先进制造业上市公司高管薪酬对财务绩效的影响研究

Research on the impact of executive compensation on financial performance of listed companies in advanced manufacturing industry

高管薪酬对企业来说是一把双刃剑,一方面会增加企业的成本支出,降低企业利润;另一方面又有助于提高高管的工作热情,增加企业的经济效益。以先进制造业上市公司作为研究对象,选取150家企业2015—2018年的数据作为研究样本,采用多元线性回归分析方法,对高管薪酬占应付职工薪酬比重与财务绩效之间的关系进行研究。研究结果表明:先进制造业上市公司高管薪酬占应付职工薪酬比重与企业财务绩效之间存在"倒U型"关系,但不同规模、不同负债水平的企业"倒U型"拐点也会存在差异。研究结论旨在为企业确定合理的高管薪酬占比,发挥高管薪酬在企业财务绩效提升中的作用提供理论依据。

Executive compensation is a double-edged sword to the enterprise,it will increase the cost of the enterprise on the one hand,reduce the profit of the enterprise,but at the same time help to improve the enthusiasm of the executive,increase the economic benefits of the enterprise.Using the data of 150 companies from 2015 to 2018 as the research sample,this paper adopts the multi-regression analysis method.This paper studies the relationship between executive compensation and financial performance.The results show that there is an inverted U-shaped relationship between the proportion of executive compensation in the compensation of employees and the financial performance of the listed companies in advanced manufacturing industry.However,there are also differences in the turning point of inverted U-shape among enterprises of different sizes and different levels of debt.The purpose of this study is to determine the reasonable proportion of executive compensation for enterprises,and to maximize the positive energy of executive compensation in the promotion of corporate financial performance.