摘要
本文运用我国生物医药上市公司的经验数据考察高管薪酬与企业业绩的关系问题。研究的结果表明高管薪酬水平与企业业绩显著正相关,高管团队内的薪酬差距也与企业业绩显著正相关,而高管持股则与企业业绩负相关,在统计上不显著。因此文章建议企业应该考虑股权激励的成本和效果,改善股权激励制度。研究还表明企业追求的目标是规模最大化而不是股东净资产收益率最大化。
This paper empirically studies relation of managerial compensation and firm performance with medical listed companies. The study documents that the level of top-management compensation and the firm performance are positive correlation; in top-management team, the compensation difference also is positively related to firm performance; the percentage of equity held by top-management is negative to firm performance, but it is not distinctive in statistics. The study suggests enterprise should reform equity incentive system. The study also shows that maximum scale is the firm pursuit rather than maximum returns on net worth.
出处
《运筹与管理》
CSCD
2004年第6期118-123,共6页
Operations Research and Management Science
关键词
企业管理
企业业绩
经验研究
高管薪酬
enterprise management
cooperation performance
empirical research
top-management compensation
