上市公司高管薪酬激励与投融资效率相关性研究

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1、上市公司高管薪酬激励与投融资效率相关性研究摘要近年来，众多学者对我国企业的投资效率进行了研究，他们认为非效率投资分为过度投资和投资不足，他们首先构建一个资本投资模型，用上市公司当年实际投资与预期投资进行回归，按残差正负将上市公司分为过度投资、投资不足两类。然后用薪酬业绩敏感度PPS(Pay-Performancesensitivity)分别与过度投资、投资不足进行回归以研究其关系。然而笔者通过大量的阅读发现广义的融资效率是包含投资效率内涵的，并且融资是投资的前提，投资是融资的目的和结果，故笔者将企业的价值源泉也即投融资

2、效率作为一个整体进行研究，并通过研究高管薪酬激励(分为短期激励与长期激励)与投融资效率的相关性来探索解决委托代理问题的方法。研究表明，我国高管货币薪酬激励(短期激励)与企业投融资效率负相关，而作为长期激励方式的高管持股比例与企业投融资效率正相关。故设计并有效结合合适的短期激励与长期激励将对企业投融资效率的提高有极大帮助。本文的创新之处在于将投融资效率作为一个整体进行研究，并研究探索高管薪酬激励与企业投融资效率之间的关系。关键词：高管货币薪酬；高管持股比例；投融资效率；委托代理问题IRelatedresearchonth

3、eexecutives’payincentivesandtheinvestment-financingefficiencyoflistedcompaniesAbstractInrecentyears,manyresearchershavelearnedabouttheefficiencyofcorporateinvestmentinChina.TheybelievethatNon-efficiencyinvestmentscanbedividedintoover-investmentandunder-investmen

4、t.Firstlytheysetupaninvestmentmodel;theymakeregressionbetweentheactualinvestmentandtheexpectedone.Theregressionresidualwillbesortedasover-investmentandunder-investmentbythesign.ThentheydoregressionbetweenthePPS(Pay-Performancesensitivity)andover-investmentorunde

5、r-investmentinordertostudytherelationshipbetweenthem.However,throughalotofreadingIfoundoutthatthegeneralefficiencyofthefinancingincludestheconnotationoftheinvestmentefficiency.Andthefinancingactivitiesaretheprerequisiteoftheinvestmentactivities;theinvestmentacti

6、vitiesarethepurposeandresultsofthefinancingactivities.Therefore,Iwillstudytheefficiencyofinvestmentandfinancing,whichwecanregarditasthesourceoftheenterprisevalue,asawhole.Inthispaper,Iwillexploresolutionstotheprincipal-agentproblemthroughthestudyoftherelationshi

7、psbetweentheEfficiencyofinvestmentandfinancingandtheExecutives’incentivecompensationwhichwasdividedintoshort-termincentiveandlong-termincentive.TheresearchindicatesthattheEfficiencyofinvestmentandfinancinghasanegativecorrelationwiththeExecutives’incentivemonetar

8、ycompensation(short-termincentive),whilehasapositivecorrelationwiththeExecutives’stockratio(long-termincentive).So,designandintegrateshort-termincentiveandlong-termin