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1、融資約束、高管薪酬與企業(yè)績效葉建木謝利萍武漢理工大學(xué)管理學(xué)院木文以國有A股上市公司為研宄對(duì)象,分析融資約朿情境下高管薪酬與企業(yè)績效的相關(guān)性。研宄結(jié)論表明:融資約束對(duì)高管薪酬與企業(yè)繢效的相關(guān)性具有顯著影響;高融資約束的企業(yè),高管薪酬與企業(yè)績效具有顯著的正相關(guān)性,低融資約束的企業(yè),高管薪酬與企業(yè)績效的相關(guān)性不顯著;另外,融資約束對(duì)高管薪酬與企業(yè)績效和關(guān)性的影響隨行業(yè)的不同也有所不同。關(guān)鍵詞:高管薪酬;企業(yè)績效;融資約束;國有卜.市公司;FinancingConstraints,ExecutiveCompensationandCorporatePerformanceSchoolofManageme
2、nt,WuhanUniversityofScienceandTechnology;SchoolofManagement,WuhanUniversityofScienceandTechnology;Abstract:Thestudieshavefoundthatthecorrelationofexecutivecompensationandcorporateperformanceisaffectedbyalotofsituationalfactors.Financingconstraintswillaffectcorporateperformancebyrestrictingenterpris
3、eprincipal-agentbehavior,whichistheimportantsituationalfactoraffectingthecorrelationofexecutivecompensationandcorporateperformance.Thispaper’sresearchobjectisthestate-ownedlistedcompaniesandthepaperwillanalyzethecorrelationofexecutivecompensationandcorporateperformancewhenfacingfinancingconstraints
4、.Theresultsshow:Firstly,thefinancingconstraintshaveasignificantinfluenceoncorrelationofexecutivecompensationandcorporateperformance.Secondly,thecorrelationofexecutivecompensationandcorporateperformanceissignificantpositivewhentheenterpriseinhighfinancingconstraints,butwhentheenterpriseinlowfinancin
5、gconstraints,thecorrelationisnotsignificant.Inaddition,whentheenterprisesbelongtodifferentindustries,theaffectsoffinancingconstraintsoncorrelationofexecutivecompensationandcorporateperformanceisdifferent.Keyword:Executivecompensation;Enterpriseperformance;Financingconstraints;State-ownedlistedcompa
6、nies;、引言我國國民經(jīng)濟(jì)發(fā)展正面臨增速放緩的困境,提高企業(yè)績效是促進(jìn)國民經(jīng)濟(jì)良好發(fā)展的有效途徑,而資金短缺與融資閑難是現(xiàn)代企業(yè)面臨的普遍問題,資金的有效融通對(duì)提高企業(yè)績效至關(guān)重要。作為現(xiàn)代企業(yè)發(fā)展的一個(gè)重要指標(biāo),融資約束往往會(huì)制約企業(yè)績效、阻礙企業(yè)發(fā)展,同時(shí),融資約束程度的提高有助于減少企業(yè)自有現(xiàn)金流量導(dǎo)致的代理問題,通過制約企業(yè)高管做出的投資行為影響企業(yè)績效。因此,研宄融資約束對(duì)高管薪酬與企業(yè)績效相關(guān)性的影響對(duì)于提高企業(yè)繢效、促進(jìn)國民經(jīng)濟(jì)發(fā)展具奮重要意義。0前,國內(nèi)外學(xué)者對(duì)高管薪酬與企業(yè)績效相關(guān)性的研究已有較多成果,但并沒有統(tǒng)一的研究結(jié)論,亦很少有學(xué)者將融資約束作為調(diào)節(jié)變量引入高管薪酬
7、與企業(yè)績效之間,研宄融資約束對(duì)高管薪酬與企業(yè)績效和關(guān)性的影響。二、理論分析與研究假設(shè)(一)關(guān)于高管薪酬與企業(yè)績效的相關(guān)性Jcmscm和Murphy(1999)發(fā)現(xiàn)CEO薪酬與公司繢效之間僅顯示較弱的相關(guān)性。Boschen(2003)等研究發(fā)現(xiàn),高管薪酬與企業(yè)績效之間有著顯著的正相關(guān)關(guān)系,并且高管薪酬與企業(yè)市場價(jià)值兩者也只有一定程度的相關(guān)關(guān)系。張俊瑞、趙進(jìn)文和張建(2003)研究表明公司的高管年薪與公司的經(jīng)營繢