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本文采用经典回归分析技术与现代模型影响评价理论 ,对我国上市公司高级管理人员的薪酬、持股等激励手段与企业经营绩效之间的相关性进行了建模实证分析 ,克服了文献研究中只进行传统建模而不进行模型稳健分析的缺陷。主要结论是 :(1)高级管理人员的人均年度薪金报酬的对数LnAP关于解释变量每股收益、国有股控股比例、高级管理层总体持股比例及公司总股本的对数的回归呈现多元线性关系。 (2 )LnAP与公司经营绩效变量EPS及公司规模变量LnSIZE之间呈现较显著的、稳定的正相关关系。 (3)LnAP与高管持股比例变量MSR之间虽然呈现正相关关系 ,但这种正相关关系的显著性对异常值较为敏感 ,容易受强影响点及高杠杆点等的影响 ,表现出不稳定性。 (4)LnAP与国有股控股比例变量FST之间存在较弱的负相关关系 ,并且这种负相关性对异常值更加敏感 ,更易受强影响点的影响。这些结果与国外相关的计量分析结果基本一致 ,与国内相关研究结论有一定差异
This paper uses classical regression analysis and modern model theory of impact evaluation to model the empirical correlation between the incentive measures of senior executives and the management performance of listed companies in our country, Traditional modeling without the hassle of robust model analysis. The main conclusions are as follows: (1) Logarithm LnAP of per capita annual salary remuneration of senior executives shows a multiple linear relationship with the regression of the logarithm of the explanatory variables such as EPS, shareholding of state-owned shares, total senior management shareholdings and the total share capital of the company . (2) There is a significant and stable positive correlation between LnAP and the company's operating performance variable EPS and the company's size variable LnSIZE. (3) Although there is a positive correlation between LnAP and MSR, the significance of this positive correlation is sensitive to outliers and easily affected by strong influence points and high leverage points. Instability. (4) There is a weak negative correlation between LnAP and FST, and this negative correlation is more sensitive to outliers and more vulnerable to strong influence points. These results are basically the same as the results of econometric analysis abroad, and have some differences with the related domestic research conclusions