高管薪酬与企业业绩相关性的影响因素分析——基于股权结构、行业特征及最终控制人性质的经验证据

The Influence Factors of Compensation Scheme of Top Managements and Financial Performance——Empirical Evidences Based on Factors of Stock Structure,Industry Characteristics and Ultimate Owners

本文在文献回顾的基础上,构建经验模型,采取一阶差分的方式,从股权结构、行业特征及最终控制人性质三个方面,着力分析上市公司高层管理当局的现金薪酬变动与企业绩效变化之间的相关性。研究发现,股权结构的因素方面,在ROE、ROA、TQ与股东财富OF这四个指标中,本期与前期ROE与ROA增加均会使高层管理当局的薪酬有所增加,而且ROA的解释能力在四个指标最强。行业特征回归结果表明,两职合一因素会导致高层管理当局的薪酬增加。上年度ROA的变化对于高层管理当局薪酬的影响方向不尽相同,国有性质上市公司为正,而民营性质上市公司则为负。

Based on literatures review, the paper constructs empirical model using first - order difference. The paper analyses the relevance between compensation schemes of management and the performance of public listed companies from shareholder structure, the features of industry and the character of ultimate controller. The paper discovers that from shareholder structure perspective, during the four indexes including ROE, ROA, TQ and owner fortune（OF）, the increase of ROE and ROA of current period and last period will add compensation schemes of management, and ROA has strongest explaining power. The regressions based on different industries show that combination of chairman of the board and general manager will result increase of compensation schemes of management. Last period change of ROA brings different influence to compensation schemes of management, for state-owned listed companies, the influence is positive, and for the private-controlled listed companies, the influence is negative.