股票回购对高管薪酬激励水平影响的实证研究

Empirical Research on the Impact of Stock Repurchase on the Level of Executive Compensation Incentive

研究实证检验了2007—2017年A股上市公司股票回购对高管薪酬激励水平的影响,发现股票回购作为管理层传递信息的方式之一,可通过企业业绩、股价等渠道影响高管薪酬激励水平。股票回购数量越大,高管薪酬激励水平越高,二者呈显著正相关;按企业产权性质分组检测发现,非国有企业股票回购对高管薪酬激励呈显著正相关,而国有企业并不显著;企业业绩在股票回购对高管薪酬激励影响中发挥部分中介效应。

The research has empirically tested the impact of stock repurchases on A-share listed companies from 2007 to 2017 on the level of executive compensation and incentives.The study found that stock repurchase,as one of the methods for managers to transmit information,can affect the level of the executive compensation incentive through channels such as enterprise performance and stock price.The greater the number of stock repurchase,the higher the level of executive compensation incentives,and there is a significant positive correlation between them.The group property testing of corporate property found that significant positive correlation exists only in non-state-owned enterprises,but not in state-owned enterprises.In addition,it is also found that corporate performance plays a part of the intermediary effect in the impact of stock repurchases on executive compensation incentives.