河南省上市公司CEO薪酬影响因素实证研究_毕业论文.doc

攻读硕士学位期间的研究成果 PAGE PAGE I 河南省上市公司CEO薪酬影响因素实证研究 摘　要 合理的CEO薪酬设计，不仅是激励企业人力资本尤其是CEO的重要手段，而且还有利于保护股东权益。我国上市公司CEO的激励问题一直受到普遍关注，如何设计合理的薪酬激励机制，从而在解决CEO与企业所有者信息不对称的同时，使企业经营者与所有者的目标相一致，为企业的生存与可持续发展提供支持和保障，进而推动整个社会的经济发展，需要我们深入思考。因此，研究我国上市公司的CEO薪酬现状，揭示出CEO薪酬的主要影响因素，对于我国的经济发展具有重要的理论和现实意义。 要认识和解决我国CEO薪酬机制存在的问题，首先需要了解CEO薪酬决定的现状。本文在总结国内外学者相关研究的基础上，利用我国河南省上市公司公开披露的数据，考察了河南省上市公司CEO薪酬的决定因素。实证研究结果表明，CEO薪酬受到企业绩效、独董比例的显著影响，而CEO人力资本特性和企业特性中的公司规模、董事会规模、股权集中度和企业性质对CEO薪酬影响不显著；长期股权激励在我省上市公司中所占比例很小，说明我省尚未建立起有效的长期激励机制。 关 键 词：CEO薪酬，企业绩效，独董比例，实证研究 The Empirical Study of CEO Compensation Influencing Factors on Listed Companies of Henan Province ABSTRACT Rationally designed CEO compensation is not only one mean to stimulate firm’s human capital，especially CEO，but also helpful for protecting shareholders’ interest．The CEO stimulation has long been under great attention，how to design the reasonable wage-encouraging mechanism，thus solving CEO and enterprise owners in asymmetric information，make enterprise managers and owners goals for enterprise existence and provide support and guarantee the sustainable development，and promote economic development of the whole society，we need to think deeply about．So it has important theoretical and practical significance for the economic development of our country to study the current situation of CEO compensation and reveal the CEO compensation influencing factors of the listed companies in China． To explore the problem of the CEO stimulation mechanism in China，we should first know the determinants of CEO compensation．After a review of the research work of both foreign and domestic，using the listed companys’ accounting report of Henan Province，we explore the determinants of CEO compensation．We find that the performance of the firm and the proportion of the independent directors to be the predominant influences on CEO compensation，while CEO human capital，the scale of the firm，the scale of the board，the stock ownership concentration and the enterprise properties