民营上市公司产业多元化、企业绩效和高管薪酬的相关性研究

Privtae listed company industry multilization,enterprise performance and manager salary's relative research

选取截至2008年底的107家深圳中小企业板上市的民营公司作为研究样本,对民营上市公司产业多元化、企业绩效和高管薪酬之间的关系进行了研究。采用了赫芬达尔指数法对产业多元化进行分类,并进一步对其相关性进行实证分析,研究表明:民营上市公司高管薪酬与企业绩效和公司资产规模存在显著正相关关系;而民营上市公司产业多元化与高管薪酬的正相关关系并没得到实证支持;产业多元化对高管薪酬与企业绩效之间的关系有调节作用也不具有显著影响。本研究对民营上市公司高管薪酬改革提供相关指导。

This paper has studied the relationship among industrial diversification of private listed com-panies,firm performance and executive compensation by selecting the sample of 107 private listed companies in Shenzhen SME board by the end of 2008.Then the paper has proved the relevance by classifying industrial diversification by Herfindahl index further.The finding shows that there is a significant positive relation-ship among executive compensation,firm performance and company asset.Moreover,the positive relationship between industrial diversification of private listed companies and executive compensation have not been supported empirically;the regulatory role of industrial diversification has not significant impact on the relationship between executive compensation and firm performance.The research provides relevant guidance to the reform of executive compensation in private listed companies.