产权性质、考核指标和公司业绩——基于我国上市公司的经验视角

本文基于2007-2016年沪深两市上市公司《高级管理人员薪酬管理办法》提供的高管考核指标,实证检验了产权性质、考核指标和公司业绩的关系。研究发现:基于不同产权性质企业承担责任与目标的不同,国有企业相比于民营企业对财务指标重视不足;相比于非财务指标,高管考核指标中的财务指标对企业业绩促进作用更大。相比于非财务指标,财务指标对国有企业比对民营企业业绩促进作用更大。因此,企业应建立更客观的高管考核体系,并结合自身发展的实际情况及其管理目标来制定高管薪酬考核指标中的财务指标和非财务指标。

Based on the executive evaluation indicators data from the disclosed Senior Managers'Compensation Management Principles of Shanghai and Shenzhen listed companies from 2007 to 2016,this paper empirically tests the relationship among ownership,executive evaluation indicators and firm's performance.Based on the different responsibilities and goals of the firms of different ownership types,the results show that,compared to the private-owned listed firms,the state-owned listed firms pay less attention to the financial indicators.However,compared to the non-financial indicators,financial indicators of executive evaluation indicators significantly improve the firm's performance.Moreover,compared to the non-financial indicators,financial indicators in state-owned listed firms play a greater role in promoting the firm's performance than in private listed firms.Therefore,the state-owned listed firms should establish a more objective system of executive evaluation;firms should be combined with the actual situation and the management goal to develop financial indicators and non-financial indicators.