【作者】 李俊；

【导师】 李映东；

【作者基本信息】 西南财经大学 ， 企业管理， 2010， 硕士

【摘要】 高管人员作为企业的决策者和执行者,在企业中具有举足轻重的地位。可以说企业成败的命脉往往掌握在高管人员手中。那么如何能够调动高管人员的积极性使其尽其全力为企业服务呢?对高管人员的激励无疑是一个突出的问题。其中,薪酬作为激励高管人员最重要的手段,一直是学者们讨论的热点。合理的薪酬激励机制有利于高管人员积极、忠诚地履行职能,有效避免其流失或发生短期行为等消极现象。因此研究什么在左右高管人员的薪酬,即高管薪酬影响因素这一问题具有重要意义。与国外研究相比,国内现有研究以规范性研究居多,实证研究较少；而且已有的研究对具体因素综合考虑不足,还有一些有价值的因素没有深入研究；此外,以往的研究角度多定位于全体或具体行业上市公司,较少研究特定区域。本文将研究视角置于四川上市公司,以期在前人研究的基础上对高管薪酬影响因素进行更深入的探索,并对完善四川上市公司的高管薪酬激励机制提出针对性的建议。目前关于四川上市公司高管薪酬影响因素的研究尚未出现,这也是本文研究的起因。本文选用2006—2008年在中国沪深两市的所有四川上市公司为研究样本,借助SPSS统计软件对样本公司的高管薪酬影响因素进行实证研究。实证研究发现：1、四川上市公司高管薪酬存在如下特征：高管平均薪酬水平呈逐年上涨的趋势且上涨幅度较大；高管薪酬总体水平仍然偏低；高管持股比例和有高管持股的公司比例呈逐年递增的趋势；公司治理对高管薪酬有重大影响。2、四川上市公司高管薪酬与公司规模、公司业绩、是否有薪酬委员会以及高管持股比例呈正相关关系,与两职兼任呈负相关关系；公司负债、公司成长性、高管年龄、国有股比例、独立董事比例、股权集中度对四川上市公司高管薪酬的影响不显著。3、四川上市公司高管薪酬受到多种因素的影响。通过对高管薪酬影响因素的多元线性模型进行回归分析,发现薪酬影响因素重要程度的排序依次是：公司规模、公司业绩、两职兼任、是否有薪酬委员会、高管持股比例。4、不同激励制度下的四川上市公司高管薪酬与公司业绩的关系存在明显的差异。建立了薪酬绩效激励制度的公司其高管薪酬受业绩的影响程度的确要高于尚未建立的公司,且与总体样本相比变量是否有薪酬委员会不再显著；未建立薪酬绩效激励制度的公司其高管薪酬受业绩影响的程度不显著,其他高管薪酬影响因素与总体样本差异不大,但各个变量对高管薪酬的影响程度有所不同。本文共分为六个部分：第一章导论部分主要介绍了本文的研究背景、研究目的和意义、研究方法、研究框架和内容、相关概念的界定以及创新点。第二章文献综述部分主要从国外和国内两个方面对高管薪酬影响因素的研究文献进行梳理,并对研究文献进行总结。第三章理论基础和研究假设部分主要构建了本文的理论基础,并提出了相关假设。第四章实证研究设计部分主要叙述了数据的收集和处理、变量指标的选择,以及实证分析模型的选择。第五章实证检验和分析部分主要包括了对总体样本的变量指标的描述性分析、相关性检验、回归结果及检验分析,并对比分析了不同激励机制下高管薪酬的影响因素。第六章结论和建议部分对本文的研究结果进行了综合阐述,并且结合研究过程中发现的问题,提出了相关的改进意见,文章最后还介绍了本文的研究局限性及未来可以改进的地方。本文的贡献主要集中在以下几点：1、本文在总结前人研究的基础上,通过系统分析综合考虑了公司特征、高管特征和公司治理结构这三个方面的影响因素,在一定程度上避免了之前的多数研究偏重于对某项或某类因素进行考察,往往忽视其它一些有价值因素的问题,具有重要的学术价值。2、本文在具体指标的选取上也有所创新。针对国内上市公司薪酬委员会的设立,本文将其作为公司治理结构方面的一个虚拟变量纳入到模型中,分析其是否在制定高管薪酬时发挥了积极的作用,这对于检验薪酬委员会是否发挥了其应有的作用具有重要的参考价值。3、本文在研究角度上也有所创新,本文按不同的激励机制将样本分为两类,一类是采取薪酬与绩效挂钩激励制度的公司,另一类是没有采取薪酬与绩效挂钩激励制度的公司,然后研究采用这两种不同激励机制的公司其高管薪酬的影响因素是否存在差异。本文的不足之处在于：1、在研究样本上,本文的整体样本量还是相对有限。另外,虽然本文选择了2006-2008年的数据,但没有做时间序列分析,这主要是由于样本量太少,各年度数据的回归分析效果不理想。在数据的收集上,由于目前国内上市公司在财务数据及高管报酬数据的收集和整理方面存在着诸多的不规范之处,因而会对最终的分析结果造成不可避免的影响。2、在研究变量的选择上,本文还存在遗失变量的问题。虽然本文的变量已经涉及了公司特征、高管特征、公司治理结构等方面,但是由于一些变量不可量化以及有些数据收集困难,遗失变量的存在不可避免。3、在研究模型上,本文只采用简单的多元线性回归模型,没有考虑到部分解释变量与高管薪酬之间可能存在非线性关系。未来的研究方向：1、随着理论和实践的发展,变量的拓宽和衡量指标选择,是今后研究的一个方向。将一些变量纳入新的研究之中或对变量采用不同的衡量指标,有可能对现有的实证研究结果有所突破。2、随着国内股市的发展,在可选样本较多的情况下,可以采用时间序列数据进行对比性研究,探索一些新的问题。3、国内市场制度还不够完善,信息可信度还不够高,这使我们掌握的情况可能会和实际存在一定的差异,随着市场制度的完善,信息披露质量的提高,今后的实证研究可以对这一问题进行完善。4、本文只是对高管现金薪酬即短期激励的影响因素进行研究,随着股票期权制度在上市公司中不断普及,以后的研究可以将股票期权纳入高管人员薪酬的范围,展开相关研究。更多还原

