创业板上市公司高管薪酬、研发支出与企业价值相关性研究

A study of the correlation among the executives' remuneration of the listed companies on GEM,RD expenditure and enterprise value

2009年创业板市场的成立是为了促进高新企业的自主创新。本文对146家创业板上市公司的相关数据进行了实证分析,研究了高管薪酬、研发支出和企业价值之间相关性。实证结果表明,高管薪酬、研发支出、企业价值之间相互都为正相关关系,但高管薪酬与研发支出、研发支出与企业价值之间的相关性不是很强。最后根据回归结果,分析问题并提出对策和建议。

In order to promote independent innovation of high-tech enterprises,China established the Growth Enterprise Market( GEM) in 2009. This paper gives an analysis of the relevant data of 146 listed companies on GEM,studies the correlation among the executives' remuneration of the listed companies on GEM,RD expenditure and enterprise value. The results show that there exist positive correlations among them. But the positive correlation between the executives' remuneration and RD expenditure is not obvious; the same is true of the correlation between RD expenditure and enterprise value. The regression analysis reveals the existing problems and brings up some suggestions.