上市公司业绩、资本市场特征与高管薪酬激励研究——以湖南上市公司为例

The Performance,Characteristics of Capital Market and Executive Compensation Incentive of Listed Companies in China——Taking Listed Company in Hunan Province as An Example

笔者以54家湖南上市公司2005年-2010年面板数据为样本,实证考察上市公司业绩、资本市场特征与高管薪酬激励制定的有效性,结果表明公司业绩、资本市场特征的提高有助于高管薪酬的提高.值得注意的是,上市公司主要依据当年的业绩来制定高管薪酬,资本市场上的“隐性激励”确实存在.

This paper takes six-year panel data of 2005 -2010 of 54 listed companies in Hunan as the sample and uses empirical test to fully investigate the performance, capital market characteristics and the executive compensation incentive of listed companies for the development. The empirical results show that performance, capital market performance improvement will help improve executive com- pensation. It is noteworthy that, listed companies mainly base on the performance of the year to develop executive compensation. The ＂hidden incentives＂ in the capital market really exists.