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论文编号：	9432
作者编号：	2120152510
上传时间：	2017/6/24 10:06:34
中文题目：	高管薪酬、企业创业战略导向与企业绩效
英文题目：	Executive Compensation, Corporate Entrepreneurial Strategy and Corporate Performance
指导老师：	马连福
中文关键字：	高管薪酬；高管薪酬垂直对差异；创业战略导向；企业绩效；匹配效应
英文关键字：	Executive Compensation; Executive Compensation Vertical Difference; Entrepreneurial Strategy Orientation; Firm Performance; Matching Effect
中文摘要：	随着我国市场经济的不断发展和社会环境的快速变化，越来越多的创业型企业涌现，并对我国经济发展科技进步起到推波助澜的作用，也受到越来越多学者的普遍关注，与创业企业相关的创业战略导向的概念也随之提出并不断深入。上市公司高管的薪酬特征不仅仅能够影响企业经营效率，还能够反映公司内部治理结构的合理性，在创业型企业中，由于该类企业处于初创期，面临较高的经营风险和竞争风险，对于高管的监督激励机制在创业型企业中就显得尤为重要。目前已有许多创业型企业采用货币薪酬和股权薪酬相结合的方式激发高管工作积极性，但高管薪酬激励如何影响企业创业战略的实施，以及两者之间是否匹配的问题也至关重要。因此，本文针对上述问题展开研究。本文选用2011年至2015年我国中小板上市公司为研究样本，首先采用K-means聚类分析的方法对企业采用的创业战略导向类型进行分类，最终形成内部研发创业战略（25.09%）、外部投资创业战略（59.03%）、内部研发+外部投资创业战略（15.88%）的样本数据；其二，本文搜集了样本企业高管货币薪酬、股权薪酬整体水平，并计算得出CEO-高管薪酬垂直对差异，分维度对高管薪酬进行衡量；其三，本文探究了高管薪酬特征与企业创业战略导向强度的关系；最后，本文研究了高管薪酬与企业创业战略之间的匹配效应，并验证了两者之间的匹配程度对企业绩效的影响。本文的主要发现有：（1）高管货币性薪酬和股权性薪酬的整体水平均与企业创业战略实施强度显著正相关，CEO-高管的货币性薪酬、权益性薪酬垂直对差异的增大也能够对企业创业战略导向的实施产生显著正向促进作用。（2）高管货币性薪酬、权益性薪酬与企业创业战略导向之间匹配程度越高，对企业绩效提升的促进作用越大。（3）高管薪酬制度与企业创业战略的不匹配效应对企业长期绩效的影响更为显著。（4）权益性薪酬与战略的不匹配比货币性薪酬与战略的不匹配对企业绩效的负面影响稍微偏大。
英文摘要：	With the continuous development of China's market economy and the rapid changes in the social environment, more and more entrepreneurial enterprises are emerging, and play a role in fueling China's economic development and scientific and technological progress , but also by the growing concern of more and more scholars.Entrepreneurship-related entrepreneurial strategy-oriented concept also has been raised and deepening. The salary characteristics are not only able to affect the efficiency of enterprises, but also can reflect the rationality of the internal governance structure. In the entrepreneurial enterprises, because of the high initial business risk and competitive risk, the supervision of executives incentive mechanism in the entrepreneurial enterprises is particularly important. At present, many entrepreneurial enterprises have adopted the combination of monetary remuneration and equity remuneration to stimulate the enthusiasm of executives. However, it is also important that executive compensation incentive affect the implementation of business strategy and whether the match between the two is necessary. Therefore, This paper focuses on the above issues to study. This paper chooses the listed companies of China's small and medium-sized board companies from 2011 to 2015 as the research samples. Firstly, K-means clustering analysis is used to classify the entrepreneurial strategy-oriented types of enterprises, and finally form internal R & D strategy (25.09%), external investment (59.03%), internal research and + external investment business strategy (15.88%) of the sample data; Second, this paper collected the sample enterprise executives monetary compensation, equity pay the overall level, and calculated CEO-executive pay vertical. This paper explores the relationship between the executive compensation and the entrepreneurial strategy of the enterprise, and analyzes the relationship between the executive compensation and the entrepreneurial strategy. In the end, verify the impact of the degree of matching between the two on the performance of enterprises. The main findings of this paper are as follows: (1) The overall level of monetary and equity pay for executives is significantly positively correlated with the intensity of entrepreneurial strategy, and the CEO-executive monetary compensation and equity pay increase also have a significant positive role in promoting the enterprise business strategy-oriented implementation . (2) The higher the degree of matching between the executive compensation and the entrepreneurial strategy, the greater the effect on the promotion of the firm's performance. (3) The effect of mismatch between executive compensation system and enterprise entrepreneurial strategy has a more significant effect on long-term performance. (4) Mismanagement of equity pay and strategy is not too negative for the negative impact of monetary compensation and strategy on corporate performance.
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