管理层激励与企业成长性研究

【作者】 高静；

【导师】 李伯圣；

【作者基本信息】 扬州大学 ， 会计学， 2016， 硕士

【摘要】 中国创业板市场自2009年10月30日成立以来,截至2015年12月31日,已经有492家公司在我国创业板市场进行上市运作,对创业板上市公司而言,是否具备成长性将直接决定企业能否持续发展,其中一个公司的治理结构在很大程度上会影响其成长性,而管理层激励是公司治理结构的重要组成部分,因此针对我国创业板上市公司,研究管理层激励与成长性之间的关系显得极为必要,一方面可以为管理层激励机制的建立提供新的视角；另一方面通过实证研究,能为管理层激励理论提供较为扎实的数据支持,进而有效运用激励措施,促进创业板上市公司更好的成长。通过文献检索发现：学者相对较多的研究管理者激励与企业绩效之间关系,且所选择的公司样本集中在主板与中小板,本文以2012年12月31日之前在我国创业板市场上市的公司为样本,以2012-2013年的面板数据为窗口,运用多元线性回归模型,对管理层激励与成长性之间的关系进行分析。在成长性变量的衡量指标上,本文从偿债能力、运营能力、盈利能力、发展能力、创新能力5个方面选取10项指标,试图建立评价指标体系,综合评价创业板上市公司的成长性,以避免单一财务指标的局限性。在管理层薪酬激励的回归分析中,按照国家对我国东西部的划分标准,将样本公司分为东部、中部、西部三个部分,按照对应的组别分别进行数据分析；在管理层股权激励的回归分析中,分为股权激励组与非股权激励组,分组进行实证研究。实证分析结果显示：公司成长性与管理层年度报酬显著正相关,并且在三个组别中均成立；公司成长性与管理层内部薪酬差距呈负相关关系,但仅仅在东部地区和中部地区的数据回归中显著；公司成长性与管理层持股比例显著正相关,但不同的组别中显著性水平有所差别；同时回归分析的结果显示,公司规模、财务杠杆、行业属性等因素都会对成长性产生一定的影响。通过本研究可以帮助创业板上市公司的利益相关者寻找并认清其内部治理方面存在的不足,并依据本文的理论基础和实证分析结果,提出一些可行的建议,如完善管理层激励相关的法律法规、改变管理层绩效考核机制、优化公司内部治理结构、适当提高管理层年度薪酬、合理分配管理层持股比例等,进而促进管理者创造良好的治理环境、帮助投资者寻找合理的投资机会、为政府建立良好的管理模式提供一定的参考。更多还原

【Abstract】 Since China GEM established on 30 October,2009, there has 492 companies listed on the GEM market as of December 31,2015; whether they have growth will directly determine the the sustainable development of the company, one of the company’s governance structure will largely affect its growth, and Management Incentives are an important part of the governance structure. So for the companies which have listed on the GEM, to research the relationship between the Management Incentives and growth is extremely necessary:on the one hand may provide a new perspective for the establishment of management incentive mechanism; On the other hand, through empirical research, we can provide a more solid data to support management incentive theory, and then use the incentives to improve the GEM company’s growth, prompting its growth.Through Literature Search,we found that:a relatively large number of scholars study the relationship between managers incentives and corporate performance, and the selected sample data focused on the motherboard and small plates; This paper chooses companies that listed on China GEM before December 31,2012 as samples, selects 2012-2013 panel data, uses multiple linear regression model, to analyze the relationship between management incentives and growth were analyzed.About the measure of growth variables, this paper selects 10 indicators in five areas,include solvency, operational capabilities, profitability, development, innovation, for evaluating the growth of companies listed on GEM, so as to avoid a single financial indicators. In the regression analysis of management compensation incentive,in accordance with the state of our eastern and western division standard, the sample company is divided into three parts of the eastern region, the central region, the western region, according to corresponding group to do data analysis respectively; In the regression analysis of management equity incentive, is divided into equity incentive groups and non-equity incentive group, then grouping research.The empirical results show that there is a significant positive correlation between the company’s growth and management of the annual remuneration, and these are set up in three constituencies; Company growth stake significant positive correlation with the Managerial Ownership Incentives, but significant level is different in different groups; Simultaneous regression analysis showed that corporate size, financial leverage, and other factors also have some influence on the company’s growth.Through this study, can help GEM listed company’s stakeholders find and identify the deficiency existing in the internal governance, and according to the results of the theoretical foundation and empirical analysis, can put forward some feasible suggestions, such as perfecting related laws and regulations, change management incentive performance evaluation mechanism, optimizing the company’s internal governance structure, improve the management appropriate annual compensation, reasonable allocation management shareholding, etc., and thus promote managers to create the good governance environment, help investors looking for investment opportunities, provide some reference for the government to establish a good management mode.更多还原