高级管理人员激励：薪酬与股权--基于民营上市公司的实证研究.docVIP

高级管理人员激励：薪酬与股权--基于民营上市公司的实证研究 - 1 - 高级管理人员激励：薪酬与股权——基于民 营上市公司的实证研究 龙湘萍，张华嘉** （暨南大学经济学院，广州 510632） 5 摘要：国家一系列的国企改革政策与行动把建立合理的高级管理人员激励机制摆到了突出位 置。本文将对高管薪酬、高管持股与公司绩效之间的关系进行探讨，以期为建立更合理的激 励机制提供理论指导。本文分别使用综合绩效指标（OPI）及每股收益（EPS）衡量公司绩效， 考察了高管薪酬对公司绩效的敏感度，检验现有薪酬激励的有效性，然后在此基础上分析了10 高管薪酬与持股对公司绩效的影响。得到如下主要结论：1.高管薪酬对公司绩效的变化比较 敏感，已体现出与公司绩效挂钩的特征。2.高管薪酬与公司绩效具有显著的正相关关系，但 是其变动对公司绩效的影响有限。3.高管持股与公司绩效间呈非线性关系。每股收益随着持 股比例的增加先上升，然后下降，最后再上升。 关键词：经济计量学；高管薪酬；高管持股；主成分分析；激励机制 15 中图分类号：F279.23 Managerial incentives: pay and ownership——An empirical analysis based on listed private firms Long Xiangping, Zhang Huajia 20 (Economics School, Jinan University, Guangzhou 510632) Abstract: A series of state-owned enterprises reform policies and actions placed establishing a reasonable incentive mechanism in a prominent position. In order to provide theoretical guidance to establish more rational incentive mechanism, this paper will investigate the relationship among executive compensation, ownership and firm performance. In this paper, an overall performance 25 indicator (OPI) and earnings per share (EPS) are used to measure firm performance. Then the paper estimates the sensitivity of pay-for-performance to test the effectiveness of existing incentive compensation, and on this basis, the paper mainly investigates the impact of executive pay and ownership to firm performance. The main conclusions are as follows: 1.Executibe compensation is sensible to the change of firm performance, it has already reflected the 30 characteristics of linking to the firm performance. 2. There is a significant positive correlation between executive compensation and firm performance, but the variance of compensation has a slight impact on the firm performance. 2. The executive ownership and firm performance has a significant nonlinear relationship. The EPS first increases, then declines, and finally rises as executive ownership rises. 35 Key words: econometrics; executive compensation; m