上市公司高管薪酬与企业绩效外文文献翻译最新

文献出处：Mehran H. The study on the correlation of Senior Executive Compensation and corporate performance in listed companies [J]. Journal of financial economics, 2016, 2(3): 161-174.

原文

The study on the correlation of Senior Executive Compensation and corporate

performance in listed companies

Mehran H

Abstract

Due to information asymmetry between owners and executives, led to the moral risk and adverse selection problems. How to make the executive is satisfying the interests of the white body at the same time maximize the enterprise value ultimately achieve a win-win situation, become a great concern of many scholars.

This paper from two aspects of theory and the literature reviewed the executive compensation and corporate performance of the related content. Then the relationship between executive compensation and corporate performance empirical research. This article mainly from two aspects to analyze the correlation between executive compensation and corporate performance, is a longitudinal descriptive statistical analysis, samples are divided into general descriptive statistical analysis and descriptive statistical analysis, the second is to collect data, respectively, the university and multivariate linear regression analysis, selection of the top three executive pay means the natural logarithm of executive compensation, return on equity and earnings per share measure of enterprise performance, and to join the company size, financial leverage, ownership concentration, executives shareholding, the proportion of state-owned shares, the proportion of independent directors, the chairman and general manager of situation eight control variables, the size of the board of supervisors.

Keywords: the listed company, executive compensation and corporate performance

Introduction

Modern enterprise mostly adopts share-holding system operation, the emergence of the joint-stock company, led to the separate ownership with the agency. Shareholders as the owner of the enterprise property eventually, but not to participate in enterprise management and decision-making, but the entrusted agent for the management and operation enterprises, formed "by a proxy" relationship. Agent instead of shareholders as the authorized agent of the enterprise, its status or senior management of the enterprise. Considering the agent's risk factor, such as level of morality, ability, together with information asymmetry between shareholders and executives, can produce the agency cost.

Executives as the human capital of enterprise is the most important and scarce, because its mastery of the enterprise management decision-making, the height of the enterprise control rights virtually increased the likelihood they use right to violate the interests of the shareholders. In order to solve this contradiction, shareholders adopted both constraints and incentive mechanism to balance the principal-agent relationship, can excite the work enthusiasms of executives unceasingly, can maximum limit to maximize shareholder wealth. Whether to stand in the Angle of the shareholders or executives, the company's performance is the important measure of executive pay. So, study on executive compensation and corporate performance correlation for an enterprise to formulate salary incentive mechanism and solve the problem of agency costs, it is very necessary.

Literature review

The correlation of executive compensation and corporate performance Murphy (1985) 1964-1981 using the company data, chose the 73 largest manufacturing enterprises of the data of 500 managers as the research sample, using empirical method to test the stock yield, the relationship between executive compensation and corporate earnings growth, the conclusion is: the elasticity value cash incentives for the value of the company is near to 0.11, measured with returns to shareholders of company performance pay was significantly positively related to relationship with the manager. The conclusion and Coughlan and Schmidt (1985) of the two scholars research conclusion.