论文部分内容阅读
近年国有企业高管降薪改革以及股权激励计划的实施,均体现出企业对长远发展重视程度不断提高。高管薪酬是否仍然与短期业绩挂钩,以及高管薪酬粘性是否仍然存在。本文采用2014年度1 870家上市公司的相关数据,检验了高管薪酬的短期公司业绩敏感性以及高管薪酬的粘性特征。研究表明,高管薪酬与短期公司业绩显著正相关,但高管薪酬的短期业绩敏感性具有不对称性,即粘性特征。
In recent years, the state-owned enterprise executive pay reform and the implementation of equity incentive plan all reflect the constant emphasis on long-term development of enterprises. Whether executive pay is still linked to short-term performance and whether executive pay stickiness persists. Based on the data of 1870 listed companies in 2014, this paper examines the sensitivity of executive compensation to short-term corporate performance and the stickiness of executive compensation. Research shows that there is a significant positive correlation between executive compensation and short-term corporate performance, but the short-term performance sensitivity of executive compensation is asymmetric, ie sticky.