我国能源化工企业高管薪酬与企业绩效关系研究

Research on the Relationship of Executive Compensation and Enterprise Performance in Energy Chemical Enterprises

为进一步了解能源化工企业高管薪酬与企业绩效的关系,特选取我国95家国有能源化工企业2010—2014年高管薪酬与企业绩效等数据进行分析。结果发现:能源化工企业高管报酬与企业绩效存在"U"型关系,但高管薪酬低时,则高管薪酬与企业绩效之间不存在相关性。与地方控股能源化工企业相比,中央控股能源化工企业高管薪酬激励效果较好;相较于第一大股东或其他九大股东群体对企业绩效的影响,前十大股东群体对企业绩效的推动作用更强,因此,促进前十大股东之间的整体行为更能提升企业绩效。

In order to understand the relationship of executive compensation and enterprise performance, the paper analyzes some data of executive compensation and enterprise performance from 95 state - owned energy chemical enterprises during 2010 to 2014. The results show that there exists U relationship between executive compensation and enterprise performance in China energy chemical enterprises, but when executive compensation is low, there is no any correlation between both of them;when compared with the companies owned by local government,there is better incentive effect in the executive compensation of stated - owned chemical enterprises ; in addition, the group of top ten shareholders have stronger promoting effects on enterprise performance than the first shareholder or the group of other nine shareholders. Therefore, propelling the integral behavior of top ten shareholders group can improve enterprise performance.