上市公司会计利润和市场表现对高管薪酬的影响分析-会计学专业论文.docxVIP

浙江大学硕士学位论文 浙江大学硕士学位论文 上市公司会计利润和市场表现对高管薪酬的影响分析 Abstract Effective corporate governance has been the focus oftheorists and entreDrenel】rs for a long time．An efficient compensation system that links to the corporate performance Call ali盟the interests of managers and shareholders．With the establishments of modem enterprise system and share—trading reforms in our country, are there any correlations be似een manageriaI compensation and the corporate performance?As two assessment methods，which one plays a more important role in the incentive system，accounting profit or market performance? 111e dissertation uses a new perspective．trying to do some further research on statistical methods and sample selection in this area．It begins with the review and comparison of empirical research on the relation between manageral compensation and corporate performance home and abroad．Then based on data from 2004—2006 of annual reports of China’S listed companies，the dissertation investigates the monetary income and equity income ofmanagers using statistical description analysis． ’nle main part of the dissertation constructs two compensation models to testify the different effect of two assessment methods on managerial compensation．The empirical research shows that both accounting profit and market performance have a significant positive impact on the managerial compensation．This means shareholders’ fonane will affect managerial compensation．Simultaneously,by comparing two compensation models，accounting profit plays a more important role in determining managerial compensation．In the mean while，managerial compensation is also closely related to the firm size and industry,but not related to the type ofthe controller． nle combination of two assessment methods is one way to resolve principal-agent problem．Because of the immature capital market and the method’S own disadvantage，market performance plays a less significant role in determining managerial compensation in our country．Consequently,in