高级管理层薪酬与公司绩效的实证研究——基于中小企业板公司2006～2008年面板数据分析

An Empirical Study on Senior Managers' Salary and Corporate Performance——Based on the Panel Data of SMEs Board from 2006 to 2008

试图克服以往研究的不足，采用2006～2008年的面板数据对中小企业板上市公司高级管理层薪酬与公司绩效的相关关系进行实证研究后发现：（1）高管货币报酬水平偏低，呈现逐年提高的趋势；高管持股水平较高，但出现减持行为；股票期权激励水平很低，大部分公司无正式的股票期权激励计划。（2）中小企业板公司绩效整体优于同期A股上市公司水平，公司规模逐年增大。（3）高管货币报酬、持股比例与公司绩效在不同程度上具有正向关系，且与上一期公司绩效的正向关系效果更加显著；而股票期权计划没有达到预期的效果。（4）高管货币报酬与持股比例有显著的负向关系，与公司规模存在显著的正向关系。

In order to overcome the shortcomings of previous studies, an empirical study is made on the correlations between senior managers＇ salary and corporate performance by using panel data from 2006 to 2008. The results show that （ 1 ） the monetary reward of senior managers is low but increases gradually by year; the share holding level of the managers is high, but they tend to hold less; the incentive level of stock option is low, and most companies have no formal stock option incentive plans. （2） The corporate performance of SMEs Board in general is better than A -share listed companies in the same period, and the scale of SMEs Board is expanding annually. （3） The monetary reward, share - holding proportion of senior managers and corporate performance positively correlated in different sense, and the correlation is more significant with corporate performance of last period; stock option plan has not attain the expected effect. （4） The monetary reward of senior managers negatively correlated with share holding proportion, but positively correlated with corporate scale significantly.