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本文选取2010年度沪深两市去除金融企业,pt,st企业以及未公布财务报告的1645家上市公司为样本。按照样本公司高管持股比例的不同,将样本分为了两组。分别对两个样本进行线性与非线性的回归,并设置了股权集中度,公司规模等控制变量,用来检验货币型报酬与高管持股与上市公司业绩的相关性。发现相对于货币性报酬,高管持股比例在一定范围内,与上市公司业绩呈正相关,且相关程度超过货币性报酬,但超过一定的范围,则与上市公司业绩呈负相关的关系。
This article selects the 2010 Shanghai and Shenzhen removal of financial enterprises, pt, st enterprises and unpublished financial reports of 1645 listed companies as a sample. According to the sample company executives hold different proportions, the sample is divided into two groups. Linear regression and non-linear regression of the two samples respectively, and set control variables such as ownership concentration and firm size to test the correlation between monetary compensation and the performance of listed companies. It is found that, compared with the monetary compensation, the proportion of executives holding a certain extent is positively correlated with the performance of listed companies, and the degree of correlation is more than the monetary compensation. However, if the percentage exceeds a certain range, it is negatively correlated with the performance of listed companies.