摘要
本文通过对我国上市公司2004年度数据的实证研究发现, (1)随着高成长公司竞争者人数的增加、公司所处地区发达程度的提高和公司规模的扩大,公司高管层级差报酬会随之增加;随着低成长公司竞争者人数的增加和公司所处地区发达程度的提高,公司高管层级差报酬会随之增加。(2)高成长公司和低成长公司在赋予高管层级差报酬影响因素的权重上没有显著差别。(3)高成长公司的高管层级差报酬与公司市场业绩之间存在正相关关系,低成长公司的高管层级差报酬与公司每股收益指标之间存在正相关关系;竞赛理论在我国上市公司中成立。
Based on the research on the Chinese listed companies' datum in 2004, this article has proved that (1) the top executive's pay difference increases in the quickly developing companies while the number of competitors increases, the zone economic level improves and the firm size increases, and the pay difference increases in the stably developing companies while the number of competitors increases and the zone economic level improves; (2) there is not significant difference of weight between the qutickly developing companies and the stably developing companies; (3) there is positive relation between the pay difference and the stock price in the quickly developing companies, and there is positive relation between the pay difference and EPS in the stably developing companies.
出处
《中国会计评论》
2006年第1期15-28,共14页
China Accounting Review
关键词
高管层
级差报酬
公司业绩
竞赛理论
社会比较理论
Top Executive, Pay Difference, Corporation Performance, Tournament Theory, Social Comparison Theory