上市公司高管薪酬、股利分配与公司业绩关系研究

Relationships of Executive Pay,Dividend Distribution and Company Performance in Listed Companies

在分析高管薪酬、股利分配和公司业绩相关理论的基础上,选取信息技术行业75家上市公司披露的2010年年报数据为样本,实证分析了三者之间的关系。研究发现,高管的短期薪酬对公司业绩有促进作用,而长期薪酬对公司业绩影响不显著;高管的短期薪酬和长期薪酬均与股利分配有显著的正相关关系;股利分配与公司业绩相关性显著性不强,仅转增送股率与托宾Q之间存在一定相关。

Based on the analysis of executive pay, dividend distribution and company performance, the data samples in the 2010 annual report of 75 listed IT companies are used to conduct an empirical analysis of the relationships among the three elements. It found that short-term executive remuneration promotes company performance while there is insignificant impact on company performance for long-term remuneration. Both the short-term and long-term executive pay have a significant positive correlation with the dividend distribution though the dividend distribution has little relevance to company performance and only the conversed bonus shares rate and Tobin＇s Q have some relevance.