高管报酬、行为选择与公司绩效——基于中国上市公司的经验数据

Executive Remuneration,Behavior Choice and Corporate Performance——An Empirical Study Based on Data of Listed Companies in China

本文以2007～2010年沪深A股上市公司为样本,运用结构方程模型,实证分析了高管年薪和股权激励对投资和在职消费行为的影响,以及投资和在职消费行为对公司绩效影响的关系路径。研究发现,增加股权报酬能够激励高管增加投资和减少在职消费,进而提高公司绩效;增加年薪报酬却刺激高管增加在职消费和减少投资,进而降低公司绩效等。

Based on data of Chinese A-share listed companies 2007 -2010 and using structure equation model, this paper makes an empirical study on path relationships that executives annual salaries and holding-shares influence execu- rives investment and on-the-job consumption behaviors, and executives investment and on-the-job consumption behaviors influence the corporate performance. This research comes to conclusions that increase of executives holding-shares can in- crease corporate performance by stimulating executives to reduce consumption and increase investment, while increase of executives annual salaries can reduce corporate performance by stimulating executives to increase consumption and reduce investment.