Orders to record
In this paperhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.3
The abstracthellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..hellip;hellip;hellip;hellip;4
1 in troductionhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.5
1.1 the research backgroundhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.5
1.2 the research purpose and meaninghellip;hellip;hellip;..hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..hellip;5
1.3 research framework contenthellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;6
2 related theories and literature reviewhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.6
2.1 related theoryhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;.hellip;hellip;.. 7
2.1.1 concepthellip;hellip;hellip;hellip;hellip;..hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;hellip;.7
2.1.1 executiveshellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;hellip; 7
2.1.2 compensationhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;hellip;.. 7
2.1.3 enterprise performancehellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;.7
2.1.2 theoryhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..7
2.2.1 the principal-agent theoryhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..7
2.2.2 the human capital theoryhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;. 7
2.2 literature reviewhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.......7
2.2.1 the foreign research statushellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip; 8
2.2.2 the domestic research statushellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;8
3 study designhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;9
3.1 the research hypothesishellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;...hellip;hellip;....9
3.2 data sources and sample selectionhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;..9
3.3The design of the variableshellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;. 9
3.4 model buildinghellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;..10
4 the empirical analysishellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;11
4.1 description analysishellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;..11
4.2 correlation coefficient analysishellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..11
4.2 regression analysishellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;..11
5 research conclusions and countermeasureshellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;..12
5.1 the research conclusionhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..12
5.2 advicehellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..hellip;hellip;hellip;hellip;hellip;hellip;hellip;.hellip;hellip;hellip;hellip;..13
Referenceshellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;..13
thank youhellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;hellip;...hellip;.. 14
Study listed enterprise executive compensation effects on business performance
SunZi Xin
Nanjing information engineering university, economic management academy, jiangsu nanjing 210044
【 abstract 】 This articlelsquo;s data selected from 2011 to 2014, 132 listed enterprise , to research the impact of the listed enterprisersquo;s executives pay to corporate performance. In the description of the EXCEL statistics can be found in the listed enterprise total executive compensation and corporate performance are steady growth. After the regression analysis concluded: (l) positively related to the executive compensation and corporate performance; (2) the enterprise scale, enterprise executives shareholding and corporate performance are positively related to respectively. Finally Suggestions,on the one hand, the most reasonable compensation to achieve the optimal performance, on the other hand need to strengthen the supervision and constraint of executive, improve the executive compensation system to promote a win-win situation.
【 key words 】 the listed enterprise Senior management compensation Enterprise performance
1 introduction
1.1 research background
2014 disclosure Evergrande group President Xia Haijun salary of more than 40 million, more than three times the vanke wang shi. Talent to become the biggest competitiveness, the enterprise is one of the key of the development of the introduction, absorption of outstanding management personnel.Companies hope that through establishing reasonable executive compensation system to promote enterprise high benefit, once some scholars use game theory to explain high executive compensation can promote the performance and the rationality of the high executive pay. Zheng 'flower (2010) argue that business owners by giving executive pay to improve executives use efficient enterprise performance, reduce agency cost [1]. Executive compensation incentive theory of empirical research in China started late need us more to study, so dedicated to the research on executive pay about how the performance of the enterprise, this article is produced in the background.
1.2 the research purpose and meaning
Indispensable to national economic development is the relationship between the livelihood of the people, one of the backbone, the prosperity of the sex industry real estate, this paper select listed enterprise as the research object, to hope to benign development of the industry.To build the best compensation system need to make some corresponding data analysis in the real estate industry to study the industry executive compensation effect on corporate performance. Executive compensation to the enterprise management benefit and performance plays an important role, performance is often embodied in the enterprise operation and the benefit in the process of growing. Seize these indicators, the relationship between executive compensation and corporate performance analysis of a series of seminars, to understand the relationship between them can promote the health of the real estate enterprises and even the entire industry, fast and long development. This paper research the listed enterprise executive pay is how to affect the corporate performance, and to the listed enterprise, when constructing executive compensation system to put forward some Suggestions, hoping to help enterprises to use the most scientific executive compensation system to achieve the best effect.
