医药制造业高管薪酬与公司绩效研究

摘要

本次研究以弄清我国医药制造业高管薪酬与公司绩效之间的关系为目的。近年来，国内外学者从不同角度出发对高管薪酬如何影响公司绩效这一问题进行了多次研究。但目前学术界针对这一问题尚未形成一致的看法，并且大部分学者尚未基于具体行业对此问题展开研究，专门针对我国医药制造业的研究更是少之又少。因此，本文立足于我国医药制造业这一独特的行业，结合委托-代理理论、锦标赛理论、规模经济理论等有关理论，在分析医药制造业公司绩效及高管薪酬现状的基础上，以2014-2018年医药制造业上市公司的数据为研究样本，从高管薪酬水平、高管薪酬结构、高管薪酬差距三个方面探究高管薪酬与公司绩效之间的关系。

实证结果表明：我国医药制造业高管薪酬与公司绩效正相关。因此，我国医药制造业企业在制定薪酬激励制度时应充分考虑到薪酬水平、薪酬结构、薪酬差距对企业绩效的影响，适度提高高管薪酬水平，完善薪酬结构，适度增大薪酬差距，以达到激励高管努力工作，最大化提高企业经营业绩的目的。 

关键词：医药制造业  高管薪酬  公司绩效

Abstract

The purpose of this study is to clarify the relationship between executive compensation and company performance in China's pharmaceutical manufacturing industry. In recent years, scholars at home and abroad have studied how executive pay affects company performance from different angles. However, the academic community has not yet formed a consensus on this issue, and most scholars have not yet conducted research on this issue based on specific industries. The research on China's pharmaceutical manufacturing industry is even less. Therefore, this article is based on the unique industry of Chinese pharmaceutical manufacturing industry, combined with the principal-agent theory, tournament theory, and scale economy theory, based on the analysis of the performance of pharmaceutical manufacturing companies and executive compensation status. Taking data from listed companies in the pharmaceutical manufacturing industry as a sample, this paper explores the relationship between executive pay and company performance from three aspects: executive pay level, executive pay structure and executive pay gap.

Empirical results show that executive compensation is positively correlated with corporate performance in China's pharmaceutical manufacturing industry. Therefore, when formulating salary incentive system, Chinese pharmaceutical manufacturing enterprises should fully consider the influence of salary level, salary structure and salary gap on enterprise performance, properly improve the salary level of senior managers, improve the salary structure and increase the salary gap in order to motivate senior managers to work hard and maximize the improvement of enterprise performance.

Key words:Pharmaceutical manufacturing industry; Executive compensation; C-orporate performance

目录

第1章绪论1

1.1 研究目的和研究意义1

1.2 研究内容和内容安排1

第2章相关理论概述2

2.1 相关概念定义2

2.2相关理论基础2

第3章医药制造业公司绩效及高管薪酬统计分析4

3.1医药制造业公司绩效研究4

3.2医药制造业高管薪酬水平研究5

3.3医药制造业企业发展中存在的问题6

第4章医药制造业高管薪酬与公司绩效回归分析6

4.1回归分析设计6

4.2数据描述性统计8

4.3回归估计结果及讨论10

第5章结论及建议14

5.1可行性建议14

5.2结论14

参考文献15