当代经济管理
噹代經濟管理
당대경제관리
Contemporary Economic Management
2014年
12期
25~30
,共null页
高管薪酬 影响因素 央企上市公司
高管薪酬 影響因素 央企上市公司
고관신수 영향인소 앙기상시공사
executive compensation; contributing factors; state-owned listed company
基于委托代理理论, 选择113 家国资委控股的央企上市公司2013 年的年报数据作为样本, 利用多元线性回归对高管薪酬影响因素进行实证研究.研究发现 净资产收益率和行业业绩水平对高管薪酬有显著的正影响; 营业利润增长率和财务风险因素对其有显著的负影响; 营业收入增长率、企业规模对其影响不显著.从实证的角度为合理确定高管薪酬提供决策依据, 并提出相关建议.
基于委託代理理論, 選擇113 傢國資委控股的央企上市公司2013 年的年報數據作為樣本, 利用多元線性迴歸對高管薪酬影響因素進行實證研究.研究髮現 淨資產收益率和行業業績水平對高管薪酬有顯著的正影響; 營業利潤增長率和財務風險因素對其有顯著的負影響; 營業收入增長率、企業規模對其影響不顯著.從實證的角度為閤理確定高管薪酬提供決策依據, 併提齣相關建議.
기우위탁대리이론, 선택113 가국자위공고적앙기상시공사2013 년적년보수거작위양본, 이용다원선성회귀대고관신수영향인소진행실증연구.연구발현 정자산수익솔화행업업적수평대고관신수유현저적정영향; 영업리윤증장솔화재무풍험인소대기유현저적부영향; 영업수입증장솔、기업규모대기영향불현저.종실증적각도위합리학정고관신수제공결책의거, 병제출상관건의.
Employing multiple linear regression model and the 2013 annual report data, the article empirically studied the contributing factors of Chinese state-owned listed companies＇ executive compensation within 113 SASAC holding listed companies. Results indicated that the executive compensation of the sampling companies has a significant positive correlation with the ROE and industry performance level ; it has a significant negative correlation with profit growth ratio and financial risk. The enterprise scale and business revenue growth rate have no obvious statistical relationship on executive compensation. From the empirical angle, the study provides a decision -making basis for reasonable compensation determination so as to have a good guiding role on the executive compensation by making recommendations to the improvement of the executive compensation system.
