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An Empirical Study of Executive Compensation of State - owned Listed Companies on Corporate Financial Performance

机译:国有上市公司执行赔偿对公司财务业绩的实证研究

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Based on principal-agent theory, this paper studies the effect of executive compensation on state - owned listed companies' financial performance. The theory of principal-agent makes the information asymmetry between shareholders and management. The managers are responsible for the operation and management of the company and clearer about the future development prospects. The shareholders are difficult to grasp the company's real financial situation, and managers may be to maximize their own interests in a variety of ways to damage the interests of shareholders, so this paper set up a reasonable executive compensation incentive system, which is conducive to the reduction of the interests of shareholders and the company's future damage by studying the management of corporate financial performance impact. In this paper, 80 state-owned listed companies in Shanghai and Shenzhen in 2015 were selected as research samples, and the correlation analysis was used to confirm whether there was significant correlation between the executive compensation and financial performance of state-owned listed companies, the linear regression analysis is constructed model Y which reflect the relationship of executive compensation and financial performance, which is used to verify the impact of executive compensation on corporate financial performance.
机译:本文基于委托 - 代理理论,研究了执行赔偿对国有上市公司财务业绩的影响。委托代理理论使得股东与管理之间的信息不对称。该管理人员负责公司的运营和管理,更清楚未来的发展前景。股东很难掌握公司的真正财务状况,管理人员可能是以各种方式最大化自己的利益来损害股东利益,因此本文建立了合理的执行赔偿激励制度,这有利于通过研究企业财务业绩的影响,减少股东利益和公司未来损害。在本文中,2015年上海和深圳的80家国有上市公司被选为研究样本,相关分析用于确认国有上市公司的执行赔偿金与财务绩效之间是否存在显着相关性,线性回归分析是构造的模型Y,其反映了执行赔偿和财务绩效的关系,用于验证执行赔偿对公司财务业绩的影响。

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