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| 高管激励对企业绩效的研究
摘 要
随着全球经济的日益发展，企业之间的竞争日益激烈。高管作为企业主要经营者，其经营行为和做出的经营决策很大程度上能够影响企业的未来发展，成为了企业的核心竞争因素之一。但是在企业实际生产经营过程中，作为经营者的高管与股东之间的代理矛盾日益突出，为了有效缓解这种矛盾，降低代理成本，企业纷纷实施高管激励措施。而高管激励与企业绩效之间的关系，便成为学术界和实务界关注的热点。针对这一课题，国内外众多学者进行了大量的探索研究，但尚未得出一致结论。基于此，本文对高管激励与企业绩效之间的关系进行了研究，深入分析不同的高管激励对企业绩效的影响。
本文选取了2015-2019年沪深A股非金融类上市企业为研究对象，将高管激励分为股权激励和薪酬激励，运用描述性分析，相关性分析，回归性分析、稳健性检验，来分别分析对于不同的激励对企业绩效的影响，以及他们之间的相关性，在研究分析过程中会加入适当的控制变量，使实证分析更加准确，经过实证研究后，得出如下结论：高管股权激励与企业绩效成正向相关关系，企业对高管实施股权激励能调动高管积极性，提升企业业绩；高管薪酬激励与企业绩效也成正向相关关系，企业对高管实施薪酬激励，能激发高管工作热情，提升企业绩效。最后通过实证结论提出相关建议，以期为进一步完善和优化公司现有的高管激励机制和公司绩效的提升提供参考。
关键词：上市公司；高管激励；企业绩效
Abstract
With the increasing development of the global economy,competition among enterprises has become increasingly fierce. As the main operators of an enterprise,the executives' business behaviors andbusiness decisions made can affect the future development of the enterprise to a large extent, and become one of the core competitive factors of the enterprise. However, in the actual production and operation of enterprises,the agency contradiction between the executives and shareholders as managers has become increasingly prominent. In order to effectively alleviate this contradiction and reduce agency costs, companies have implemented incentives for executives. The relationship between executive incentives and corporate performance has become a focus of attention in the academic and practical circles. Many scholars at home and abroad have conducted a lot of exploratory research on this subject, but they have not yet reached a consistent conclusion. Based on this, this article studies the relationship between executive incentives and corporate performance,and deeply analyzes the impact of different executive incentives on corporate performance.
This paper selects the 2015-2019 Shanghai and Shenzhen A-share non-financial listed companies asthe research object, divides executive incentives into equity incentives and salary incentives,and uses descriptive analysis, correlation analysis, regression analysis, and robustness testing. Separately analyze the impact of different incentives on corporate performance and the correlation between them. Appropriate control variables will be added in the research and analysis process to make the empirical analysis more accurate. After empirical research, the following conclusions are drawn: Executives There is a positive correlation between equity incentives and corporate performance. The implementation of equity incentives for executives by companies can mobilize the enthusiasm of executives and improve corporate performance;executive compensation incentives are also positively related to corporate performance. Companies implementing compensation incentives for executives can stimulate Senior management's enthusiasm for work improves corporate performance. Finally, relevant suggestions are put forward through empirical conclusions,in order to provide references for further improving and optimizing the company's existing executive incentive mechanism and the improvement of company performance.
Key words: Listed company; executive incentives; corporate performance
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