摘要
以我国上市公司2000、2001、2002年年报数据为主要分析对象,运用线性回归的方法对经理人报酬与公司资本成本及公司业绩之间的相关性进行实证研究,并得出如下结论:经理人报酬与ROA呈显著的线性相关性,与ROE、△SMVA非线性相关,与SEVA存在较强的线性相关性。通过实证研究,还发现经理人报酬主要激励当前业绩和未来业绩,当期激励效果直接影响下期业绩水平。
Considering the listed companies annual reports in the year of 2000, 2001 and 2002, the paper analyzes the relationship between executive compensation and the cost of capital and the performance by means of linear regression. It condudes that executive compensation has strong linear relationship with ROA, and even a stronger linear relationship with SEVA while having no linear relationship with ROEor, △SMVA.h is found by practical researches that executive compensation encourages current and future performance and current incentive effect is closely connected with their future performance.
出处
《商业研究》
北大核心
2006年第2期83-86,共4页
Commercial Research
基金
国家高技术研究发展计划项目
项目编号:863-9803-05
关键词
经理人报酬
资产报酬率
权益报酬率
经济增值
市场增加值
executive compensation
assets return
equity return
economic value added
market value added
