会计稳健性对薪酬业绩敏感性的影响研究——来自民营房地产上市公司的经验证据

Research into Impact of Accounting Conservatism on Sensitivity of Management Compensation: A Case Study of Private Real Estate Listed Companies

以会计稳健性为视角,选取57家民营房地产上市公司2009-2013年年报数据,运用分组回归和面板数据回归分析方法进行实证研究。结果显示,以资产净利率和每股收益度量的高业绩组的高管薪酬与企业业绩正相关,而以营业利润率度量的高管薪酬与企业业绩负相关;以3种指标度量的低业绩组的高管薪酬与企业业绩的相关性均不显著。房地产企业的会计稳健性对薪酬业绩敏感性具有一定的调节作用,能提高高管薪酬对以营业利润率和每股收益度量的企业业绩的敏感性,但是降低了高管薪酬对以资产净利率度量的企业业绩的敏感性。

From the perspective of accounting conservatism,the paper selects 57 private real estate listed companies ' annual data from 2008 to 2013 and uses the analysis methods of grouping regression and panel data regression to do empirical research. The result shows that,the management compensation of high performance group measured by ROA or EPS is positively related to the corporate performance,while the management compensation measured by ROP is negatively related to the corporate performance. And the management compensation of low performance group measured by those three measures has no significant correlation to the corporate performance.Therefore,the accounting conservatism of the real estate companies has certain regulation on the sensitivity of compensation performance, which can enhance compensation- performance sensitivity measured by ROP or EPS,while reduce compensation- performance sensitivity measured by ROA. It is indicated that robust accounting principle has the risk of being abused by the management in order to improve their salaries under the premise of improved performance.