摘要
结合我国主要存在的国有产权和私有产权两种制度,以上市公司2009年年报数据为样本,对学历、薪酬和持股比例等高管特征与公司绩效的关系进行了实证检验。结果发现:高管学历与公司绩效显著正相关,但在国有控股上市公司更为显著;高管薪酬与公司绩效亦显著正相关,但在非国有控股上市公司更为明显。相对而言,高管持股与公司绩效呈现弱的正相关性,但在两类公司中表现不同。证实了产权性质不同的两类公司其高管学历、薪酬与持股比例对公司业绩的影响方向相同但程度上存在差异。
Combined with two properties state-owned and private existing in China, using data spanning the 2009 year of Chinese listed companies, this paper empirically investigates the relationship between top managers＇ main characteristics. This study finds that education is positively related with firm performance, which is more significant in state-owned listed companies; top executive compensation is also positively associated with firm performance, but stronger in non-stated-owned listed companies than in state-owned ones; while managerial ownership has a weak positive effect on the company performance, with the difference between in state-owned listed companies and non-state-owned ones. This paper proves that top ownership have impact on firm performance in the manager＇s three main characteristics： education, compensation and same direction but in different degrees by the two categories of enterprises. Our study also provides an empirical evidence for state-owned and non-state-owned listed companies to improve their personnel systems.
出处
《科学学与科学技术管理》
CSSCI
北大核心
2012年第1期166-172,共7页
Science of Science and Management of S.& T.
基金
国家自然科学基金项目"政府治理对国有企业绩效的影响"(70602026)
关键词
高管特征
公司绩效
相关性
产权性质
top manager characteristics
corporate performance
correlation
nature of property right
