山东省上市公司高管薪酬业绩敏感性研究.docxVIP

山东省上市公司高管薪酬业绩敏感性研 究 修浩鑫张伶俐张炳发 修浩鑫张伶俐 张炳发 济南大学商学院大连海事大学交通运输管理学院 摘要: 从会计业绩指标和市场业绩指标两方面因素来研究高管薪酬业绩皱感性问题， 并设置多个控制变量，提出相关假设，采用2013—2015年156家山东省上市公 司456个样本会计信息，设立研究回归模型。研究表明：高管薪酬与企业业绩显 著正相关关系，企业规模越大，资产负债率越低，高管薪酬越高，如果加入股 权性质、董事规模等控制变量，发现二者对高管薪酬均有显著的正相关关系。根 据对高管薪酬业绩敏感性产生影响的因素，提出行Z有效的薪酬激励机制和约 束建议。 关键词: 高管薪酬; 企业业绩;业绩敏感性; 作者简介: 修浩鑫 (1993-), 男，山东青岛人, 硕士研究生; 作者简介: 张伶俐 (1994-), 女，山东烟台人, 硕士研究生; 作者简介: 张炳发 (1961-), 男，山东沂南人, 教授，博士。 收稿日期: 2017-04-29 基金：国家社会科学基金项目 (13BGL0282172) Sensitivity Study on the Payment Performance of Listed Companies Senior Executives in Shandong Province XIU Hao-xin ZHANG Ling-li ZHANG Bing-fa BusinessSchoo 1, University of Jinan; School of Traffic and Transportation Management, Dalian Maritime University; Abstract： The payment performance sensitivity of the senior executives is studied from the two aspects:accounting performanee indicators and market performancc indicators.A plurality of control variables arc crcated and relevant assumptions are made. 456 samples of accounting data out of 156 listed companies from 2013-2015 are selected and the research regression model is set up.The study shows that executive payment is positively related to firm performanee. The 1 arger the seale of the enterprise, the higher the executivc payment, and the lower the asset liab订ity ratio, the higher the executive payment. In add ition, cont rolling variables such as the nature of stock rights and the scope of directors are added, and it is found that the two had significant positive correlation with exec utive payme nt. Accord ing to the factors t heit influe nee the sens itivity of executivc payment performance, effeetivc payment incentive mechanism and restraint suggestions are put forward. Keyword： senior executive payment; corporate perfonnanee; performance sensitivity; Received： 2017-04-29 现如今，我国企业经济发展迅速，企业间角逐甚是激烈，山东省许多企业尤其 是上市公司越来越注重人力资源管理。企业在成长历程下，高管往往是核心资 源。自中国2001年12月11日加入世界贸易组织后，跨国公司冲击我国木土企 业，寻找并留住高层管理人才问题显得格外突岀。在如此强烈的人才竞争下，我 国的上市公司，必须加大资本投资，吸引本土优秀高管人员。 随着经理革命的出现