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论文编号：	4320
作者编号：	2120102288
上传时间：	2012/6/7 0:48:02
中文题目：	中小民营上市企业高管薪酬影响因素的实证研究
英文题目：	Empirical Study of the Influencing Factors of Small and Medium Private Listed Enterprises in Executive Compensation
指导老师：	张玉利
中文关键字：	中小民营企业;企业业绩;高管薪酬
英文关键字：	Private SMEs;Enterprise performance;Executive compensation
中文摘要：	随着我国改革开放的不断深入，以及国家对民营经济的支持和鼓励，民营经济已经发展成为我国国民经济的主要组成部分。在众多的民营企业中，中小民营企业占了绝大部分，是促进我国经济发展的重要力量。中小企业板块的设立，为我国民营企业的发展提供了良好的融资平台，在中小企业板块中，民营上市企业占到80%以上，因此中小板块又常常被称为“民营企业板”。现代企业的一个重要特点是所有权和经营权的分离，这种模式带来了所有者和经营者之间的利益不一致，由此可能导致企业代理成本加大和经营风险的增大。为解决这一困境，需要对企业高层管理人员进行合理有效的激励。 本文在对相关文献研究的基础上，立足于中小民营企业高管的激励现状，结合高管激励机制理论，以中小民营上市企业为研究对象，结合我国中小民营上市企业的特点提出研究假设，通过描述性统计分析和多元线性回归分析等一系列的实证研究，并对实证结果进一步分析，探讨影响中小民营上市企业高管薪酬的主要因素，以期为完善我国中小民营上市企业高管激励机制提供有效建议。 通过研究本文得出以下四点结论：（1）企业业绩与高管薪酬之间存在显著的正相关关系，是影响高管薪酬的主要原因；（2）企业规模与高管薪酬之间显著正相关，企业规模越大，高管薪酬水平越高；（3）经济发达地区的高管薪酬水平相对较高；（4）股权集中度、独立董事比例加强了企业业绩与高管薪酬之间的正相关关系。（5）股权集中度、董事会规模并没有在董事会监督能力上得到很好的体现。经过以上分析，针对中小民营上市企业提出以下建议：（1）建立合理科学的高管激励机制；（2）辩证地看待股权集中问题；（3）完善企业董事会制度，保证独立董事的独立性。
英文摘要：	As the reform and opening-up policy is constantly carried out, along with the support and encouragement from the country, the private economy has developed into a major component of China’s national economy. Among the numerous private enterprises the private SMEs occupy the vast majority and play an important promoting role in the economic development. The SME Board, in which private enterprises share 80%, provides a financing platform, and is hence referred to as the Private Enterprises Board. A significant feature of modern enterprises is the separation of ownership and operation rights, which brings the inconsistency between the interests of owners and managers and therefore incurs greater agency costs and operational risks. Reasonable and effective incentives for senior management are essential so as to solve this dilemma. On the basis of previous related literature, this article takes private listed SMEs as sample, in light of the status quo of incentives for senior management combined with theories concerning executive incentive mechanism, proposes research hypotheses linking characteristics of private listed SMEs, conducts empirical studies through descriptive statistics and multiple linear regression, and discusses the influential factors for executive compensation, in order to provide effective recommendations for improving the executive incentive mechanism in private listed SMEs. The main conclusions are as follows: (1) as the major influential factor, the enterprise performance shows significantly positive correlation with executive compensation; (2) the firm size shows significantly positive correlation with executive compensation, with larger firm size resulting in higher pay levels; (3) higher executive compensation is found in developed areas; (4) ownership concentration, equity balance and the proportion of independent directors enhance the positive correlation between enterprise performance and executive compensation; (5) equity balance and the board size don’t show significant divergence in supervision. According to analyses above, the following recommendations are proposed: (1) reasonable executive incentive mechanism should be established; (2) issues concerning ownership concentration should be dialectically considered; (3)board system ensuring independence should be perfected.
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