In current academic research on correlation between executive compensation and corporate performance has not yet been determined, the positive and negative correlation even unrelated to the conclusion, this paper hope through the data of recent years research on executive pay about how the performance of the enterprise. But Daniel and Gobeli (2000) found that the effect of executive compensation to performance is not ge
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目 录
摘要···························3
abstract·························4
1绪论···················································5
1.1研究背景···············································5
1.2研究的目的与意义····································5
1.3研究框架内容··············································6
2 相关理论与文献综述································6
2.1相关理论···················,····························7
2.1．1概念·····················,····························7
2.1.1高管人员·····················································7
2.1.2薪酬···············································7
2.1.3企业绩效··························································7
2.1.2理论···················,····························7
2.2.1委托代理理论·················································7
2.2.2人力资本理论···················································7
2.2文献综述···················,····························7
2.2.1国外研究现状···················································8
2.2.2国内研究现状···················································8
3研究设计············································9
3.1研究的假设········································9
3.2数据来源与样本选择········································9
3.3变量的设计·········································9
3.4模型的构建·············································10
4实证分析············································11
4.1描述分析·············································11
4.2相关系数分析·············································11
4.2回归分析·············································11
5研究结论与对策建议·······························12
5.1研究结论··································12
5.2建议············································13
参考文献·············································13致谢···············································14
上市房企高管薪酬对企业绩效的影响研究
孙梓昕
南京信息工程大学经济管理学院，江苏 南京 210044
【摘要】本文选取2011年至2014年132家上市房企数据，研讨上市房企高管薪酬对企业绩效产生的影响。在EXCEL的描述统计中可以发现上市房企高管薪酬总额和企业绩效都平稳增长。采用回归分析方法得出结论：(l)高管薪酬与企业绩效正相关;(2)企业规模、企业的高管持股分别和企业绩效成正相关。最后建议一方面应用最合理的薪酬达到最优企业绩效，另一方面需要加强对高管的监督、约束，完善高管薪酬体系促进双赢。
【关键词】 上市房企 高级管理层 薪酬 企业绩效
Study listed enterprise executive compensation effects on business performance
SunZi Xin
Nanjing information engineering university, economic management academy, jiangsu nanjing 210044
