上市公司高管薪酬影响因素实证研究.pdf

华北电力大学硕士学位论文 I 摘要随着现代企业制度在国内的建立,高管人员薪酬激励问题已经成为学术界和实务界普遍关心的话题。合理的薪酬激励机制能有效提高高管人员的工作效率,从而降低代理成本。因此,研究上市公司高管人员薪酬影响因素具有非常重要的意义。首先,本文在国外相关理论和国内学者的部分研究成果之上,介绍了高管薪酬的相关概念及理论基础,并且从理论上分析了影响高管薪酬的因素有外部因素、内部因素和管理者个人因素。其次,本文选取了2009年、2010年两年沪深股市的部分上市公司作为样本, 对我国上市公司的高管薪酬进行了总体的描述性统计分析。并在此基础上,分析了我国上市公司高管薪酬的现状。再次,结合之前分析的高管薪酬影响因素,提出十个研究假设,通过选取变量, 构建模型,借助SPSS统计软件,分别采用逐步回归法和多元线性回归法对上市公司高管薪酬的影响因素进行实证研究。实证结果表明:影响我、公司规模、公司经营业绩、股权制衡度、行业薪酬水平、董事长与总经理职务合一与高管薪酬显著正相关;而最终控制人性质与高管薪酬显著负相关;高管年龄、高管持股比例、资本结构虽然有高管薪酬有一定的相关关系,但是不显著。最后,根据实证研究结果,提出了相应的对策建议。关键词: 高管薪酬;影响因素;实证研究;上市公司华北电力大学硕士学位论文 II Abstract As the modern enterprise system was established in China,many scholars are very concerned about the issue of executive remuneration. Reasonable salary incentives can improve the efficiency of senior executives, and reduce agency costs. Therefore, it is very important to study on the CEO pay factors. Firstly,based on foreign related theory and some research results of domestic scholars,introduces the related concepts and theoretical foundation of executive pay, and analyzes that the influence factors of pensation are internal factors and external factors, a personal factors of manager. Secondly, this article selects parts of panies of 2009 and 2010 in Shanghai and Shenzhenstock market as sample, and has an overall descriptive statistical analysis of the pensation of China's panies. On this basis, analyzes the present situation of executive pay of China's panies. Again, combined with the analysis of executive pay before influence factors,and puts forward ten research hypotheses, through choosing variable, constructing model and the help of SPSS, then has a empirical research on the influence factors of executive compensation of Chinese pany byusing stepwise regression method and multivariate linear regression method. The results show that there are many influence factors of pensation. Area, firm size, business performance, equity balance degree, pensation levels, the integrat