公司高管人员薪酬与绩效的相关性研究-基于家族企业与非家族企业.docxVIP

技术经济与管理研究?2011年第?4期 Study?on?the?Correlation?of?Top?Management?Compensation?and?Company Performance ——?—?Based?on?the?Comparative?Analysis?of?Family?Business?and?Non-family Business LI?Qian-bing (School?of?Economics?and?Management?,?Huaiyin?Institute?of?Technology,?Huaian Jiangsu?223001,?China Abstract?:The?difference?between?family?business?and?non-family?business?has?been a?hot?issue?in?the?field?of?family?business?research.?Existing?studies?are?mostly?based?on resource?based?view?theory,?and?analyze?from?an?angle?of?familial?perspective.?According to?principal-agent?theory?and?stewardship?theory,?this?paper?gives?an?in-depth?study?about the?difference?between?family?business?and?non-family?business?from?the?perspective?of relations?of?Executive?pay?and?corporate?performance.?The?paper?studies?the?correlation of?executive?compensation?and?company?performance?from?the?two?aspects?of?annual compensation?and?equity?ratio,?based?on?a?sample?of?100family?listed?companies?and 100non-family?listed?companies?in?the?Shenzhen?Stock?Exchange?2008Annual Report.Empirical?results?show?that?research?variables?have?significant?differences between?non-family?and?family?listed?companies?in?addition?to?salaries?of?top management?of?listed?companies?is?not?very?big?difference,?in?which?the?family ownership?and?corporate?performance?of?family?listed?companies?are?higher?than?non- family?listed?companies.?and?annual?compensation?of?top?management?has?a?significant positive?impact?on?company?performance?in?family?listed?companies?and?non-family listed?companies,?however,?equity?ratio?is?not?significant.?Family?listed?companies?have more?significently?impact?than?non?-family?companies?about?top?management?annual compensation?and?company?performance. Key?words?:Top?management?compensation?;?Company?performance;?Family business;?Family?company?摘 要:家族企业与非家族企业的差异一直是家族企业学研究领域的一个热点问题?。 现有的研究多是基于资源基础观理?论,从家族性角度进行分析?。 本文则基于委托代理理论和管家理论,从高管薪酬与企业绩效关系的视角对家族企 业与非家族?企业之间的差异进行深入的研究?。?论文以?2008年年报中的 100家