资本结构对高管薪酬的影响研究.doc

资本结构对高管薪酬的影响研究

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摘要: 高级管理人员的薪酬管理问题一直是现代企业理论研究中备受关注的问题之一。如何提高企业高级管理人员的积极性，并有效避免人才流失和高管的短期行为，也是学者和专家们一直关注的难点和热点问题。由于企业内外生存环境较为复杂，加之公司股东与高级管理人员之间复杂的代理关系，故在企业所有者为高管制定薪酬时需要考虑多种因素。最新国内外的理论与实证研究表明，资本结构与高管薪酬之间存在一定相关性，资本结构是高管薪酬的影响因素之一。本文的研究目的就是通过实证分析验证我国企业资本结构对高管人员薪酬的影响。
本文首先对高管薪酬、资本结构相关的概念及理论进行梳理，同时以现金薪酬来衡量高管薪酬，以资产负债率来衡量资本结构，研究现金薪酬与资产负债率之间的关系。以2010年至2012年我国沪深两市上市公司的面板数据为研究样本，利用统计软件对资本结构和高管薪酬之间的相关性进行多元线性回归分析。研究结果发现:资产负债率和高管现金薪酬之间存在显著负相关关系;其他变量，如公司业绩、公司规模以及行业等因素，也和高管薪酬存在一定的相关性。本文最后根据实证研究的结果，提出相应的建议。

关键字：资本结构 高管薪酬 上市公司

The Impact of Capital Structure on Managerial Compensation
Abstract: The problem of compensation management of senior management staff has been attracting much attention as one of the modern enterprise theory in question. How to improve the enthusiasm of enterprises senior management,and effectively avoid short-term behavior of brain drain and executives, difficult and hot problem is always concerned by scholars and experts. Because the enterprise survival environment is complex, the complex agent relation between shareholders and senior managers and business owners, so the payfor executives need to consider many factors. Theoretical and empirical research on the latest domestic and abroad show that, there is a certain correlation between capital structure and executive compensation, capitalstructure is one of the influential factors of executive compensation. The purpose of this research is to verify the effect of capital structure of Chineseenterprises to pay executives through empirical analysis.
This paper firstly on executive compensation, capital structure concept andtheory related to sort out, at the same time to cash compensation to measure the executive compensation, to measure capital structure to asset liability ratio,studies the relationship between cash compensation and the rate of assets and liabilities. The panel data from 2010 to 2012, China's Shanghai and Shenzhen two city listing Corporation as research sample, the correlationbetween capital structure and executive compensation by multiple linear regression analysis using the statistical software. The results showed: there was a significant negative correlation between the rate of assets and liabilitiesand top management cash compensation; other variables, such as the performance of the company, company scale and industry factors, andexecutive compensation has certain correlation. Finally, according to the results of empirical research, put forward the corresponding suggestion.

Key words: Capital Structure; Managerial Compensation; listed company

目 录
引言 1
第一章 相关概念界定 2
1.1高管人员的界定 2
1.2高管薪酬的界定 3
1.3资本结构的界定 3
第二章 理论分析与研究假设 5
2.1代理理论 5
2.1.1委托代理理论 5
2.1.2代理成本理论 5
2.2 负债治理效应 6
2.3 研究假设 8
第三章 研究设计 9
3.1样本选取与数据来源 9
3.2变量设计 9
3.3模型设计 12
第四章 实证分析 14
4.1描述性统计分析 14
4.2相关性统计分析 14
4.3回归分析 15
4.4稳健性检验 19
第五章 研究结论与建议 20
5.1研究结论 20
5.2政策与建议 20
5.2.1经理人才市场的建设 20
5.2.2完善公司治理结构 20
5.3研究的局限 21
参考文献 21
致谢 23