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1、AbstractConsideringtheseparationbetweentherightofownershipandmanagement,peoplealwaysfocusonhowtomotivatecorporateexecutivesbycompensation.Since2007,listedcompaniesinourcountryhavebeenforcedtoimplementmandatorydisclosureofexecutives’compensation,whichresultedineasyaccessto
2、relatedinformation.Soeveryexecutiveisabletoknowmoreaboutcompensationsofotherexecutivesinthesameindustry,whicharouseattentiononfairnessofit.Fairnessofexecutives’compensationhastwokinds:internalandexternal.Internalfairnessrepresentsthereasonablenessamongexecutivesorexecutiv
3、esandclerksinthesamecorporation,whileexternalfairnessreferstothereasonablenessamongexecutivesindifferentcorporationsinthesameindustry.Now,scholarsresearchingonexecutives’fairnessaremainlyfocusoninternalfairness.Besides,theymainlyanalyzethewholeindustryinsteadoffocusingono
4、nespecificindustry.Infact,executivecompensationindifferentindustriesdiffersalot.Forinstance,executivecompensationinrealestateindustryismuchhigherthanotherindustryandalsohaslargerpaygap.Consequently,thisarticlewilljuststudytherelationshipbetweentheexternalfairnessofexecuti
5、ves’compensationandcorporateperformanceinrealestateindustry.Firstly,thearticlewillcalculateresidualsbyexecutivecompensationdecisionmodelanduseittomeasurethefairnessofexecutives’compensation.Then,byintroducingcontrolvariables,relationshipbetweenexternalfairnessofexecutives
6、’compensationandcorporateperformancewillbestudied.Inthisarticle,alldataaregotfromlistedcompaniesinrealestateindustryfrom2009to2013.Throughregressionanalysis,conclusionsareasfollowing:Thereexistscorrelativitybetweenpositiveexecutivepay'sexternalgapandcorporateperformance,b
7、utitonlycomestobetrueinnonstate-ownedcorporations;thereexistscorrelativitybetweennegativeexecutivepaygapandcorporateperformance,butitisnotobviousbothinnonstate-ownedcorporationsandstate-ownedcorporations.Consequently,weshouldadoptdifferentmotivationmethodstowardsdifferent
8、corporationswhendecidingexecutives’compensations.Weshouldalsofullyusethemethodofcompensationtomo