国有企业高管薪酬与企业绩效关系分析

An Analysis between Senior Managers' Salary and Performance of State-owned Firms

基于752家国有上市公司2007-2014年的面板数据,采用混合最小二乘估计模型、随机效应模型以及固定效应模型,对国有上市公司高管薪酬与公司业绩、公司规模的关系进行实证分析。研究结果表明:(1)公司业绩与高管薪酬呈显著的正相关关系,但会受到行业差异的影响;(2)公司规模越大,相应的高管薪酬越高,但这一关系并不稳定;(3)另外,限薪令实施后高管薪酬与企业绩效的正相关更显著,限薪令的实施对规范国企高管薪酬起到了一定的积极作用。

This paper conducted an empirical analysis on the relative data of 752 listed firms from 2007 to 2014. The researches show that the relationship between senior managers＇ salary and firm＇s performance presents the direct ratio; the bigger the firms is, the higher the senior managers＇ salary is relatively; in addition, the limited pay order has a positive effect on them.