資本結構對高管薪酬的影響研究

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摘要: 高級管理人員的薪酬管理問題一直是現(xiàn)代企業(yè)理論研究中備受關注的問題之一。如何提高企業(yè)高級管理人員的積極性，并有效避免人才流失和高管的短期行為，也是學者和專家們一直關注的難點和熱點問題。由于企業(yè)內外生存環(huán)境較為復雜，加之公司股東與高級管理人員之間復雜的代理關系，故在企業(yè)所有者為高管制定薪酬時需要考慮多種因素。最新國內外的理論與實證研究表明，資本結構與高管薪酬之間存在一定相關性，資本結構是高管薪酬的影響因素之一。本文的研究目的就是通過實證分析驗證我國企業(yè)資本結構對高管人員薪酬的影響。
本文首先對高管薪酬、資本結構相關的概念及理論進行梳理，同時以現(xiàn)金薪酬來衡量高管薪酬，以資產負債率來衡量資本結構，研究現(xiàn)金薪酬與資產負債率之間的關系。以2010年至2012年我國滬深兩市上市公司的面板數據為研究樣本，利用統(tǒng)計軟件對資本結構和高管薪酬之間的相關性進行多元線性回歸分析。研究結果發(fā)現(xiàn):資產負債率和高管現(xiàn)金薪酬之間存在顯著負相關關系;其他變量，如公司業(yè)績、公司規(guī)模以及行業(yè)等因素，也和高管薪酬存在一定的相關性。本文最后根據實證研究的結果，提出相應的建議。

關鍵字：資本結構 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 錄
引言 1
第一章 相關概念界定 2
1.1高管人員的界定 2
1.2高管薪酬的界定 3
1.3資本結構的界定 3
第二章 理論分析與研究假設 5
2.1代理理論 5
2.1.1委托代理理論 5
2.1.2代理成本理論 5
2.2 負債治理效應 6
2.3 研究假設 8
第三章 研究設計 9
3.1樣本選取與數據來源 9
3.2變量設計 9
3.3模型設計 12
第四章 實證分析 14
4.1描述性統(tǒng)計分析 14
4.2相關性統(tǒng)計分析 14
4.3回歸分析 15
4.4穩(wěn)健性檢驗 19
第五章 研究結論與建議 20
5.1研究結論 20
5.2政策與建議 20
5.2.1經理人才市場的建設 20
5.2.2完善公司治理結構 20
5.3研究的局限 21
參考文獻 21
致謝 23