【 abstract 】 This articlelsquo;s data selected from 2011 to 2014, 132 listed enterprise , to research the impact of the listed enterprisersquo;s executives pay to corporate performance. In the description of the EXCEL statistics can be found in the listed enterprise total executive compensation and corporate performance are steady growth. After the regression analysis concluded: (l) positively related to the executive compensation and corporate performance; (2) the enterprise scale, enterprise executives shareholding and corporate performance are positively related to respectively. Finally Suggestions,on the one hand, the most reasonable compensation to achieve the optimal performance, on the other hand need to strengthen the supervision and constraint of executive, improve the executive compensation system to promote a win-win situation.
【 key words 】 the listed enterprise Senior management compensation Enterprise performance
1绪论
1.1研究背景
2014披露的恒大集团总裁夏海钧年薪超过4000万，是万科王石的三倍多。人才成为企业最大的竞争力，企业的发展关键之一就是引进、吸收优秀管理人才。
企业希望通过制定合理的高管薪酬体系来促进企业高效益，曾经有学者用竞赛理论解释高管高薪酬能促进绩效并由此推出高管高薪酬的合理性。郑赛花（2010）认为企业所有者通过给予高管高薪来促进高管发挥高效用提高企业绩效、减少代理成本【1】。我国高管薪酬激励的理论实证研究起步晚需要我们更多的去研究，于是致力于研究高管薪酬如何左右着房企绩效的本文就产生于这样的背景下。
1.2研究目的与意义
国家经济发展不可或缺的就是关系民生的支柱性、繁荣性产业之一即房地产，本文选择上市房企作为研究对象，意在希望该行业能良性发展。
要建立最佳薪酬体系需要对房地产业做一些相应的数据分析以研究该行业高管薪酬对企业绩效影响。高管薪酬对企业经营效益和业绩起着举足轻重的作用，业绩往往体现为企业运营成长壮大过程中的获益。抓住这些指标，对高管薪酬和企业绩效之间的关系进行一系列研讨分析，了解它们之间的关系可以促进房地产企业乃至整个相关行业的健康，快速，长久地发展。本文着重研讨上市房企高管薪酬是如何影响着企业绩效的，并对上市房企在构建高管薪酬体系的时候提出一些建议，希望能帮助企业用最科学的高管薪酬体系取得最好的效果。
在现有的学术探讨中对于高管薪酬和企业绩效之间的关联性还没有定论，正负相关甚至无关的结论都出现过[1]，本文希望通过近几年的数据研究高管薪酬究竟如何左右着企业绩效的。但是Daniel和Gobeli(2000)发现高管薪酬对绩效的影响并不是一般情况下的正相关，预期的薪酬会因为二者之间的过度相关而减少。这是因为薪酬与业绩的敏感度高的话，高管会因为业绩优秀而获得丰厚的报酬，高管也会因为业绩不佳而导致收入低。因此，高管者往往任高益高险。高管人员往往会为了维护自己的利益而采取较为保守的工作行为来规避较高的商业风险，公司业绩会因此降低。针对这种情况，本文致力于收集数据论证近年来高管薪酬对绩效的影响究竟是否是显著正相关。
本文研究的意义在于合理配置高管这一人力资源，使其能够为企业作出最大贡献，高级管理人员是上市公司的领导层，他们对公司的运营有着重大影响。经济学家们逐渐重视对高管的研究，总结出来就是企业需要通过合理的高管薪酬来引导高管和公司所有者的利益捆绑这样自然而然会促使高管更积极地提高企业绩效。研究高管薪酬对企业绩效的影响能够促进合理配置企业资源，用最合理的高管薪酬达到最优的企业绩效，最终实现双赢。
1.3论文框架内容
起首的绪论简单的叙述了与研究主旨相关的社会背景以及该文的目的和深意，然后接着介绍相关概念和理论基础，接着就是对实证研究部分的设计以及用软件进行实证分析得出相关结论，最后是针对实证结果给出的几点建议。
文章的框架结构如下图：
相关背景
绪论
研究目的与意义
相关概念与理论
研究设计
描述性统计分析
实证分析
摘要
相关系数分析
回归分析
结论与建议
2相关理论与文献综述
2.1相关理论
2.1.1 概念
（1）、高管人员[2]
国外学者Murphy（1999)；Frydmanand Jenter,（2010）在进行此类研究时通常把CEO作为高管人员。与中国的集体主义至上不同，西方大多强调的是个人英雄主义作为公司团队的领导者总经理CEO是企业经营发展的核心要素。然而就中国而言目前上市企业对于董事长、总经理的职权的划分与国外企业很不相同，董事长和总经理对于有的公司来说只是挂职的或名义上的，而对于有的公司来说却在制定企业发展策略方面着至关重要的作用。一些学者如孟令君(2010)、汪柳池（2014）把监事会成员、董事会成员及秘书、总（副）经理、总（副）裁、总工程师、总经济师等不细分职责都作为研究对象[3]；而潘佳佳（2009）的研究对象是总（副）经理和董事会秘书等高级管理层[4]。
本文依据的是邱茜（2011)等相关学者的方法把高级管理层界定为上市房企相关数中董监高[5]成员的组合。
（2）、薪酬
广义上的薪酬包括企业给予员工物质或非物质报酬，包括员工精神层面的成就感和自我价值的实现。我们一般说的都是狭义的物质报酬，包括货币性和非货币性报酬。货币性酬劳一般是指基本薪水、各种补贴、奖金等诸如此类；而非货币薪酬则指企业为职员支付的其他的福利比如津贴、带薪休假、奖励旅游等此类形式的酬劳。本文研究的是高级管理层年度货币性薪酬总额。
（3）、企业绩效
绩效水平常见的是通过其盈余水平、营运能力以及偿债水平综合表现出来的。本文研讨的企业绩效包含了一定营运期间内的效益以及工作业绩，反映了投入产出情况。企业运营发展的成果体现了高管的工作情况及成果，企业所有者衡量高管效用的法宝就是企业绩效。我们釆用净资产收益率ROE来衡定相关的企业绩效。
2.1.2
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