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为解决“委托—代理”问题,公司将业绩与管理者薪酬相联系,但这一方式是否有效仍存在争议。本文通过对2003年到2015年A股上市公司业绩和高管薪酬关系的研究,发现不同指标作为业绩的衡量标准对于高管薪酬有着不同的影响,其中每股收益与薪酬呈正向关系,而盈余管理与高管薪酬总体看无显著关系,但由于行业差异,结果相差较大,需具体分析。
In order to solve the problem of “commission-agent”, the company relates the performance to the remuneration of managers. However, whether this method is effective or not is still controversial. This paper studies the relationship between the performance of A-share listed companies and executive compensation between 2003 and 2015 and finds that different indicators have different effects on executive compensation as the measure of performance, in which the earnings per share and the remuneration are in a positive relationship, while the surplus Management and executive pay overall no significant relationship, but due to industry differences, the results vary greatly, the need for specific analysis.