高管薪酬与公司绩效关系研究——以房地产行业上市公司为例

The Research on Relationship of Executive Compensation and Company Performance——Take the real estate industry listing companies as an example

高层管理者的薪酬与公司绩效一直都是学术界和社会界关注的焦点,针对房地产此行业近几年出现的较大幅度的高层管理者的薪酬波动性,本文对高管的薪酬与绩效之间的关系进行了详细的实证分析。研究结果显示,高管的薪酬与企业绩效之间存在U型关系;且随着公司规模的不断扩大,高管的薪酬会增多,但是公司的绩效反而降低;股权集中度的提高有利于提高公司绩效,但是企业的产权性质对绩效的影响力度有限,因此,公司建立合理有效的薪酬—绩效契约对提高公司绩效具有重要的作用。

Executive compensation and company performance have always been the focus of the academic circles and social world, according to the substantial salary volatility of executives in real estate industry during recent years. This research samples was selected from 146 A-share listed companies in Shanghai or Shenzhen Stock Exchange. Company size, ownership concentration, property rights and level and so on are controlled in order that the relationship between executive pay and company performance can be analyzed. The results show that there exist a U-shaped relationship between executive compensation and corporate performance that there is a negative effect on corporate performance when the executive pay is blow a certain level, there is a positive effect on corporate performance until it is above a certain degree which is different from previous outcome of a simple linear and U-shaped relationship. And as company scale is increasing, executive compensation will be raised, however, the company performance will be lowered. Although company performance can be improved with the increasing of ownership concentration, the impact of the nature of property right on the performance is limited. Therefore, establishing a reasonable and effective compensation- performance contract plays a vital role in enhancing corporate performance.