股权结构,高管薪酬,公司业绩.pdf

Frontiers of International Accounting 国际会计前沿, 2012, 1, 13-18 /10.12677/fia.2012.13003 Published Online December 2012 (/journal/fia.html) Ownership Structure, Executive Officer’s Payment and * Firm Performance ——Evidence from Electric Industry Listed Firms Shiyao Li Zhejiang Electric Power Construction CO., LTD., Ningbo Email: lishiyao2004@126.com Received: Nov. 8th th th , 2012; revised: Nov. 28 , 2012; accepted: Dec. 4 , 2012 Abstract: Ownership Structure and Executive Officer’s Payment are key factors to firm performance. This paper proposes theoretical hypotheses based on deep study on related material; it chooses ROA as the pri- mary indicator of firm performance, and uses panel approach to empirically analyze through electric industry listed firms. The results show that: the relation between ownership concentration and performance is inverted U shaped, the proportion of executive ownership is positively related to firm performance; the relation be- tween executive officer’s payment and firm performance is not significant in the state-controlled listed firms. In addition, FSP is non-linear relation with company performance; the hypothesis that the balances of stock ownership will help to improve firm performance has been confirmed. Keywords: Ownership Structure; Executive Officer’s Payment; Firm Performance; Electric Industry Listed Firms 股权结构、高管薪酬与公司业绩* ——来自电力行业上市公司的证据 李世尧 浙江省电力建设有限公司，宁波