旅游上市公司高管薪酬与企业绩效研究

Executive Compensation of Listed Tourism Companies and Corporate Performance

选取2009—2013年符合筛选条件的23家旅游上市公司的115个样本,通过引入控制变量(企业规模、资产负债率、首席执政官兼任情况、企业性质),研究高管团队薪酬与企业绩效的关系。结果发现:旅游上市公司的高管团队薪酬总额与企业绩效不存在相关关系,而公司规模与企业绩效显著正相关;高管团队内部薪酬差距与企业绩效显著正相关。提出应健全薪酬激励体系,重视扩大高管内部薪酬差距,正确运用锦标赛理论等建议。

Taken from 23 listed tourism companies that met the filter conditions during 2009-2013,115 samples were collected to study the relationship between executive compensation and corporate performance with the control variables of corporate size,assets liabilities ratio,concurrent posts of chief executive officer and corporate nature. The empirical results showed that the total compensation of executive management and corporate performance did not have correlation while the corporate size and the firm performance had significant positive correlation,and that the pay gaps within executive management were in significant positive correlation with the corporate performance. The paper puts forward that tourism firms should improve the incentive pay system,widen the pay gaps within executive management,and apply the Tournament Theory correctly.