商业经济与管理
商業經濟與管理
상업경제여관리
Business Economics and Administration
2015年
7期
34~45
,共null页
证券分析师关注 薪酬业绩敏感性 职业声誉 产权性质
證券分析師關註 薪酬業績敏感性 職業聲譽 產權性質
증권분석사관주 신수업적민감성 직업성예 산권성질
securities analyst coverage; compensation-performance sensitivity; professional reputation; nature of property right
文章以2002-2012年我国沪深两市A股上市公司为样本,实证检验分析师关注对薪酬业绩敏感性的影响。研究发现,分析师关注显著提高了薪酬业绩敏感性,在一定程度上发挥了外部监督作用。进一步研究表明,明星分析师关注对薪酬业绩敏感性的影响更为显著;相对于民营企业,分析师关注对国有企业薪酬业绩敏感性的影响程度更大。本文的研究为分析师关注对公司治理的影响研究提供了增量证据,同时对完善薪酬激励契约具有参考价值。
文章以2002-2012年我國滬深兩市A股上市公司為樣本,實證檢驗分析師關註對薪酬業績敏感性的影響。研究髮現,分析師關註顯著提高瞭薪酬業績敏感性,在一定程度上髮揮瞭外部鑑督作用。進一步研究錶明,明星分析師關註對薪酬業績敏感性的影響更為顯著;相對于民營企業,分析師關註對國有企業薪酬業績敏感性的影響程度更大。本文的研究為分析師關註對公司治理的影響研究提供瞭增量證據,同時對完善薪酬激勵契約具有參攷價值。
문장이2002-2012년아국호심량시A고상시공사위양본,실증검험분석사관주대신수업적민감성적영향。연구발현,분석사관주현저제고료신수업적민감성,재일정정도상발휘료외부감독작용。진일보연구표명,명성분석사관주대신수업적민감성적영향경위현저;상대우민영기업,분석사관주대국유기업신수업적민감성적영향정도경대。본문적연구위분석사관주대공사치리적영향연구제공료증량증거,동시대완선신수격려계약구유삼고개치。
By taking A-share listed companies in Shanghai and Shenzhen from 2002 to 2012 as sample,this paper empirically tests the impact of the analyst coverage on the compensation-performance sensitivity. The results show that analyst coverage significantly increases compensation-performance sensitivity and plays an important role in external supervision to a certain extent. Further study suggests that famous analyst coverage can impose a greater influence on compensation-performance sensitivity,and the influence of analyst coverage on compensation-performance sensitivity in state-owned companies can be greater than that in private companies. This research can offer incremental evidence to the research of the impact of analyst coverage on corporate governance and provide valuable reference for the improvement of compensation-incentive contract.
