股权分置改革后上市公司高管激励与企业绩效关系的实证研究

Empirical Research on the Top Manager's Incentive and Performance of Listed Enterprises After the Reforms of Split Share Structure

选取股改后实施高管激励机制的51家上市公司作为研究对象,运用SPSS15.0统计分析软件,采用因子分析方法,综合上市公司净资产收益率、总资产净利率、每股收益、主营业务收入增长率、资本积累率计算公司绩效得分,利用相关分析、回归分析检验股改公司高管人员激励与企业绩效的关系。研究结果表明,股权分置改革完善了上市公司治理结构,高管激励机制产生积极效应,提高了公司的绩效。高管人员股权激励效果显著强于薪酬激励。

Based on the sample of 51 listed enterprises which finished split share reform, the effect on the top manager＇s incentive and performance of listed enterprises was investigated, which utilizes factor analysis method to synthesize ROE,ROA, EPS,IPOS,IROE as performance of listed enterpriser scores and uses regression analysis to verify the relationship between the top manager＇s incentive and performance of listed enterprises by SPSS15.0 statistics analysis software. The results show that the reform of split share structure improves the structure of company, the top manager＇s incentive mechanism takes active effect and improves performance of listed enterprises. The effect of share incentive is better than salary incentive.