上市房企高管薪酬对企业绩效的影响研究

论文总字数：16468字

目 录

摘要·························3

abstract·······················4

1绪论··················································5

1.1研究背景···············································5

1.2研究的目的与意义····································5

1.3研究框架内容··············································'6

2 相关理论与文献综述································6

2.1相关理论···············································7

2.1．1概念·················································7

2.1.1高管人员·····················································7

2.1.2薪酬···············································7

2.1.3企业绩效························································7

2.1.2理论···············································7

2.2.1委托代理理论·················································7

2.2.2人力资本理论···················································7

2.2文献综述···············································7

2.2.1国外研究现状···················································8

2.2.2国内研究现状···················································8

3研究设计············································9

3.1研究的假设········································9

3.2数据来源与样本选择········································9

3.3变量的设计·········································9

3.4模型的构建·············································10

4实证分析············································11

4.1描述分析·············································11

4.2相关系数分析·············································11

4.2回归分析·············································11

5研究结论与对策建议·······························12

5.1研究结论··································13

5.2建议············································14

参考文献·············································14致谢···············································15

上市房企高管薪酬对企业绩效的影响研究

孙梓昕

abstract:This article‘s data selected from 2011 to 2014, 132 listed enterprise , to research the impact of the listed enterprise’s executives pay to corporate performance. In the description of the EXCEL statistics can be found in the listed enterprise total executive compensation and corporate performance are steady growth. After the regression analysis we can conclude: (l) positively related to the executive compensation and corporate performance; (2) the enterprise scale, enterprise executives shareholding and corporate performance are positively related to respectively. Finally Suggestions,on the one hand, the most reasonable compensation to achieve the optimal performance, on the other hand need to strengthen the supervision and constraint of executive, improve the executive compensation system to promote a win-win situation.

key words: the listed enterprise Senior management compensation Enterprise performance

1绪论

1.1研究背景

随着社会经济发展房地产行业逐渐受到越来越多人的关注，房地产行业特殊性在于开发周期长、投入资金量大、投资回收期长，但是利润往往可观从而促进了该产业的繁荣发展。房屋在我国市民的传统理念中占据重要位置，房地产行业也就成了民生重要行业之一。相关学者发现房地产行业中的高级管理者对上市企业的有着重大作用，高管薪酬一度成为人们的关注热点例如2014年披露的恒大集团总裁夏海钧年薪超过4000万，是万科王石的三倍多，高管这样的高薪使得更多学者开始关注上市房企高管薪酬对企业绩效的影响。人才成为企业最大的竞争力，企业的发展关键之一就是引进、吸收优秀管理人才。

在当今社会中企业希望通过制定合理的高管薪酬体系来促进企业高效益，曾经有学者用竞赛理论解释高管高薪酬能促进绩效并由此推出高管高薪酬的合理性。郑赛花（2010）认为企业所有者通过给予高管高薪来促进高管发挥高效用提高企业绩效、减少代理成本。总体来说我国高管薪酬激励的理论实证研究起步比较晚需要我们更多的去研究，房地产行业正处于蓬勃发展中我们通过研究高管薪酬对企业绩效的影响提出相关建议。

1.2研究目的与意义

房地产行业是国家经济发展不可或缺的就是关系民生的支柱性、繁荣性产业之一，本文选择上市房企作为研究对象，意在希望该行业能良性发展。要建立最佳薪酬体系需要对房地产业做一些相应的数据分析以研究该行业高管薪酬对企业绩效影响。高管薪酬对企业经营效益和业绩起着举足轻重的作用，业绩往往体现为企业运营成长壮大过程中的获益。抓住这些指标，对高管薪酬和企业绩效之间的关系进行一系列研讨分析，了解它们之间的关系可以促进房地产企业乃至整个相关行业的健康，快速，长久地发展。本文着重研讨上市房企高管薪酬是如何影响着企业绩效的，并对上市房企在构建高管薪酬体系的时候提出一些建议，希望能帮助企业用最科学的高管薪酬体系取得最好的效果。

在现有的学术探讨中对于高管薪酬和企业绩效之间的关联性还没有定论，正负相关甚至无关的结论都出现过^[1]，本文希望通过近几年的数据研究高管薪酬究竟如何左右着企业绩效的。但是Daniel和Gobeli(2000)发现高管薪酬对绩效的影响并不是一般情况下的正相关，预期的薪酬会因为二者之间的过度相关而减少。这是因为薪酬与业绩的敏感度高的话，高管会因为业绩优秀而获得丰厚的报酬，高管也会因为业绩不佳而导致收入低。因此，高管者往往任高益高险。高管人员往往会为了维护自己的利益而采取较为保守的工作行为来规避较高的商业风险，公司业绩会因此降低。针对这种情况，本文致力于收集数据论证近年来高管薪酬对绩效的影响究竟是否是显著正相关。

本文研究的意义在于合理配置高管这一人力资源，使其能够为企业作出最大贡献，高级管理人员是上市公司的领导层，他们对公司的运营有着重大影响。经济学家们逐渐重视对高管的研究，总结出来就是企业需要通过合理的高管薪酬来引导高管和公司所有者的利益捆绑这样自然而然会促使高管更积极地提高企业绩效。研究高管薪酬对企业绩效的影响能够促进合理配置企业资源，用最合理的高管薪酬达到最优的企业绩效，最终实现双赢。

1.3论文框架内容

起首的绪论简单的叙述了与研究主旨相关的社会背景以及该文的目的和深意，然后接着介绍相关概念和理论基础，接着就是对实证研究部分的设计以及用软件进行回归分析得出相关结论，最后是针对实证结果给出建议。

文章的框架结构如下图：

相关背景

绪论

研究目的与意义

相关概念与理论

摘要

研究设计

描述性统计分析

实证分析

相关系数分析

回归分析

结论与建议

2相关理论与文献综述

2.1相关理论

2.1.1 概念

（1）、高管人员

国外学者Murphy（1999)；Frydmanand Jenter,（2010）在进行此类研究时通常把CEO作为高管人员。与中国的集体主义至上不同，西方大多强调的是个人英雄主义作为公司团队的领导者总经理CEO是企业经营发展的核心要素。然而就中国而言目前上市企业对于董事长、总经理的职权的划分与国外企业很不相同，董事长和总经理对于有的公司来说只是挂职的或名义上的，而对于有的公司来说却在制定企业发展策略方面着至关重要的作用。一些学者如孟令君(2010)、汪柳池（2014）把监事会成员、董事会成员及秘书、总（副）经理、总（副）裁、总工程师、总经济师等不细分职责都作为研究对象；而潘佳佳（2009）的研究对象是总（副）经理和董事会秘书等高级管理层。

本文依据的是邱茜（2011)等相关学者的方法把高级管理层界定为上市房企相关数中董监高^[2]成员的组合。

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