上市公司高管薪酬与企业绩效外文文献翻译最新.docx
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上市公司高管薪酬与企业绩效外文文献翻译最新.docx
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文献出处:
MehranH.ThestudyonthecorrelationofSeniorExecutiveCompensationandcorporateperformanceinlistedcompanies[J].Journaloffinancialeconomics,2016,2(3):
161-174.
原文
ThestudyonthecorrelationofSeniorExecutiveCompensationandcorporateperformanceinlistedcompanies
MehranH
Abstract
Duetoinformationasymmetrybetweenownersandexecutives,ledtothemoralriskandadverseselectionproblems.Howtomaketheexecutiveissatisfyingtheinterestsofthewhitebodyatthesametimemaximizetheenterprisevalueultimatelyachieveawin-winsituation,becomeagreatconcernofmanyscholars.
Thispaperfromtwoaspectsoftheoryandtheliteraturereviewedtheexecutivecompensationandcorporateperformanceoftherelatedcontent.Thentherelationshipbetweenexecutivecompensationandcorporateperformanceempiricalresearch.Thisarticlemainlyfromtwoaspectstoanalyzethecorrelationbetweenexecutivecompensationandcorporateperformance,isalongitudinaldescriptivestatisticalanalysis,samplesaredividedintogeneraldescriptivestatisticalanalysisanddescriptivestatisticalanalysis,thesecondistocollectdata,respectively,theuniversityandmultivariatelinearregressionanalysis,selectionofthetopthreeexecutivepaymeansthenaturallogarithmofexecutivecompensation,returnonequityandearningspersharemeasureofenterpriseperformance,andtojointhecompanysize,financialleverage,ownershipconcentration,executivesshareholding,theproportionofstate-ownedshares,theproportionofindependentdirectors,thechairmanandgeneralmanagerofsituationeightcontrolvariables,thesizeoftheboardofsupervisors.
Keywords:
thelistedcompany,executivecompensationandcorporateperformance
Introduction
Modernenterprisemostlyadoptsshare-holdingsystemoperation,theemergenceofthejoint-stockcompany,ledtotheseparateownershipwiththeagency.Shareholdersastheowneroftheenterprisepropertyeventually,butnottoparticipateinenterprisemanagementanddecision-making,buttheentrustedagentforthemanagementandoperationenterprises,formed"byaproxy"relationship.Agentinsteadofshareholdersastheauthorizedagentoftheenterprise,itsstatusorseniormanagementoftheenterprise.Consideringtheagent'sriskfactor,suchaslevelofmorality,ability,togetherwithinformationasymmetrybetweenshareholdersandexecutives,canproducetheagencycost.
Executivesasthehumancapitalofenterpriseisthemostimportantandscarce,becauseitsmasteryoftheenterprisemanagementdecision-making,theheightoftheenterprisecontrolrightsvirtuallyincreasedthelikelihoodtheyuserighttoviolatetheinterestsoftheshareholders.Inordertosolvethiscontradiction,shareholdersadoptedbothconstraintsandincentivemechanismtobalancetheprincipal-agentrelationship,canexcitetheworkenthusiasmsofexecutivesunceasingly,canmaximumlimittomaximizeshareholderwealth.Whethertostand intheAngleoftheshareholdersorexecutives,thecompany'sperformanceistheimportantmeasureofexecutivepay.So,studyonexecutivecompensationandcorporateperformancecorrelationforanenterprisetoformulatesalaryincentivemechanismandsolvetheproblemofagencycosts,itisverynecessary.
Literaturereview
Thecorrelationofexecutivecompensationandcorporateperformance
Murphy(1985)1964-1981usingthecompanydata,chosethe73largestmanufacturingenterprisesofthedataof500managersastheresearchsample,usingempiricalmethodtotestthestockyield,therelationshipbetweenexecutivecompensationandcorporateearningsgrowth,theconclusionis:
theelasticityvaluecashincentivesforthevalueofthecompanyisnearto0.11,measuredwithreturnstoshareholdersofcompanyperformancepaywassignificantlypositivelyrelatedtorelationshipwiththemanager.TheconclusionandCoughlanandSchmidt(1985)ofthetwoscholarsresearchconclusion.
CarpenterandSanders(2002)throughthestudyconcludedthat:
theseniormanagementteamandforboardmembersincentivesrelatedrelationship,motivationoftheseniormanagementteamcanmoreeffectivelyimprovethebusinessperformance.
PhillipandCyril(2004)byusinglinearregressionandcurvecorrelationanalysismethodofcombiningthe,generalmanagerofrelationshipbetweenpayandperformanceindicatorsforempiricalresearch,theconclusionis:
thegeneralmanager,generalmanagerofwages,andpaymentofremunerationbonusesbotharepositivelycorrelatedwithcorporateperformance.
Kevin(2011)by2006-2009,280companieslistedonthenosestudydrawsthefollowingconclusions:
executivecompensationandcorporateperformance(measuredbyreturnonequityasindex)wassignificantlypositivecorrelation;Affecttheexecutivecompensationlevelofthemostsignificantvariableisthesizeofthecomp
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