高管薪酬与公司绩效关系的实证研究

赵珊珊 陈进

摘 要：为了研究高管薪酬与公司绩效的关系是否会受到行业特征的影响，文中选取具有代表性的房地产行业、塑胶制品行业和电子信息行业作为研究对象，并从这些行业中筛选出45家代表公司的2010—2016年的高管薪酬和公司绩效数据作为样本进行实证研究，以资产净利率（ROA）和每股收益（EPS）作为企业的绩效衡量指标，引入线性回归分析模型进行数据分析，发现房地产行业的高管薪酬和公司绩效存在显著相关性，而传统制造业的高管薪酬和公司绩效相关性并不明显，电子信息行业的高管薪酬和公司绩效也存在显著相关性。实证研究结果表明：以不同行业为视角，高管薪酬与公司绩效之间不一定存在相关性关系，行业特征作为一个调节变量，对高管薪酬和公司绩效之间的相关性关系起到调节作用。

关键词：企业管理;高管薪酬;公司绩效;行业特征;实证研究;资产净利率;每股收益

中图分类号：F 244086-05

Abstract：In order to study whether the relationship between executive compensation and corporate performance is influenced by the characteristics of the industry，the paper selected the representative 45 companies in the real estate industry，the plastic products industry and electronic information industry between 2010 and 2016 executive compensation and company performance data as a sample to conduct the empirical research，with Return on Assets（ROA）and Earnings Per Share（EPS）as a performance indicator of the company.And the linear regression analysis model is introduced for data analysis.It is pointed that there is a significant correlation between executive compensation and corporate performance in the real estate industry and the electronic information industry.The correlation between executive compensation and corporate performance in traditional manufacturing industries is not obvious.The results indicate that from the perspective of different industries，there is not necessarily a correlation between executive compensation and corporate performance.Industry characteristics as a regulatory variable play a role in the correlation between executive compensation and corporate performance.

Key words：enterprise management;executive compensation;company performance;industry characteristics;empirical research;return on assets;earnings per share

0 引 言在互联网时代，企业之间的竞争，也是人力资本的竞争。高管人员作为企业的核心人才，对企业的发展具有重要的影响，学者们也对高管的薪酬和公司绩效之间的相关性一直在进行研究。最早的实证研究由西方学术界的Jensen and Murphy（1990）[1]完成，国内的研究从1999年开始。众所周知，不同行业的高管薪酬与公司绩效之间的相关性存在差異，国内外诸多学者也进行了探讨。例如，Murphy运用1964—1981年期间美国73个最大制造企业的500个经理的相关数据，研究了公司绩效和管理报酬之间的关系，发现由股东回报测量的公司绩效与经理报酬正相关，销售量增长与经理补偿正相关[2]。……