高管薪酬与上市公司业绩相关性研究

曾爱军

高管薪酬与上市公司业绩相关性研究

引用本文：曾爱军.高管薪酬与上市公司业绩相关性研究[J].财经理论与实践,2013,(4):64-67

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作者	单位
曾爱军	(广东商学院会计学院，广东广州510320)

中文摘要:采用净利润作为公司业绩评价指标，基于2008～2010年A股市场上市公司数据，研究管理层年薪总额、公司净利润、平均总资产三者之间的相关性。实证结果发现三个指标不符合正态性，但有一定非线性关系，并且是以平均总资产作为控制变量时，净利润与管理层年薪总额的对数存在很弱的非线性关系。分行业分析结果显示，净利润与管理层年薪总额仅在少数行业中存在相关性，其中金融、保险业与房地产业两者偏相关系数为负。

中文关键词:高级管理层薪酬公司业绩偏相关

Study of the Relationship between Management Compensation and Listed Companies Performance

Abstract:Using net income as the index of company performance, the relationship between management compensation, corporate performance and average total assets has been analyzed using the data of company on A stock market from 2008 to 2010. Empirical results show that the distribution of the three is not in a normal fashion but obeys nonlinear distribution. When the average total assets are taken as control variables, there is a very weak nonlinear relationship between the net income and management annual salary. Classification analysis shows that, the above relationship only exists in a few industries, especially for some industries, the partial correlation coefficient is negative.

keywords:Executive Compensation Company Performance Partial Correlation

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