股权集中度、政治关联对高管薪酬业绩敏感性影响分析——基于创业板上市公司的实证研究

The Influence of Ownership Concentration and Political Connection on Senior Executive Pay-performance Sensitivity:Based on the Empirical Research of Listed Firms in GEM

构建了股权集中度和政治关联对高管薪酬业绩敏感性影响分析的研究框架,通过对2012-2014年创业板上市公司的实证研究,结论表明创业板上市公司股权集中度与高管薪酬业绩敏感性显著正相关;股权集中度对政治关联企业高管薪酬业绩敏感性具有显著影响,对非政治关联企业没有显著影响,并且政治关联程度越低,股权集中程度对高管薪酬业绩敏感性的影响越有效。这不仅丰富了影响薪酬业绩敏感性的因素研究,一定程度上也为公司治理提供了经验指导。

This paper builds a framework to research the influence of ownership concentration and political connection on senior executive pay-performance sensitivity and makes an empirical study on the data of listed firms in GEM from 2012 to 2014,concluding that the ownership concentration of listed firms in GEM has significant positive influence on senior executive pay-performance sensitivity; the ownership concentration has remarkable influence on senior executive pay-performance sensitivity in listed firms with political connection and has no remarkable influence on that in listed firms with no political connection,but for those listed firms with political connection,the lower the level of political connection is,the more effective influence ownership concentration has on senior executive pay-performance sensitivity.This research enriches the study on the factors influencing pay-performance sensitivity and provides experience and reference for corporate governance to some extent.