我国上市公司业绩与高管薪酬的相关性分析

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2、soutputattheenterprise．Inthelatel870s，somescholarsputforwardrelatiVeperfomlanceevaluationtheory．Thetheo巧meansthatundert11einf0珊ationasymmet巧intheenViro如舱nt，thecompaIlype晌mallcecannotmllyreflecteXecutiVes’pers0嫩le舫rttoente印rise，a11dtal(ingconsiderationoftheperfIo珊aIlceofomerco

3、mpaniesinthesaIIleindus仃ycanfilteroutmerisl(saIldextemalfactorsthatwholeindus町f．ace．Settil坞sala巧levelwithreferencetot11ecompanyperfo珊aIlceandindus仃yperf．omaIlceismorereaSonable．，nleperf．o肌anceoflistedcompaniescanbeValuedbymeallsofstockmarketperfo眦aIlce，shareholderwealthincrea

4、Se，profi切bili够ofaSsets，aI]IdotlleraSpectsofevaIuation．EstablisllIIlentofreaSonablelistedconlpaIlyexecutivepaycaIlpromotethematuri够ofChina’scapitalm缸ket，inlproVeco印orategovemancesystemaIldprotIecttlleinterestsofsmallaIldmediurIliIlVeStorS．Studyontllecon．elationofexecutiVepayof

5、listedcompalliesandped’o册ancecontributesalottocompensationstaIldardsetting，marketsupervisionmechalliSmimplementing，aIldsmallandmediuln．sizedinvestorS’investrllentdecision—m批ng．Intllispaper，weselectliStedcompanies丘ommainboardm破et’smallandmedium—sizedenterpdseboardmarketandtheg

6、ro、矾henterpriSemarketofShen吐enstockexchangeaIldtal(el068listedcompaIliesass锄ples，uSingt11elistedcompany’s2011aIlllualdata．CorrelatiOnamongexecutiVepava11dperfo姗anceareaIlalyzed．Theconclusionsoftheempiricala11aIysisare：Clljna’slistedcompanyexecutiVepayandcompallyperfomar]lce，t

7、hediff．erencebetweencompanyperfonnaIlceandthepe—’omanceoftheindus时averagehascertaincorrela垃on．Correlationsarnongmaillboal．dmarket，smallandmedium—sizedemerpriseboardmarket，growmente印risemarketlistingcompanyaredi丑、erem．Atthesametime，thispaperalsofoundthat：thelistedcompanyexec砸V

8、epayandthecompally’sped’o珊ancehasacenaindeViation，signofmakingtheexe