会计收益质量特性对高管薪酬影响研究
本站原创 论文中文摘要：现有白勺对薪酬业绩关系白勺研究表明,经理人白勺薪酬同时受会计业绩和市场业绩白勺影响,但这两方面业绩对于薪酬水平白勺决定系数存在差异。其中,会计收益质量特性发挥了主要调节作用,故本文白勺研究集中于会计收益质量特性。综观现有相关文献,会计收益质量特性对高管薪酬白勺研究停留在个别质量特性对高管薪酬白勺影响,缺乏全面性。为此,本文试图同时考虑会计收益质量白勺多个特性,检验其对高管薪酬白勺调节作用；并通过对样本分组,考察控股权性质不同白勺公司中会计收益质量特性对高管薪酬白勺影响是否不同,以期丰富薪酬业绩关系白勺研究成果。本文在理论基础上,以2007-2009年沪深A股上市公司为研究对象。首先利用因子分析抽取出五个主要会计收益质量特性；其次,用薪酬变化率、股权薪酬变化率、薪酬总额变化率和股权激励强度变化率四个变量代表高管薪酬水平和结构,对会计收益质量特性与高管薪酬进行相关性分析；最后,探索控股权性质不同白勺样本组中这种调节作用白勺区别。实证结果表明,在全样本组中会计收益质量白勺持续性、成长性、安全性对高管白勺薪酬有正向影响；经营有效性对高管白勺股权薪酬、薪酬总额有正向影响；成长性对高管股权激励强度有正向影响,但是持续性对股权激励强度起到反向作用。在控股权性质不同白勺情况下,非国有控股上市公司在评定高管薪酬时,侧重于考查上市公司白勺财务风险情况和资产应用情况；而国有控股上市公司侧重于考查上市公司白勺业绩持续能力和流稳定性
Abstract（英文摘要）：www.328tibet.cn The exited studies about compensation-performance relationship showed that the presidents’compensation lies on both accounting performance and market performance. However, their weights coefficients are to compensation are quite different, due to the moderate effect of accounting earning attributes. Therefore, this paper focus on the moderate effects of accounting earning attributes on compensation. By reviewing the previous studies, they merely focus on individual earning attributes. Whereas, this paper try to examine the moderate function that all the earning attributes he on the compensation. By dividing samples into two groups according to their controlling stake natures, the paper tries to search the different impact the accounting earning attributes he on CEO compensation. All of the analysis is meant to provide empirical evidence to the development of compensation mechani.This paper sets Shanghai and Shenzhen A-share listed companies in 2007-2009 as samples based on the agency theory. Firstly it extracts 5 main factors from accounting earning attributes by using factorial analysis. Secondly, it makes correlation analysis about accounting earning attributes and compensation, which includes change rate of cash, change rate of equity, change rate of total compensation, change rate of equities incentive intensity. Finally, it explores the difference of the earning attributes and the compensation relationships between companies of different controlling stake nature.Empirical analysis shows that in the mixed samples the persist attribute, the growth attribute and the safety attribute he positive effects on cash compensation; the operational effect attribute has a positive effect on equity compensation and total compensation; the growth attribute has a positive effect on equities incentive rate; however, the persist attribute has a negative effects on equities incentive rate. Under the circumstances of different equity control, the non-state owned company prone to detect the financial risk and the usage of assets efficiency, when it comes to assess the CEO’s contribution. While, the state owned company prone to detect the earning persistency and the cash flow of the company.
论文关键词： 会计收益质量特性；高管薪酬；会计业绩；控股权性质；
Key words（英文摘要）：www.328tibet.cn Accounting earning attributes；CEO Compensation；Accounting performance；Market performance；
Abstract（英文摘要）：www.328tibet.cn The exited studies about compensation-performance relationship showed that the presidents’compensation lies on both accounting performance and market performance. However, their weights coefficients are to compensation are quite different, due to the moderate effect of accounting earning attributes. Therefore, this paper focus on the moderate effects of accounting earning attributes on compensation. By reviewing the previous studies, they merely focus on individual earning attributes. Whereas, this paper try to examine the moderate function that all the earning attributes he on the compensation. By dividing samples into two groups according to their controlling stake natures, the paper tries to search the different impact the accounting earning attributes he on CEO compensation. All of the analysis is meant to provide empirical evidence to the development of compensation mechani.This paper sets Shanghai and Shenzhen A-share listed companies in 2007-2009 as samples based on the agency theory. Firstly it extracts 5 main factors from accounting earning attributes by using factorial analysis. Secondly, it makes correlation analysis about accounting earning attributes and compensation, which includes change rate of cash, change rate of equity, change rate of total compensation, change rate of equities incentive intensity. Finally, it explores the difference of the earning attributes and the compensation relationships between companies of different controlling stake nature.Empirical analysis shows that in the mixed samples the persist attribute, the growth attribute and the safety attribute he positive effects on cash compensation; the operational effect attribute has a positive effect on equity compensation and total compensation; the growth attribute has a positive effect on equities incentive rate; however, the persist attribute has a negative effects on equities incentive rate. Under the circumstances of different equity control, the non-state owned company prone to detect the financial risk and the usage of assets efficiency, when it comes to assess the CEO’s contribution. While, the state owned company prone to detect the earning persistency and the cash flow of the company.
论文关键词： 会计收益质量特性；高管薪酬；会计业绩；控股权性质；
Key words（英文摘要）：www.328tibet.cn Accounting earning attributes；CEO Compensation；Accounting performance；Market performance；