北京工商大学学报:社会科学版
北京工商大學學報:社會科學版
북경공상대학학보:사회과학판
JOURNAL OF TECHNOLOGY AND BUSINESS UNIVERSITY
2015年
3期
111~117
,共null页
国有企业 高管薪酬 企业分红 企业绩效 联立方程模型
國有企業 高管薪酬 企業分紅 企業績效 聯立方程模型
국유기업 고관신수 기업분홍 기업적효 련립방정모형
state-owned enterprises (SOEs) ; executive compensation; corporate dividends; enterprise performance; simuhaneous equation model
文章基于国有企业产权改革的视角,选取2006—2013年我国国有企业上市公司的数据,建立联立方程模型,实证分析了高管薪酬、企业分红与企业绩效的关系,并将高管薪酬分为显性薪酬和隐性薪酬两个部分。研究结果显示,显性薪酬在一定程度上起到了激励高管提高企业价值的作用,显性薪酬对企业分红有较积极的影响。同时,隐性薪酬也对企业分红产生积极影响。最后,在协调经理人与股东利益的基础上,对企业激励机制与约束机制的设计提出了相关政策建议。
文章基于國有企業產權改革的視角,選取2006—2013年我國國有企業上市公司的數據,建立聯立方程模型,實證分析瞭高管薪酬、企業分紅與企業績效的關繫,併將高管薪酬分為顯性薪酬和隱性薪酬兩箇部分。研究結果顯示,顯性薪酬在一定程度上起到瞭激勵高管提高企業價值的作用,顯性薪酬對企業分紅有較積極的影響。同時,隱性薪酬也對企業分紅產生積極影響。最後,在協調經理人與股東利益的基礎上,對企業激勵機製與約束機製的設計提齣瞭相關政策建議。
문장기우국유기업산권개혁적시각,선취2006—2013년아국국유기업상시공사적수거,건립련립방정모형,실증분석료고관신수、기업분홍여기업적효적관계,병장고관신수분위현성신수화은성신수량개부분。연구결과현시,현성신수재일정정도상기도료격려고관제고기업개치적작용,현성신수대기업분홍유교적겁적영향。동시,은성신수야대기업분홍산생적겁영향。최후,재협조경리인여고동이익적기출상,대기업격려궤제여약속궤제적설계제출료상관정책건의。
From the perspective of property right reform of state-owned enterprises (SOEs) ,this paper explores the interaction effects among executive compensation, corporate dividends and enterprise performance of SOEs, in which a simultaneous equation model is established by selecting the data of SOEs in the years from 2006 to 2013. Further, executive compensation is divided into dominant compensation and implicit compensation. The results show that the dominant compensation, to a certain extent, has the effect of the incentives to enhance corporate value, which also has a positive effect on corporate dividends. At the same time, the implicit compensation also have a positive effect on corporate dividends. Finally, by coordinating the conflict of interest between managers and shareholders, it puts forward the scientific policy recommendation and implementation scheme to design SOEs' incentive mechanism and constraint mechanism.