商业研究
商業研究
상업연구
COMMERCIAL RESEARCH
2015年
8期
164-170
,共7页
高管薪酬%股权结构%负债水平%股权薪酬%货币薪酬
高管薪酬%股權結構%負債水平%股權薪酬%貨幣薪酬
고관신수%고권결구%부채수평%고권신수%화폐신수
executive compensation%share ownership structure%debt levels%equity compensation%monetary compensa-tion
本文通过对2008－2013年中小企业板上市公司股权、债务与高管薪酬之间关系进行实证分析，发现除了国有企业外，大股东持股比例与高管薪酬之间存在显著的非线性关系，而且随着大股东持股比例的增加，高管的货币性薪酬先下降后上升，股权薪酬先上升后下降，两者呈现出此消彼长的现象；债务水平与高管货币性薪酬为倒“U”型关系，企业规模、绩效等因素对高管薪酬也产生一定影响。
本文通過對2008－2013年中小企業闆上市公司股權、債務與高管薪酬之間關繫進行實證分析，髮現除瞭國有企業外，大股東持股比例與高管薪酬之間存在顯著的非線性關繫，而且隨著大股東持股比例的增加，高管的貨幣性薪酬先下降後上升，股權薪酬先上升後下降，兩者呈現齣此消彼長的現象；債務水平與高管貨幣性薪酬為倒“U”型關繫，企業規模、績效等因素對高管薪酬也產生一定影響。
본문통과대2008－2013년중소기업판상시공사고권、채무여고관신수지간관계진행실증분석，발현제료국유기업외，대고동지고비례여고관신수지간존재현저적비선성관계，이차수착대고동지고비례적증가，고관적화폐성신수선하강후상승，고권신수선상승후하강，량자정현출차소피장적현상；채무수평여고관화폐성신수위도“U”형관계，기업규모、적효등인소대고관신수야산생일정영향。
Based on the analysis of the relationship among company equity, debt and executive compensation of SME lis-ted companies, the article finds that:in addition to state-owned enterprises, there is a significant nonlinear relationship between the proportion of large shareholders and executive compensation; with the increased stake of the largest share-holder, executives′monetary compensation trends to rise after declining firstly and the equity compensation trends to down after rising firstly, and they present a reciprocal phenomenon;there exists an inverted“U” shaped relationship be-tween the level of debt and monetary executive compensation;firm sizes, performances and other factors have impact on executive compensation.
