管人员有效实施高管报酬激励的重要依据，是提升公司绩效的有效保证。本文的研究结果表明，高管的任期与公司绩效存在正相关关系，与高管报酬存在负相关关系；高管年龄与公司绩效存在负相关关系，与高管报酬存在正相关关系；高管的教育背景与公司绩效存在负相关关系，与高管报酬存在正相关关系。公司治理因素尤其是股权因素对高管人力资本特征与公司绩效、高管报酬的相关性有很大的影响。

An Empirical Study among Top Executive Human Capital, Top Executive Compensation and Corporate Performance -- Illustrated by the Listed Companies in Middle China

The correlation among top executive human capital, top executive compensation and corporate performance is a key basis for the corporation to arrange top executives and implement top executive compensation motives. It also ensures the improvement of corporate performance. The paper takes the samples of the listed company data in middle China of 2005, and uses corporate governance factors as adjusting variables to study the correlation among them. The results show that the tenures of top executives are Positively related to corporate performance, and negatively related to top executive compensation; the ages of top executives are negatively related to corporate performance, and positively related to top executive compensation; the educational backgrounds of top executives are negatively related to corporate performance, and positively related to top executive compensation. Also, corporate governance factors, esp. equity factor, greatly influence the correlation among top executive human capital characteristics, corporate performance and top executive compensation.