3.3.1 基于总体样本的高管薪酬与财务绩效的相关性 ............................ 23 3.3.2 基于不同业绩的企业高管薪酬与财务绩效的相关性 .................... 24 3.3.3 基于不同规模企业样本的高管薪酬与财务绩效的相关性 ............ 25 3.4高管薪酬与财务绩效关系的实证结论 ...................................................... 26 4 研究的启示和建议 ................................................................................................ 28
4.1研究启示 ...................................................................................................... 28 4.2改进建议完善公司高管薪酬机制 .............................................................. 28 5 结论 ........................................................................................................................ 30
5.1研究结论 ...................................................................................................... 30 5.2本文的局限性 .............................................................................................. 30 5.3研究展望 ...................................................................................................... 30 参考文献 .................................................................................................................... 32 附录Ⅰ ........................................................................................................................ 34 致 谢 ........................................................................................................................ 44
摘 要
面对知识经济和经济全球化的挑战，企业管理者在现代企业中起着举足轻重的作用。企业经营者是企业的核心，是经济发展中一种重要的人力资本。但是，随着现代企业组织形式的发展以及企业所有权和经营权的分离，所有者与经营者目标不一致的问题应运而生。因此，怎样的激励机制，最大限度地降低代理成本，提升企业财务业绩，成为紧迫而又很有现实意义的问题。
本文研究选取了浙江上市公司作为研究对象，通过数据的筛选，一共选取了114家上市公司作为样本。
首先，本文从高管薪酬和财务绩效的界定，委托代理理论基础，国内外学者对上市公司高管薪酬与财务绩效研究的相关论述和高管薪酬财务绩效指标选取这五方面做了文献综述，为下面对浙江上市公司的分析打下基础。
然后，通过样本和变量的选取，浙江上市公司的高管薪酬现状分析，提出本文实证研究的假设，并建立模型。
其次，根据以上的分析基础和数据的统计，运用spss软件，采用相关分析方法，总结分析出浙江上市公司高管薪酬与财务绩效的相关性。
最后，得出本文的实证研究分析结果，提出其存在的局限性和对此的评价建议。
关键词：高管薪酬；财务绩效；相关性
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Abstract
Facing the challenge of knowledge economy and economic globalization, entrepreneurs do play a more and more important role in modern enterpirses. They are the core of enterprises and are important human capital for economic development.However, as the development of the modern enterprises and separation of property right from managerial right, the problems that owner and entrepreneurs have different aims do exist. So, it has become a highly urgent and realistic task to setup a system to encourage the managers, so as to reduce the agency costs to the lowest .
This paper presents a study of the listed companies in Zhejiang, by analyzing the data, 114 listed companies were selected as samples.
Firstly, this paper discuss the Literature Review by means of the following five aspects: Executive compensation, definition of financial performance, Principal-agent Theory, discussion from domestic and international scholars about Executive compensation in listed companies and financial performance, which are the base for the analysis of listed companies Zhejiang.
Secondly, by the selection of samples and variable and analyses executive compensation in Zhejiang list companies, this paper put forwards assumption and build models.
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Thirdly, based on the studies analyses above and data statist and using the methods of correlation analysis and regression analysis supported by the SPSS, this paper make a summary on the relevance between executive compensation and financial performance in Zhejiang listed companies.
Finally, by getting the results of the study, this paper puts forwards the limitations and proposal.
Key Words: Senior executive compensation Financial performance Correlation
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图目录
图1-1 研究路线图 .................................................................................................... 13 图2-1 1993-2007年披露高管薪酬的上市公司家数 .............................................. 15 图2-2 2007-2009年，所有披露高管薪酬的上市公司平均薪酬 .......................... 15 图2-3 2007-2009年，所有披露高管薪酬的上市公司其各行业高管薪酬 .......... 17 图2-4 2009年各行业高管薪酬................................................................................ 18 图2-5 07年-09年净资产报酬率和净资产收益率变化趋势 ................................. 19 图2-6 2007-2009年平均行业净资产收益率变化趋势 .......................................... 19 图2-7 2007年-2009年净资产收益率阶段变化趋势 ............................................. 20 图3-1 09、08、07年高管薪酬与财务指标相关.................................................... 24
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