资本结构与经理人薪酬关系研究毕业论文.docVIP

PAGE I 毕业论文 （20_ _届） 资本结构与经理人薪酬关系研究 摘 要 上市公司经理人报酬契约与资本结构互动关系是目前财务理论研究中的一大热点，很多专家学者对此发表过不同的观点。但是目前我国资本市场尚不完善，经理人报酬体系不健全。因此，如何分析验证并通过完善资本市场和健全经理人报酬体系来实现二者的最优化就成为一个待解决的问题。现有的对理人报酬契约与资本结构互动关系的实证研究多是分析经理人长期激励机制对资本结构的影响，或只是关注资本结构下如何构建经理人的报酬契约。也就是在分析两者的关系时，只是考虑了静态分析方法，并没有动态地进行分析。为了研究二者之间的关系，我们对经理人报酬契约和资本结构的相互作用进行了相互检验。本文采用了实证研究方法。首先，论述了经理人报酬契约与资本结构的相关理论基础，选取2010年宁波上市公司的主要财务指标作为样本数据，通过回归分析验证宁波上市公司经理人报酬契约与资本结构的互动关系。结论表明，如果经理人不持有股权，则经理人所享有的短期激励与资本结构存在互动关系，也就是说经理人年度薪酬总和的对数与资产负债率之间都是显著性负相关关系，但是当经理人拥有一定的股权比率之后，经理人年度报酬总和对数与资产负债率之间虽然还是负相关关系，但是这种关系不再具有显著性，而经理人持股比率与资产负债率之间都是显著性负相关关系。再次，提出了完善资本市场体系和经理人薪酬体系的建议，包括：建立经理人薪酬体系、完善公司治理结构、完善我国资本市场体系、建立完善的经理人市场体制。最后，说明了本文所做研究的局限性。 关键词：经理人报酬契约；资本结构；经理人持股 PAGE III Abstract Nowadays, the interrelationship between the managers payment contract and the capital structure of listed companies is a hot in the theoretical finance field. Current empirical researches on this field either aim at the analysis of the influences that manager stock holding brings to the capital structure or focus on how to establish a manager payment contract under its capital structure. These researches mainly use static approach but do not analyze dynamically. Practitioners and scholars have many different opinions on it Chinas capital market and the manager payment system is not perfect, in order to research the interrelationship between the two factors in china, it is necessary to prove the interaction between manager payment contract and capital structure. This dissertation is an empirical research. First, the thesis expounds the related theory basis of the manager payment contract and the capital structure; then, it makes empirical research on the interrelationship between the manager payment contract and the capital structure, and choosing the main financial index in 2010 as the sample data and improves the interrelationship; in the end, according to the above research, it puts forward the suggestions on optimizing the company operation structure .The research conc