我国高管薪酬影响因素的实证分析—以房地产行业为例.pdfVIP

摘 要 随着市场经济的发展和高管薪酬数据的渐次披露，高级管理者的激励问题日益受到各 方的关注。在市场竞争日益加剧的形势下留住自身发展所必需的人才，尤其是高级管理人 才，已成为各个企业最为关注的问题之一。研究影响高管薪酬的影响因素对完善企业激励 机制，促进企业发展有着重要的作用。文章结合国内房地产行业情况，修正过去研究存在 的不足，对相关高管薪酬的影响因素进行了深入的探索。 文章选用 2005-2007 年沪、深房地产上市公司作为研究样本，借助 Eviews5.0 软件对 样本公司的高管薪酬影响因素进行了实证分析。文章的主要变量是企业绩效和规模，另外 还选取了区位、股权制衡度、是否设置薪酬考核委员会、高管持股比例、高管平均年龄五 个控制变量。实证结果表明，所有自变量中除了高管持股比例变量外，其他变量对高管薪 酬的影响均不同程度地通过了显著性检验，并都是呈现正相关关系。尤其是企业规模与高 管薪酬表现出最强的相关性。高管平均年龄在文章中也表现出与高管薪酬存有较强的正相 关性。 文章根据分析得到的结论，提出了针对性的建议：实行薪酬结构的多元化，重视长期 激励。适度加快房地产企业的规模化建设，和薪酬考核委员会的建设等。 关键词：房地产上市公司、高管、薪酬、影响因素 ABSTRACT With the development of marked economy and the release of executive compensation data, there comes more and more consideration on top manager incentive recently. How to construct top manager incentive mechanism suitable for our country’s company is one of the most important problems. This thesis amends the defects before an furthers the study on influencing factors. This thesis selected 2005-2007 real estate companies listed in Shanghai Shenzhen as a sample, using Eviews5.0 software to make an empirical analysis executive compensation impact factors. The key variables, in the thesis, include corporate performance 、enterprise scale、region the age of executive 、whether there is remuneration committee 、stock holdings of managers、 power balance with shareholders structure The outcome indicates that listed real estate companies executive pay has a positive correlation with all the variables except stock holdings of managers, particularly enterprise scale shows the strongest relation. The variable of stock holdings of managers cannot carry out bivariate and regression analysis, which due to the low level of stock holdings of managers. At last ，based on the