论文部分内容阅读
本文运用PVAR模型分析2011年至2015年372家国有上市公司的股权结构、高管薪酬与企业绩效关系,通过变量间的脉冲响应图,发现国有上市公司股权结构对企业绩效的正向促进作用呈逐期下降趋势;高管薪酬与企业绩效之间存在相互影响的动态趋势,高管年度货币报酬的绩效促进作用逐期下降,持股的绩效促进作用逐期提升,企业绩效对高管年度货币报酬和持股的促进作用整体呈上升趋势。在对变量间影响趋势及影响力强弱分析的基础上,为国企股权结构改革和高管薪酬配置提供了参考建议:在国企中建立具有长期激励作用的货币报酬机制、建立与推动股权激励机制,并提升企业绩效对股权激励带动性;限制一股独大现象、建立多元化股权结构,提升股权结构对企业绩效的长期带动性。
This paper uses PVAR model to analyze the ownership structure, executive compensation and corporate performance of 372 state-owned listed companies from 2011 to 2015. By means of the impulse response between variables, we find that the positive effect of ownership structure of state-owned listed companies on business performance was The downward trend of the gradual decline; there is a dynamic trend of interaction between the executive compensation and the enterprise performance, the performance promotion effect of the executive annual monetary reward decreases gradually, the performance promotion effect of the shareholding increases step by step, The overall promotion of remuneration and shareholding is on the rise. On the basis of the analysis of the trend of influence and the strength of influence, this paper provides some suggestions for the reform of the ownership structure of state-owned enterprises and the executive pay allocation: establishing a monetary reward mechanism with long-term incentive in state-owned enterprises and establishing and promoting equity incentive mechanism , And promote the performance of enterprises driven by equity incentives; limit a single dominant phenomenon, the establishment of a diversified ownership structure, enhance ownership structure of the long-term driving performance of enterprises.