机构投资者、产权性质与高管薪酬业绩敏感性——来自中国上市公司的经验数据.pdf

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1、ABSTRACTSincetheseparationofownership,themodernenterprisehasdesignedaseriesofincentivestrytomatchthecontrolandownership,oneofthemosttypicalmechanismistoallowauthoritiestohavesomeresidualclaims,resultinginthedevelopmentofthedesignofremunerationmanagementmechanism.Afterdecadesofdevelopmentandgrowth,t

2、heinstitutionalinvestorsgainmorepowertoparticipateinthemanagementoflistedcompanies.Comparedwithindividualinvestors,institutionalinvestorshaveastronginformation-gatheringcapabilitiesandexpertisetobetterplaytheroleofprincipal.However,institutionalinvestorsarelikelytosuffertheconstraintsofstate-ownedp

3、roperty.So,itisfoilofimportantsignificancetoconsidertheefectofstate-ownedproperty.Thethesisisdividedintosixpartsandthestepsareasfollows:PartIdescribesthebackgroundandsignificance,aswellasinnovationofthisstudy,thecontentandthemethoddescribedinthepaper,andfinallyprovidesresearchandinnovation.PartIIre

4、viewstheextentoftheliteratureinandoverseas.PartIIIistiieoreticalanalysis.Byanalyzingthebasictheoryandthetheoryofthephenomenonfindameetingpointbetweenthehypothesesproposedforthetextoftheoferideas.PartIVisresearchdesign.Throughdetailedanalysisofthephenomenaandtheorytoselectstudysample,andthenproposeh

5、ypothesesanddefinesampledatavariables.PartVistheresultsofempiricalanalysis.Firstly,selectingthesamplestoanalyzetherelationsbetweeninstitutionalinvestorsandexecutivepay-performancesensitivity.Secondly,verifyingtheeffectofstate-ownedproperty.PartVIistheconclusionsandrecommendations.Andproposeappropri

6、atepolicyconclusionsandrecommendations,andputforwardthelimitationsandresearchprospectsofthisarticleinthelast.Innovationofthispaperismainlyreflectedinthefollowingtwopoints:First,theresearchperspectiveisnovel.ThisislittleresearchontherelationshipsofIinstitutionalinvestors,andthispaperenrichestheresea

7、rch.Second,basedonourspecificresearchbackground.Researchonthegovernanceroleofinstitutionalinvestorsaremoreabundantabo￡目录研宄背景研究意义理论鼓实用价值研究框架及研宄目的研究框架研究瞧研宄方法及仓新点研究方法研宂创新点文献综述高管薪酬与公司业绩的文献回顾高管薪酬与公司业绩不相关或微弱相关高管薪