上市公司经理人报酬激励强度研究-会计学专业论文.docxVIP

上市公司经理人报酬激励强度研究摘 上市公司经理人报酬激励强度研究 摘 要 所有权和经营权的分离是现代企业的明显特征，由此带来的所有者和经营者 的利益冲突，增加了企业的代理成本和经营风险。为了解决所有者与经营者的利 益冲突，企业所有者需要有效的激励机制对企业经营管理人员进行合理有效的激 励。因此各激励机制与上市公司经营绩效的相关关系以及各种激励机制的激励强 度也成为经济学者研究的重点问题之一。 现有文献主要是从理论角度分析激励强度，没有可供实务操作的具体研究，因 此本文从实务角度研究得到与企业业绩相关的合理的激励强度，将为上市公司经 理人报酬水平的设计提供操作性的指导。我国目前上市公司采取的激励机制主要 为：利润分享制，年薪制，经营者持股，年薪制+经营者持股，因此本文将2007年 -2009年主板市场上市公司样本划分为这四种激励机制类型，分别用经营者平均薪 酬、年薪倍数、经营者持股比例、年薪倍数与经营者持股比例的乘积衡量各机制 激励强度，认为：10万-20万的平均薪酬；8倍以上年薪倍数；经营者持股比例为 0．01％．0．1％；年薪倍数与经营者持股比例的乘积为0．0003．0．002分别为四种激励机 制的合理激励强度区间。结合上市公司的实际情况，提出：推进并完善精神激励 机制的建设：放宽对年薪上限水平的限制，长期化年薪激励机制；进一步推广和 实施股权激励机制：规范经营者持股激励机制的实施，是各激励机制提高激励有 效性的有效措施。 关键词：经理人报酬；激励机制；激励强度 硕士学位论文Abstract 硕士学位论文 Abstract The separation of ownership and management rights is a obvious characteristic of modem enterprises and brings about the interest conflict between owners and managers， as a resultj increases corporate agency costs and operational risks．In order to coordinate the interest of the owners and managers，a reasonable and effective incentive to managers is in great needs．Therefore，the relationship between incentive and listed companies performance and incentive intensity are two of major focus of economic research． The existing research about incentive intensity is mainly on the basis of theoretical analysis，without guidance tO practical operation．This paper finds out the reasonable incentive intensity related to company performance from a practical angle，which will provide operational guidance for managers’rewards setting．By classify the listed companies on the main board between 2007 and 2009 as profit sharing，annual salary， managers’ownership and annual salary+managers’ownership，this paper uses average salary,times of annual salary，managers’ownership ratio，the product of times of annual salary and managers’ownership ratio to measure these four incentive intensity respectively,and finds out that：1 00000 to 200000 average salary；8 times of annual salary：managers’ownership ratio of 0．0 1％一0．1％；the product of 0．000