河南省煤炭上市公司高管薪酬与企业绩效关系研究

A Study on the Relationship between Executive Compensation and Corporate Performance of Listed Coal Companies in Henan Province

以河南省煤炭行业上市公司近五年的年报数据为样本,运用相关性分析和回归分析方法,对高管薪酬、高管持股比例及其他因素对公司绩效的影响进行研究。研究发现:高管薪酬与公司绩效存在正相关关系,高管的高薪收入有利于公司绩效的提高;高管持股比例与公司绩效之间仅存在微弱的正相关关系,高管持股比例偏低,影响公司的长远利益和发展。因此,应合理设计高管薪酬,适当增加高管持股比例,并建立职业经理人市场机制,以充分发挥对高管的激励与约束作用。

Taking the annual report data of the listed coal companies in Henan province of the recent five years as samples, this paper adopts the correlation analysis and regression analysis method to study the influence of executive compensation, share holding ratio of top management and other factors on the corporate performance. The study shows： there is a positive correlation between executive compensation and corporate performance which means the high salary income of executives is conducive to the improvement of the performance of the company; there is a weak positive correlation between the share holding ratio of top management and corporate performance, which means the low share holding ratio of top management exerts negative influence on the company＇s longterm interests and development. Therefore, the reasonable design of executive pay should he made, the share holding ratio of executives should be properly increased, and professional manager market mechanism should be established to give full play to both the incentive mechanism and the restraint mechanism over the executives.