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本文在对国内外研究成果进行分析梳理基础上,基于薪酬激励的相关
理论,以25家酒类上市公司六年数据为研宄样本,利用平衡面板模型,
首先,引入大股东关系,分析前十大股东间的关系对高管薪酬的影响;其
次,构建酒类上市公司业绩评价体系;最后,重点研宄高管薪酬与企业绩
效之间的互动效应,大股东关系对薪酬一绩效敏感性的影响。研究显示,
企业综合绩效指标与高管薪酬无相关关系,我国酒类上市公司尚未建立以
综合绩效为评价标准的薪酬体系;一致行动人关系股东数目与髙管薪酬呈
显著负相关,说明^致行动人股东对高管薪酬具有一定的监督作用;高管
薪酬与大股东关系-企业绩效交互项显著正相关,表明在大股东关系的影
响下高管薪酬与绩效显著正相关,且敏感度提高
根据实证结果,本文提出完善薪酬激励机制、改善企业治理结构、加
强信息披露三个方面的建议
I
北京化工大学硕士学位论文
s
关键词:酒类上市公司,高管薪酬,企业绩效,大股东关系
II
ABSTRACT
AN EMPIRICAL STUDY ON THE RELATIONSHIP
BETWEEN MANAGERS＊ REMUNERATION AND
ACHIEVEMENT OF LIQUOR LISTED COMPANIES
IN CHINA
ABSTRACT
Listed companies in 2015, poor temple rich abbot - that is, the
company&39;s performance decline, executive pay is still rising situation still
\
exists. Whether executives&39; high incomes are improving the company&39;s
performance is questionable. Therefore, it is of great theoretical and practical
significance to study the interaction effect of executive compensation and
performance of alcoholic enterprises in improving the performance of Chinese
liquor enterprises and improving the incentive mechanism and governance
mechanism of alcohol enterprises.
Based on the analysis of research results at home and abroad, the relevant
theories of salary incentive, the paper analyzes the 25 listed companies&39; data
for six years, and uses the balanced panel model. First, the introduction of
large shareholder relationship, This paper focuses on the interaction between
executive compensation and corporate performance, and the influence of
major shareholder relationship on pay-performance sensitivity. In the end, the
relationship between executive compensation and executive performance is
in
北i化:1:人学硕士学位论文
analyzed. The results show that there is no correlation between the
comprehensive performance indicators and the executive compensation, and
the listed companies in China have not yet established a compensation system
with comprehensive performance as the evaluation standard. The number of
unrelated people is significantly negatively correlated with executive
compensation, The executive pay has a certain supervisory effect on the
executive compensation. The executive compensation has significant positive
correlation with the major shareholder relationship and the enterprise
performance interaction, which shows that the executive compensation and
performance are positively correlated and the sensitivity is improved under the
influence of the big shareholder relationship.
According to the empirical results, this paper puts forward three
suggestions to improve the compensation excitation mechanism, ameliorate
the company management structure, strengthen information disclosure.
Key words: alcohol listed companies, executive compensation, corporate
performance, the relationship between major shareholder
IV n录
目录
第一章绪论1.1研宄背景与意义1.1.1研宄背景 1
1.1.2研究意义 2
1.2研宄思路与方法1.2.1研究思路 2
1.2.2研宄方法 4
1.3本文的创新点第二章高管薪酬与企业绩效关系的理论基础与文献综述2.1相关名词解释2.1.1上市酒类企业2.1.2高级管理人员2.1.3 薪酬 8
2.1.4企业绩效 8
2.2薪酬激励相关理论2.2.1委托代理理论2.2.2最优契约理论2.2.3激励理论 10
2.2.4社会网络理论2.3国内外研究现状2.3.1高管薪酬影响因素的研究2.3.2构建企业绩效评价指标体系V
北京化:1:大学硕士学位论文
2.3.3高管薪酬与企业绩效的关系2.4研宄述评 15
第三章大股东关系对高管薪酬影响的实证分析3.1提出假设与选择变量3.1.1提出假设3.1.2变量的选取3.2面板数据模型3.2.1面板数据模型解释3.2.2构建平衡面板数据模型3.3样本与数据选择3.3.1样本选择
21
3.3.2数据的获取
21
3.4描述性与相关性统计分析
22
3.4.1描述性分析
22
3.4.2 Pearson 分析
26
3.5大股东关系对高管人员报酬影响的实证分析
27
3.5.1实证分析
27
3.5.2稳健性检验
29
3.5.3实证回归结果分析
29
第四章酒类上市公司业绩评价体系的选择
31
4.1酒类上市公司特征分析
31
4.2酒类企业绩效考评的原则和方法
32
4.3酒类企业绩效考评体系的确定
33
4.3.1基本指标与修正指标的内涵
34
4.3.2酒类上市公司业绩评价计分方法
36
VI
Myi
4.3.3酒类企业业绩考评得分结果
37
第五章大股东关系对高管薪酬-绩效影响的实证研究
39
5.1假设的提出、变量的选取与模型构建
39
5.1.1假设的提出
39
5.1.2变量的选取
40
5.1.3模型的构建
40
5.2酒类上市公司高管薪酬与绩效互动效应的实证分析
41
5.2.1高管薪酬决定模型的实证分析
41
5.2.2高管薪酬效应模型的实证分析
42
5.2.3大股东关系对薪酬-绩效敏感性影响模型的实证分析
43
第六章研究结论与相关建议
45
6.1研究结论 45
6.2相关建议 46
6.2.1完善酒类企业高管人员薪酬体系的设计
46
6.2.2健全酒类公司治理结构
47
6.2.3增加高管薪酬相关信息的披露
47
参考文献 49
雜 53
作者和导师简介
55
VII
CONTENTS
CONTENTS
Chapter 1 Introduction1.1 Research background and significance1.1.1 Research background1.1.2 Research significance1.2 Research framework and method1.2.1 Research framework1.2.2 Research method1.3 Innovations 5
Chapter 2: Theoretical Basis and Literature Review on the
Relationship between Executive Compensation and Firm
Performance 7
2.1 Definition of related concepts2.1.1 Alcohol listed companies2.1.2 Executives 7
2.1.3 Pay 8
2.1.4 Enterprise performance2.2 Compensation incentive theory2.2.1 Principal agent theory2.2.2 Optimal contract theory2.2.3 Motivation theory2.2.4 Social network theory2.3 Research status at home and abroadIX
北京化工人学硕士&39;7:位论文
2.3.1 Research on the influencing factors of executive compensation2.3.2 Construction of enterprise performance evaluation index system2.3.3 The relationship between executive compensation and firm performance2.4 Research ReviewChapter 3 Empirical Study on the Effect of Large Shareholder
Relationship on Executive Compensation3.1 The hypothesis and the selection of variables3.1.1 Put forward the hypothesis3.1.2 Variable selection3.2 Introduction and construction of panel data model3.2.1 Panel data model3.2.2 Construction of balanced panel data model3.3 Sample selection and data sources3.3.1 Sample selection
21
3.3.2 Data sources
21
3.4 Descriptive statistics and correlation analysis
22
3.4.1 Descriptive statistical analysis
22
3.4.2 Correlation analysis
26
3.5 An empirical analysis on the influencing factors of executive compensation of
liquor listed
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