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论文编号：	675
作者编号：	2120062107
上传时间：	2008/6/20 10:55:49
中文题目：	REVA 框架下的公司价值与高管薪
英文题目：	Research for Company Value and
指导老师：	李维安
中文关键字：	REVA;高管薪酬;公司价值;固定效<
英文关键字：	REVA;Management Compensation;C
中文摘要：	随着股权分置改革的基本完成，我国证券市场的市场化进程日益加快。当前，火热的牛市激发了公众对上市公司价值和管理层薪酬激励的关注，如何激励管理层为股东利益服务，这成为了影响企业发展的重要课题。 本文从对国内外公司价值与高管激励的相关研究分析出发，引出本文的研究方法和内容，即采用理论分析与实证研究相结合的方法，用REVA价值模型对我国上市公司进行价值评估。在对2002-2006年中国深沪两大证券市场的640个样本及3200个观测值的进行分析之后，本文计算得出640家样本公司5年的年REVA值，并将REVA转化为公司价值测度变量，协同高级管理人员薪酬激励等变量数据形成面板数据，建立固定效应回归模型，力图从使用全新的指标入手，克服过往研究使用截面数据的固有缺陷，测算深沪两市上市公司价值及其未来发展，并通过此评价公司高管薪酬激励实施程度及其有效性。利用REVA模型可以揭示价值创造三个基本原则（经济增加值、风险和回报的持续性）的特性，本文在计算过程考虑了资本的机会成本和市场的调整作用，同时还使用了F检验、HAUSMAN检验、GLS估计以及非参数检验等方法，得到以下主要结论： （1）高管薪酬行业间差异很大，社会服务业高管平均薪酬最高，增长速度快且稳定。其次是信息技术业和房地产业。而平均薪酬最低的行业是农业和制造业，增长速度缓慢，并且在六年中始终处于最低水平，与其他行业的高管收入差距逐步拉大。（2）高管薪酬与公司价值的相关性未通过显著性水平检验，但非参数检验的结果显示，高管薪酬的正向激励作用正在逐步加强，高管薪酬与公司价值正相关关系将会成为趋势。（3）虽然高管薪酬的行业间差异很大，但公司价值在行业间并不存在系统性差异。 其后，本文引入高管持股变量，又建立了公司价值与高管薪酬激励敏感度模型针对高管薪酬与公司价值的正相关关系将会成为趋势的结论进行检验，并着重研究以REVA测度的公司价值与高管薪酬的相互作用机理。2006年分行业检验结果显示高科技行业和房地产行业的薪酬激励效果显著。
英文摘要：	Along with the completion of share-trading reform, the process of privatization is accelerating in China’s stock market. As the public focus on value and management compensation of listed companies in China is getting hotter since the bull market, executive incentives studies is become a vital theme for company development. Based on the reviewing of the previous international and domestic research, the thesis made an analysis and research on company’s value evaluation and management compensation. Taking revised economic value added(REVA) as the company’s value driving line, the thesis conducted theoretical analysis and empirical studies of 640 samples and 3200 cases of Shenzhen Exchange and Shanghai Exchange Markets for the period from 2002 to 2006. Figuring out with 640 sample’s REVA for five years, the thesis adjusted REVA model to company’s value evaluation Fixed Effect Model filled with balanced panel data of 5 years, along with management compensation variables. As REVA model emphasizes on three principles: EVA, risks and constant returns, the thesis also took opportunity costs and market adjust into account, proved that REVA is more reliable when assessing the increase and decrease of shareholders wealth. With the aim of evaluating companies’value and future development, adopting F-test, Hausman Test, GLS and Mann-Whitney test, some different evidences was found. (1) There is a huge disparity among different sectors. The Public Service sector scored the highest average annual compensation, followed by IT sector and Real Estate sector. The Agriculture sector and Manufacturing sector scored the lowest annual compensation, showing constant low growth and lagging behind other sectors. (2) The evidences suggested management compensation is not related positively with company value, but the results of Mann-Whitney test suggested that the management compensation’incentive is becoming more and more positive. (3) Although perception of compensation disparity among different sectors is strong, there is no discrepancy of company’s value among different sectors. The thesis also adopted sensitivity approach, trying to prove the positive trend of management incentive. Evidence showed that it had been positive in IT sector and real estate sector in 2006.
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