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论文编号：	8993
作者编号：	2120142461
上传时间：	2016/12/15 17:16:31
中文题目：	高新技术公司高管薪酬对公司绩效的影响研究 ——基于股权结构的视角
英文题目：	Research on the Influence of High Tech Enterprise Executive Compensation on the Performance of the Enterprise ——Based on the Perspective of Ownership Structure
指导老师：	余娟
中文关键字：	高新技术公司；股权结构；高管薪酬；公司绩效
英文关键字：	high-tech enterprises;ownership structure;executive compensation;corporate performance
中文摘要：	公司所有权和经营权的分离引发了公司的委托代理问题，公司所有者为了降低委托代理成本必须对高层管理者实施有效的监督和激励。如何设置合理的高管激励制度，既可以有效的激励高级管理人员，又可以降低监管成本提高公司绩效，一直都是公司治理的一个难题。21世纪是知识经济时代，智能化生产终将代替人力生产，但是智能化时代的到来离不开高新技术公司的发展，高新技术公司代表着经济的发展方向。目前我国高新技术公司最需要的是优秀的管理人才，所以研究高新技术公司高管薪酬激励水平与公司经营绩效之间的关系，不仅可以完善相应的高管薪酬激励理论，还可以为高新技术公司高管薪酬激励制度的制定提供可行性的意见，从而提高公司的绩效，实现公司的长远发展。 本研究首先回顾、梳理与高管薪酬、股权结构与公司绩效相关的文献资料以及高管激励相关的经典理论，根据文献回顾和理论分析提出本研究的研究假设。选取251家上市高新技术公司2010-2015年6年的财务数据进行分析，建立关于高管薪酬、股权结构与公司经营绩效关系的回归模型，通过描述性统计、相关性分析、回归分析得出本研究的结论。高新技术公司高管薪酬水平对公司经营绩效起正向促进作用。股权集中度和股权性质会影响高管薪酬水平对公司经营绩效的正向促进作用 根据本研究的结论，针对高新技术公司制定高管薪酬激励制度提供相应的对策建议。改善薪酬结构，提高薪酬水平；优化股权结构，适度提高股权集中度；完善监督机制，加强高管约束；提高股权激励，促进激励方式多元化。从而增强公司对高管的激励效果，提高高新技术公司的经营绩效。本文最后指出本研究的不足之处以及进一步的研究展望。
英文摘要：	The separation of ownership and management of business caused the company's principal-agent problem, business owners in order to reduce agency costs must implement effective supervision and incentives for senior managers. How to set a reasonable executive incentive system, not only can motivate senior management, but also reduce regulatory costs and improve business performance, has always been a problem of corporate governance. 21st century is the era of knowledge economy, intelligent production will eventually replace human production, but the arrival of the era of intelligent is inseparable from the development of high-tech enterprises, high-tech enterprises represent the future direction of economic development. At present, what China's high-tech enterprises need are the outstanding management personnel. So the research about the relationship between the high-tech enterprises executive pay incentives and the company's business performance is very useful, not only can improve executive compensation incentive theory, but also can provide some advice for the developing executive compensation incentive system, promoting the rapid development of China's high-tech enterprises. By reviewing and combing the relevant literature about executive compensation, ownership structure and firm performance, and summarizing the classical theory about executive motivation, this study presents the research hypothesis. This study selects 251 high-tech listed companies as the research object, and analyses the enterprise financial data of six years from 2010-2015. Then it establishes the regression model about the executive compensation, ownership structure and the company's operating performance. Through descriptive statistics, correlation analysis and regression analysis, it gets the conclusions. The high-tech enterprises executive compensation has a positive effect on the company's operating performance. Ownership concentration and the nature of equity companies will influence the positive effect of the high-tech enterprises Executive Compensation on the company's operating performance. Combining with the research conclusion of this article, it provides corresponding countermeasures and suggestions for the development of high-tech enterprises of Executive Compensation incentive system. Improve the salary structure and the pay levels; optimize the ownership structure, and moderately improve ownership concentration; improve the supervision mechanism, and strengthen executive constraints; improve equity incentives, and promote the diversification of the incentives. And these measures can motivate senior managers, and improve the management performance of high-tech enterprises. At the end of this study, it points out the shortcomings of this study and the further research prospects.
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