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金融关联与高管薪酬业绩敏感性——基于我国民营企业的实证研究 被引量:6

Financial Connection and Executive Compensation Performance Sensitivity: Empirical Study on Chinese Private Enterprises
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摘要 以我国2007—2012年1638个A股民营上市公司样本为研究对象,实证分析金融关联与高管薪酬业绩敏感性的关系。结果显示,存在金融关联的企业高管薪酬水平显著高于不存在金融关联的企业,而且前者获得超额薪酬的概率也高于后者。进一步研究发现,存在金融关联的企业薪酬业绩敏感性要弱于不存在金融关联的企业,但是随着第一大股东持股比例的上升,金融关联对于薪酬业绩敏感性的负面影响程度在下降。研究结论表明,金融关联显著影响了我国民营企业的薪酬机制与薪酬契约,但是股东治理的介入有助于缓解金融关联对于薪酬契约的影响。 By using 1638 A-share listed private enterprises during 2007-2012 in China,this paper empirically researches on relationship betw een financial connection and executives compensation performance sensitivity in private enterprise. The study has found that private firms w ith financial connection have higher pay than non-financial connection firm,and the probability of the former to obtain excess compensation is significantly higher. Further research also find that the performance is less sensitive to pay in financial connection firm,how ever,w ith the largest shareholder’s equity ratio increasing,the negative impact of financial connection on compensation performance sensitivity significantly declines. The findings indicate that financial connection has an important impact on private enterprise’ pay contract and pay system,but the interference of shareholder governance helps mitigate the impact of financial connection.
作者 邓建平 陈爱华 饶妙 DENG JlanPing;CHEN AiHua;RAO Miao(Xiamen National Accounting Institute,Xiamen 361005;Jimei University,Xiamen 361021)
出处 《财贸研究》 CSSCI 北大核心 2018年第10期98-110,共13页 Finance and Trade Research
基金 福建省社科规划项目"福建省家族企业传承模式选择的动因及其治理效率研究"(FJ2015C133) 厦门国家会计学院云顶课题"货币政策 银企关系与企业的财务行为研究"(YD20180103)
关键词 金融关联 薪酬契约 民营企业 financial connection pay contracts private enterprise
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