【作者】 江新；

【导师】 林斌； 李霞；

【作者基本信息】 江西农业大学 ， 企业管理， 2011， 硕士

【摘要】 企业经营权和所有权的分离,导致委托-代理问题的出现。解决委托-代理问题,必须建立一套有效的激励-约束机制,使代理人为委托人的利益服务。随着股权分置改革的推进和资本市场的完善,员工持股问题越来越受到各上市公司重视,同时作为薪酬激励手段之一有更加完善的体制。因此,本文鉴于员工持股这一参数判断上市公司是否进行了股权激励手段,以此进行实证研究。本文选取了2008年或2009年上市公司非高管层薪酬与公司财务绩效指标等数据,通过对指标选取及概念的界定基础上,先对数据进行统计分析之后,立足于我国上市公司非高管层薪酬与相关因素的关联性上,对我国进行股权激励的上市公司绩效与上市公司非高管层薪酬之间的相关性进行分析检验,望能得到上市公司有效的薪酬激励机制与非高管薪酬激励的相互激励性因素。通过对我国上市公司非高管层薪酬进行统计分析发现,薪酬水平呈现上升趋势,却因行业内及行业间公司规模、薪酬制度等规定不统一,因而绝对水平不高.经统计检验发现,企业绩效与非高管薪酬有一定的正相关关系,但是相对应的检验相关程度有待进一步提高,对检验数据进行分析可知,公司绩效与公司非高管层年度薪酬存在显著正相关关系,说明选取的样本公司进行了股权激励后产生了一定的效果,但是激励需要短期激励与长期激励相结合,因而,公司绩效的提高并不能对于公司非高管薪酬的提高有显著的说明性.针对样本是否采用股权激励手段,方式不一,也有很多方式,本文以员工是否持股为标准判断,虽然员工持股比例较低,但是对于员工持股的短期效应较明显,长期效应还需建立起有效的股权激励机制。更多还原

【Abstract】 The separation of enterprise’s management and ownership, led to the agency problem. In order to solve the agency problem,we need to have a set of incentiveand restraint mechanisms,making agents to maximize the welfare of the clients. With the carrying on of the shareholder structure reform and the promotion of the capital market, more and more employees of listed companies holding their company’s shares,and As a means of incentive pay to have a more complete system.Therefor,This view of the employee-owned company of this parameter to determine whether the equity market incentives, as empirical research.This paper examined Senior executives of listed companies pay and non-financial performance indicators and other data, through the selection and definition of the concept index, based on the data before statistical analysis on the listed firms over 2008-2009, Listed Companies in China based on the remuneration of senior management of the associated factors, Incentive stock options to our country performance of listed companies and listed companies pay non-senior management to analyze the correlation between the test, Listed companies hope to get an effective pay incentives and mutual non-executive compensation incentive incentive factor. Listed Companies in China by senior management salaries for statistical analysis found that pay levels on the rise, because of the companies within the industry size and industry, salary system and other regulations are not unified, and therefore the absolute level is not high. The statistical test showed that non-executive pay and corporate performance has some positive correlation, but the degree of correlation corresponding to the test should be improved further, On test data analysis, the company senior management performance and company annual remuneration of non-significant positive correlation, indicating that the sample selected after the company had equity incentive produced a certain effect, but need short-term incentives and long-term incentive incentives combined Thus, the improvement of corporate performance, and not for the company’s non-executive compensation increased significantly explanatory. Whether to adopt the equity incentive for the sample means in different ways, there are many ways, this paper as a standard to judge whether the staff shareholding, while employee ownership is relatively low, but for the short-term effect of employee stock ownership more obvious need to establish long-term effects An effective equity incentives.更多还原