【Abstract】 As decision makers and performers of companies, executive play an very important role in the enterprise. It can be said that the lifeblood of business rests in executive. How can we mobilize the enthusiasm of executive to do their best for the business? The incentive for executive is undoubtedly an outstanding problem. Among them, compensation incentive as a most important mean to motivate executive has been a hot discussion for scholars. A reasonable compensation incentive mechanism can effectively improve the working enthusiasm and efficiency of executive, avoid agency failure, brain drain and other negative phenomena. Therefore, studying the impact factor of executive compensation has great significance.Compared with abroad research, some problems still exist in domestic research, most of them are normative research, empirical research only take a small part; On the other hand, some characteristic factors are not considered simultaneously, including some worthy factors; In addition, previous research position in all listed companies or specific industry, fewer study specific Area. This thesis will place perspective on the Sichuan listed companies, with a view to have a more in-depth exploration on the factors affecting the executive compensation on the basis of the previous studies, and propose some targeted recommendations for the establishment of executive compensation incentive mechanism of Sichuan listed companies. There is no such study about executive compensation incentive of Sichuan listed companies at present, that is why the paper studies.This thesis selected 2006-2008 Sichuan companies listed in Shanghai and Shenzhen as a sample, using SPSS software to make an empirical analysis of contributing factors of executive compensation. The outcome indicates that:1. Executive compensation of Sichuan listed companies exist the following characteristics:The average of executive compensation showed upward trend and rose by a big margin; The overall level of executive compensation is still low; The shareholding of executive and the proportion of companies which have given share to executive were increasing in recent years; Corporate Governance has a significant impact on executive compensation.2. Executive compensation of Sichuan listed companies has a positive correlation with corporate performance, enterprise scale, whether there is a remuneration committee and the shareholding of executive, and it has a negative correlation with duality of CEO and chairman; Corporate liabilities, the growth of corporate, the age of executive, the shareholding of State, the proportion of independent directors, centralization of equity have not significant impact on executive compensation.3. Executive compensation of Sichuan listed companies is affected by many factors. We found the sequence of contributing factors of executive compensation by multiple linear regression model:enterprise scale, corporate performance, duality of CEO and chairman, whether there is a remuneration committee, the shareholding of executive.4. Under different incentive mechanism, the contributing factor of executive compensation has some differences. The most significant difference is the relationship of executive compensation and corporate performance.There are 6 parts in this paper:Part 1 is a brief introduction of background and purpose of this study, the main content including theoretical basis and research method, as well as the framework and contribution.Part 2 is the summary of related literature. It reviews previous research on contributing factors of executive compensation.Part 3 is the theoretical analysis on Principal-agent Theory, Managerialism, Motivation theory, Human resource theory and Property right theory, and thus make relevant assumptions.Part 4 described some of the major collection and processing of date, the selection of indicators, as well as the choice of empirical analysis model.Part 5 includes a descriptive analysis of a sample of the variable indicator, correlation analysis, regression results and tests and analysis, and comparative analysis of contributing factors of executive compensation under the different incentive mechanism.Part 6 includes the conclusion and suggestion. It expatiates the research conclusions, puts forward the suggestions. At last, it mentions the limitations in this paper and areas for further study.The main contributions are as follows:There are 11 key variables from different aspects;Makes the establishment of compensation committee a dummy variable to check whether the compensation committee plays an effective role; According to different samples of the incentive mechanism, we divided into two categories. Then found that under different incentive system, the contributing factor of executive compensation has some differences.There are inevitable some limitations in this paper. Firstly, The number of samples is still relatively limited, we does not do time series analysis because there are many irregularities in date collection, and thus the final results of the analysis would result in the inevitable impact. Secondly, this study had the problem of missing variables. Third, we only use the simple multiple linear regression model.The future research:1. With the development of the theory and practice, broadening variables and choosing the more appropriate indicators are one of the direction for future research.2. With the development of domestic stock market, time-series data can be used to conduct comparative studies in the case of more and more selectable sample.3. With the improvement of the market system and the quality of information, future empirical research on this issue can be improved.4. As the system of stock option in listed companies continue to spread, stock options could be incorporated into the scope of executive compensation.更多还原