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本文在考虑地区、行业、规模、企业成长性对高管人员薪酬影响的同时,以上市公司董事长和总经理2000～2001年度的现金报酬、总报酬以及两者的变化额4个报酬度量指标,对会计业绩度量、股东财富业绩度量、销售业绩度量、扣除非常项目后的净资产收益率和它们的变化水平以及市场面平均会计业绩度量,进行回归分析。结果发现:(1)不存在高管人员报酬与会计业绩度量有敏感性的证据。(2)存在高管人员总报酬及总报酬的变化额与股东财富业绩度量有敏感性的证据。(3)存在支持销售最大化假设的证据。(4)不存在董事会确定高管人员薪酬时会考虑其对会计数字操控的证据。(5)市场面平均会计业绩度量与高管人员的总报酬及现金报酬的变化相关,支持相对业绩度量。
This paper, taking into account the region, industry, size, growth of corporate executives on the impact of remuneration at the same time, the listed company chairman and general manager of cash and remunerations in 2000 and 2001, the total amount of change and the two changes in the four indicators of remuneration Regression analysis was conducted on accounting performance metrics, shareholder wealth performance metrics, sales performance metrics, return on net assets after extraordinary items and their changes and market average accounting performance metrics. The results show that: (1) there is no evidence that senior executives’ remuneration is sensitive to measurement of accounting performance. (2) there is evidence that the total remuneration and the total remuneration of senior executives are sensitive to the measure of shareholder wealth. (3) There is evidence that supports the maximization of sales. (4) There is no evidence that the board of directors will consider the manipulation of accounting figures when determining the remuneration of senior management. (5) Market average accounting performance measures are related to changes in total remuneration and cash remuneration of senior executives and support the relative performance measures.