央企控股上市公司竞争优势、市场价值与高管薪酬.docVIP

PAGE PAGE 23 央企控股上市公司竞争优势、市场价值与高管薪酬 【摘要】近来，央企高管薪酬一直是社会关注的热点问题。随着我国市场化经济的快速发展，上市公司对国家经济的影响越来越大，特别是国有上市公司在我国经济中发挥着重要的作用，高管薪酬的管理与监督越来越受到政府的重视，公众对国企高管与普通员工的薪酬的巨大差距日益关注。企业内部高管薪酬与企业的竞争优势、市场价值之间是否存在关系，如果有关，是正相关还是负相关；现阶段国有上市公司高管薪酬获得依据是什么；是否符合企业价值最大化发展方向；上市公司不同行业的高管薪酬标准是什么；是否存在政策或者体制漏洞。这些问题都值得我们去讨论与研究。本文基于我国国有上市公司高管薪酬与公司价值，结合中国现实国情，通过建立高管薪酬决定因素理论模型，进行实证分析与检验，并据此分析央企控股上市公司核心竞争力、企业价值与高管薪酬的关系，进而分析我国央企控股上市公司高管薪酬的激励效果。研究发现公司规模、公司业绩与高管薪酬存在显著正相关关系，而负债率却与高管薪酬负相关。我国薪酬激励制度有一定的效果。 【关键词】高管薪酬企业业绩公司价值实证检验 Executive Compensation, Firm Performance, and Corporate Governance in China: Evidence from Firms Listed in the Shanghai and Shenzhen Stock Exchanges Abstract: Recently, the central enterprises executive compensation has been a hot issue of social concern. With the rapid development of Chinas economy, the listing Corporation to the countrys economy is important, especially the state-owned listing Corporation plays an important role in the economy of our country, the government pay more attention to the management and supervision of executive , and the huge gap between public compensation of state-owned enterprise executives and ordinary employees. Whether there is relationship between the enterprise executive compensation, enterprise competitive advantaged and market value. If there is, it is positive or negative; what is the basis of executive compensation of the state-owned listing Corporation to obtain; whether conforms to the development of enterprise value maximization; what is the standards of listing Corporation in different industries to decide the executive compensation; whether there are loopholes in the system or policy. These problems are worthy to be discussed and researched. In this paper, we reach the executive pay and company of our country state-owned listing Corporation, combined with the Chinese reality, through the establishment of executive compensation decision factor theoretical model, analyze and verify the evidence, and based on the analysis of relationship be