摘要
上市公司业绩与公司高管薪酬之间是否存在必然关系以及怎么去衡量两者之间的影响程度,是困扰投资者的难题,也是我国学者在研究影响上市公司成长性水平上遇到的问题,文章从相对绩效评估(RPE)理论入手,重点关注我国上市企业业绩与高管薪酬的关系。采用实证分析的方法,选取沪市上市的200多家A股企业作为样本,通过分析企业年报取得数据,利用相对绩效评估(RPE)理论研究上市公司业绩与高管薪酬之间的关系,得出如果用企业股票市场的回报率作为衡量企业业绩的标准时,上市公司业绩与高管薪酬之间存在关系,即RPE理论在我国上市公司中适用,与此同时还通过实证发现对于上市公司的成长性与企业高管薪酬之间并没有呈现出明显的相关关系。
Firstly the paper depicts the status quo of the listed company＇s executive compensation and corporate performance, then use the data disclosed in the Annual Report of 200 A--share listed companies in the Shanghai Stock Exchange from 2012 to 2016 to research whether the relative performance evaluation （RPE） theory is applicable in the listed companies and the relation between the use of RPE with the level of the company＇s growth in the process of remuneration decisions. Finally, the empirical analysis results show that when uses equity returns to represent the company＇s operating results, the RPE theory is appli- cable to listed companies in China. The results also do not show a significant negative correlation between the level of the company＇s growth and extent of use of RPE at the same time.
出处
《青海师范大学学报（哲学社会科学版）》
2017年第3期58-63,共6页
Journal of Qinghai Normal University(Philosophy and Social Sciences Edition)
关键词
上市公司业绩
高管薪酬
相对绩效评估
公司成长性
business achievement of listed company
executive compensation
relative performance e valuation
the company＇ s growth
