论文部分内容阅读
利用2010-2015年沪深A股上市公司的数据,实证检验了相对业绩评价(RPE)在高管薪酬合约中的应用情况,以及市场竞争程度对高管薪酬和RPE之间关系的调节作用,结果表明:RPE在采矿业、制造业、“电力、热力、燃气及水生产和供应业”、建筑业、批发和零售业、“信息传输、软件和信息技术服务业”、房地产业、“水利、环境和公共设施管理业”、“文化、体育和娱乐业”以及综合,这10大行业中得到了广泛应用;在“农、林、牧、渔业”、“交通运输、仓储和邮政业”、租赁和商务服务业这3大行业中没有得到了应用;在此基础上,进一步发现,在市场化程度较高的东部地区,企业相对业绩对高管薪酬的影响更大,企业更可能应用RPE。
Using the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2015, we empirically test the application of relative performance evaluation (RPE) in executive compensation contracts and the regulatory role of market competition on the relationship between executive compensation and RPE. The results show that: RPE has many applications in mining, manufacturing, power generation, heating, gas and water production and supply, construction, wholesale and retail, information transmission, software and information technology services, real estate Industry, water conservancy, environment and public facilities management industry, cultural, sports and entertainment industries and comprehensive industries, which have been widely used in 10 industries. In agriculture, forestry, animal husbandry and fishery, , “Transportation, warehousing and postal service”, leasing and business services in the three major industries have not been applied; on this basis, further found that in the higher degree of marketability in the eastern region, the relative performance of enterprises Executive pay is more influential and companies are more likely to use RPE.