以1998年至2002年在沪深A股上市的中小型公司为样本,以2002—2005年的面板数据为窗口,采用多元回归模型检验了管理层激励与公司成长之间的关系。结果发现,公司成长性与管理层年度薪金报酬呈显著正相关、与持股比例呈显著的U型关系,并且企业规模、财务杠杆水平、所属行业等因素都是对公司成长性具有一定影响的因素。
The article selects small and medium-sized listed companies, which are in Shanghai exchange during 1998-2002,and the panel data of the period 2002-2005 window. The article tests and Shenzhen stock the relationship between management incentive and company growth using the descriptive method. Then, we test the relationship between management incentive and growth using multiple regression models with the samples. Finally, we find out: (1) there are significant positive correlations between the management annul salary and the company growth; (2) there are U-shaped curve relationships between the managerial stockholding level and the company growth; (3) enterprise scale, financial leverage ratio, industry and enterprise character have obvious effect on the growth.