高管报酬和公司业绩之间的关系一直是研究的热点问题,不同的学者采用了不同的公司业绩评价指标进行研究,因而所得的结论也不尽相同。本文使用因子分析的方法对以往研究所使用的公司业绩指标进行了分析,并引入了和公司增加值相关的指标(EVA、MVA、FGV),最终从这些指标中提取出三个因子,分别从传统指标、增加值指标和现金流指标的角度反映原有变量的特征。
Many scholars focus on the relationship between management compensation and corporation performance. Defferent scholars adopt different performance assessment indexes to do their researches and draw different conclusions. The paper uses factor analysis to analyze the performance indexes used in previous studies, introduces the indexes of EVA, MVA and FGV which are related to company added value, picks up three factors from these indexes and reflects the features of the existing variables from the perspectives of traditional index, added value index and cash flow index.