融资约束、高管薪酬与企业绩效.DOCVIP

融资约束、高管薪酬与企业绩效 叶建木谢利萍 武汉理工大学管理学院 木文以国有A股上市公司为研宄对象，分析融资约朿情境下高管薪酬与企业绩 效的相关性。研宄结论表明：融资约束对高管薪酬与企业缋效的相关性具有显著 影响；高融资约束的企业，高管薪酬与企业绩效具有显著的正相关性，低融资约 束的企业，高管薪酬与企业绩效的相关性不显著；另外，融资约束对高管薪酬与 企业绩效和关性的影响随行业的不同也有所不同。 关键词： 高管薪酬;企业绩效;融资约束;国有卜.市公司； Financing Constraints, Executive Compensation and Corporate Performance School of Management， Wuhan University of Science and Technology ; School of Management， Wuhan University of Science and Technology; Abstract： The studies have found that the correlation of executive compensation and corporate performance is affected by a lot of situational factors. Financing constraints will affect corporate performance by restricting enterprise principal-agent behavior, which is the important situational factor affecting the correlation of executive compensation and corporate performance. This paper’s research object is the state-owned listed companies and the paper will analyze the correlation of executive compensation and corporate performance when facing financing constraints. The results show:Firstly, the financing constraints have a significant influence on correlation of executive compensation and corporate performance. Secondly, the correlation of executive compensation and corporate performance is significant positive when the enterprise in high financing constraints, but when the enterprise in low financing constraints， the correlation is not significant. In addition, when the enterprises belong to different industries, the affects of financing constraints on correlation of executive compensation and corporate performance is different. Keyword： Executive compensation; Enterprise performance; Financing constraints; State-owned listed companies; 、引言 我国国民经济发展正面临增速放缓的困境，提高企业绩效是促进国民经济良好 发展的有效途径，而资金短缺与融资闲难是现代企业面临的普遍问题，资金的 有效融通对提高企业绩效至关重要。作为现代企业发展的一个重要指标，融资约 束往往会制约企业绩效、阻碍企业发展，同时，融资约束程度的提高有助于减少 企业自有现金流量导致的代理问题，通过制约企业高管做出的投资行为影响企 业绩效。因此，研宄融资约束对高管薪酬与企业绩效相关性的影响对于提高企业 缋效、促进国民经济发展具奋重要意义。0前，国内外学者对高管薪酬与企业绩 效相关性的研究已有较多成果，但并没有统一的研究结论，亦很少有学者将融 资约束作为调节变量引入高管薪酬与企业