高管薪酬外部公平性与企业业绩关系研究——以房地产行业上市公司为例.pdf

Abstract Considering the separation between the right of ownership and management, people always focus on how to motivate corporate executives by compensation. Since 2007, listed companies in our country have been forced to implement mandatory disclosure of executives’ compensation, which resulted in easy access to related information. So every executive is able to know more about compensations of other executives in the same industry, which arouse attention on fairness of it. Fairness of executives’ compensation has two kinds: internal and external. Internal fairness represents the reasonableness among executives or executives and clerks in the same corporation, while external fairness refers to the reasonableness among executives in different corporations in the same industry. Now, scholars researching on executives’ fairness are mainly focus on internal fairness. Besides, they mainly analyze the whole industry instead of focusing on one specific industry. In fact, executive compensation in different industries differs a lot. For instance, executive compensation in real estate industry is much higher than other industry and also has larger pay gap. Consequently, this article will just study the relationship between the external fairness of executives’ compensation and corporate performance in real estate industry. Firstly, the article will calculate residuals by executive compensation decision model and use it to measure the fairness of executives’ compensation. Then, by introducing control variables, relationship between external fairness of executives’ compensation and corporate performance will be studied. In this article, all data are got from listed companies in real estate industry from 2009 to 2013. Through regression analysis, con