论高管薪酬对企业绩效的影响—以我国上市公司为例

摘  要
由于经营权与所有权的分离使得管理人员与企业股东之间存在信息不对称,如果经理与股东之间的报酬—绩效契约是完全的,那么激励性契约就没有必要了。但是,现实的市场是不完美的,公司经理存在道德风险和逆向选择问题,代理成本是不可避免的。对于追求财富最大化的股东来说,为了最大程度地减少代理成本,就要和经理签订报酬—绩效契约,从而激励经理选择和实施可以增加他们财富的活动，使得企业价值最大化的以顺利实现。因此，我国企业高级管理人员的激励问题一直是各方关注的焦点。
本文以高管薪酬的基本理论为指导，在研究分析国内外众多学者相关理论以及研究成果的基础上，结合我国具体的宏观和微观环境，运用我国部分上市公司的有关数据来考察高管薪酬与企业绩效的关系。
通过以高管薪酬为影响因素，企业营业利润率（OPE）作为衡量企业绩效的指标，企业总资产规模作为限制因素研究高管薪酬对企业绩效的影响，得出以下研究结果：1公司的规模与高管人员的薪酬之间有正相关关系,大公司的高管由于面对更复杂的决策,会获得更高的收入补偿；2上市公司绩效与高管年薪有正相关关系。
关键词:高管薪酬；企业绩效；营业利润率；总资产规模

Abstract
Because of the separation of ownership right and managerial authority，the information between managers and shareholders is not equal. If the contract between manager and owner is complete, incentive contract was not necessary. However, the realistic market is not perfect, there are moral risks and adverse selection problem in the manager market, so agency cost is inevitable. The owners who pursue wealth maximization, in order to minimize the agency cost, will sign the contract with manager, as the result managers select and implement projects that can increase wealth of company and company we. So in our country, senior management incentive question has been the focus of attention of the parties.
In this paper, the basic theory of executive pay as the guidance and on the base of theory and research achievement of many scholars at home and abroad, considering  China's concrete micro and macro environment, we use in part relevant data of the listed company to inspect the relationship of executive pay and enterprise performance.
Through using the executive pay as independent variable, the enterprise business profitability effectiveness "(OPE) as a measure of enterprise performance index, the enterprise total assets as a limitation on variable scale we conduct a study on the influence of executive pay to enterprise performance ,the results of the study show that: 1 listed company performance and executives pay have positive relationship; 2 the positive relationship between the size of the company and senior executives salary is significant, on other words the bigger company scale is the higher compensation executives will have ,because in the big company executives face more complicated decision
  Key words: Executive pay; enterprise performance; Operating profit margin; Total asset scale

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