公司治理、自由现金流与高管薪酬的相关性分析-会计学专业论文.docx

安徽 安徽财经大学硕士学位论文 PAGE PAGE 3 4 4 payment and free cash flow model, first, through the descriptive statistics analysis of the Chinese listed company executive payment and free cash flow level; Then through the correlation analysis analyzed the corporate governance structure, free cash flow and the relation between executive pay, again through the multiple regression analysis analyzed respectively executive pay and free cash flow in different corporate governance structure of the influencing factors. Finally, based on the theoretical analysis and empirical research, the paper puts forward relevant suggestions from the company level and macroscopic level to control the executive pay level, the company free cash flow and optimize corporate governance structure. The results show that the size of the board and free cash flow level is the most important influence factors of executive payment. More size of the board and high level of free cash flow lead to executives and directors for conspiracy to executive compensation policy. But also conductions to executives use free cash flow self-interest behavior. Free cash flow is the root of produce non-pecuniary compensation, as part of the executive recessive compensation, the relationship of non-pecuniary compensation and executive payment is not significant, namely, increasing the salary does not reduce the risk of non-pecuniary compensation. KEYWORDS: corporate governance，free cash flow, executive compensation, agency costs 公司治理、自由现金流与高管薪酬的相关性研究 目录 目 录 HYPERLINK \l _bookmark0 第一章 绪论 1 HYPERLINK \l _bookmark1 第一节 研究背景与研究意义 1 HYPERLINK \l _bookmark2 一、研究背景 1 HYPERLINK \l _bookmark3 二、研究意义 2 HYPERLINK \l _bookmark4 第二节 相关概念界定 2 HYPERLINK \l _bookmark5 一、公司治理 2 HYPERLINK \l _bookmark6 二、自由现金流 3 HYPERLINK \l _bookmark7 三、高管薪酬 4 HYPERLINK \l _bookmark8 第三节 研究思路、研究内容及研究框架 4 HYPERLINK \l _bookmark9 一、研究思路与研究方法 4 HYPERLINK \l _bookmark10 二、研究内容与研究框架 5 HYPERLINK \l _bookmark11 第四节 研究的创新点 6 HYPERLINK \l _bookm