摘要
与传统企业所有权和经营权分离不同的是,人力资本及其控制的无形资产对高科技企业价值的贡献相对于有形资产的重要性大大提高。高技术公司的治理与规范化公司的治理存在很大的差异,甚至是本质上的差异,这种差异主要来自于高技术企业人力资本的价值和团队合作。本文对高科技公司中的高管特征与绩效进行了实证研究。研究表明:在竞争激烈的高科技上市公司中,ROE与托宾Q值呈现显著正相关;高管人员持股比例总和与公司绩效指标(ROE)具有显著正相关关系;高管人员平均薪酬与公司绩效指标(ROE)具有显著正相关关系。建议高科技公司选好经理人,增加高管人员的持股比例及完善高管人员薪酬体制的建设,进而降低代理成本,提高公司绩效。
Different from traditional ownership and management,the essentiality of human capital and its controlling immateriality asset have been improved enormously for high-tech enterprise value.There are differences between corporate governance of enterprises of high-tech and standard one,even essential differences.Such differences are from the values of human capital and collectivity cooperation of the enterprises of high-tech mainly.This paper conducts an empirical study of senior manager＇s characteristics and performance of the company of high-tech in China.The results indicate that ROE and Tobin＇s Q have a significant positive correlation,salary of top managers has a significant positive correlation with ROE and shareholding of top managers has a significant positive correlation with ROE too.It is suggested that the company of high-tech should select managers well,increase the percentage of CEO holding shares and improve the salary system of senior managers,reducing the agency cost and improving corporate performance.
出处
《运筹与管理》
CSCD
北大核心
2010年第6期181-186,共6页
Operations Research and Management Science
基金
中国博士后科学基金资助项目(20080431147)
国家自然科学基金资助项目(70772097)
教育部人文社科基金资助项目(10YJA63013)
关键词
企业管理
高科技公司
实证研究
高管特征
enterprise management
company of high-tech
empirical analysis
senior manager＇s characteristics
