房地产上市公司高管薪酬影响因素地研究.pdf

江苏大学硕士学位论文捅娶随着市场经济的发展,现代企业制度在国内逐步确立,高管薪酬的管理问题日益受到各方的关注。薪酬作为激励高管的重要手段,一直是学者讨论的热点。建立符合我国企业的高管激励体制,使企业在竞争激烈的市场中留住企业所需要的人才,尤其是高级管理人才,才能避免人才流失。在这样的背景下,研究高管薪酬具有重要的意义。本文立足委托代理理论,人力资本理论,经理理论,管理激励理论,以2006-2008在沪深两市上市的房地产上市公司为研究样本,从公司特征,公司治理,高管个人特征和行业风险四个方面对高管薪酬的影响因素进行分析。首先对研究样本进行描述性统计分析,发现房地产公司高管薪酬有逐年上涨的趋势,而且各企业之间的差距逐渐加大,国有企业高管薪酬远高于非国有企业。然后,建立数学模型,借助统计软件对高管薪酬的影响因素进行实证研究。实证结果发现:房地产上市公司的高管薪酬与公司规模,公司绩效,独立董事薪酬呈显著的正相关关系,而与第一大股东持股比例,两职兼任呈显著的负相关关系,同时,高管薪酬受到所处地区的影响,经济发达地区的高管薪酬水平就高。而公司上市时间,股权所有结构,董事会规模,独立董事比例,资产负债率对高管薪酬影响不显著。在得出影响因素之后, 本文针对实证分析结果,提出了建立EVA评价体系,改善薪酬机构, 重视长期激励等五项措施。关键词:房地产上市公司;高管薪酬;影响因素;实证研究江苏大学硕士学位论文 ABSRACT With thedevelopment ofmarket economy,the modem enterprise system inChina hasgradually management pensation isincreasingly subject pensation as allimportant 1Tleans ofencouraging executives has been a hot discussion for to construct executive incentive mechanism suitable for panies need toretaintalent, particularly for senior executive,in order toavoid brain drain petitive on the background,the study pensation isofgreat significance. This paper isbased on principal—agent theory,human capitaltheory,managers theory andmanagement theory isbased on 2006—2008 real panies listedinShanghai and Shenzhen for thestudy corporate identity,corporate governance,executives ofpersonal characteristics and industry risksinterms offourfactors,thispaper tries toanalysis affecting factorsof ,the study ofdescriptive statisticalanalysis ofsamples found that realestate executives pay has a upward trend year by year,but thegap between enterprises gradually of state—owned enterprises pay much higher thanthatofnon—,estamblish amathematical model,and use statistical software on the factors affecting executive pay forempirical research..e indicates that:listed pany’S executive pay has a significant positive correlation pany panyperformance and remuneration o