高管薪酬与经营业绩关系研究——基于沪、深A股市场制造业上市公司的经验数据

Study on relationship between executive compensation and corporate performances——Based on the listed companies of Chinese manufacturing industry

以沪深两市制造业上市公司为研究对象,采用联立方程和主成分分析法,对我国上市公司高管薪酬与企业经营业绩之间的相关性进行了实证分析.主要结论是:1薪酬的增加会提高公司业绩,但并不是较为显著,2随着公司业绩的增加会显著增加管理层的薪酬,3前两者的结论并不是完全对称的.上述结论为完善我国上市公司激励机制提供实证参考依据.

This paper studies the relationship between executive compensation and corporate performance by using simultaneous equations and principal component analysis. The samples are mainly derived from the listed companies in Chinese manufacturing industry. The result shows that the increase of executive compensation can improve corporate performance,but not significantly.Moreover,the rise of corporate performance will largely increase the executive compensation. But the two conclusions are not completely symmetrical. This paper provides an empirical evidence for perfecting incentive mechanism for Chinese listed companies.