摘要上世纪 70 年代，创业板首次出现在了美国市场，直至 2009 年我国才跟上世界的潮流，推出了创业板。尽管创业板在我国才经历了短短 17 年的发展，但已 经成为了我国证券市场不可或缺的一部分，同时也对我国的经济发展贡献了力 量。在过去的 17 年里，在创业板进行上市的公司已达到了 511 家。创业板上市 公司在市场上的表现越发活跃，其规模也不断扩大，但目前学者们对创业板的各 项研究还比较少。79492

本文以我国创业板上市公司为研究对象，使用了文献研究与实证研究相结合 的方法。首先对国内外学者有关高管薪酬与企业绩效相关性的研究进行了回顾。 其次采用实证的方法，分析了高管薪酬与企业绩效之间的相关性。本文采取了截 面数据，即选用了 2015 年创业板上市公司的财务报告数据，将代表企业绩效的 净资产收益率和每股净利润作为自变量，将公司规模作为控制变量，通过建立恰 当的线性模型，分别分析了他们与高管现金薪酬与持股比例的相关性。

分析结果显示，无论是高管的现金薪酬还是持股比例都与企业绩效的相关性 程度较弱。从而得出了我国创业板公司高管薪酬制度的设计并不合理的结论。最 后，针对所发现的问题，提出了加强高管薪酬与企业绩效相关性、优化薪酬结构 等建议。

毕业论文关键词 高管现金薪酬 高管持股比例 企业绩效

Title An empirical analysis of executive compensation and firm performance --Based on GEM data

Abstract In the 70s of last century, the concept of Second Market first appeared in the US market。 However, until 2009 did our country introduce Second Market concept that we kept up with world trends。 Although the Second Market in our country has only experienced a development of 17 years which is a quite short period ,it has become an integral part of China's securities market,and makes a great contribution to the economic development of China 。 In the past 17 years, the companies listed on the Second Market has reached the number of 511。 The performance of the  Second Market listed company becomes more and more active,and the size of these companies becomes larger and larger。 While, the researches about the Second Market listed companies are quite few。

In this paper, the writer chose the listed companies in the Second Market as the study objects。and combine the use of literature method with the empirical research method 。 First, the studies on the correlation between executive pay and corporate performance written by domestic and foreign scholars were reviewed。 Secondly, the empirical methods is used to analyze the correlation between executive pay and corporate performance。 In this paper, the writer chooses the cross-sectional data,which is financial report data of the Second Market listed companies for the year 2015。 The ratios ROE and earnings per share which represent the performance of the company are be treated as independent variables,and the size of the company is treated as a control variable。Then,by the establishment of an appropriate linear models, the correlation between company performance and executives cash compensation and shareholding will be analyzed。

The results showed that correlation between company performance and the senior management’s cash compensation and shareholding ratio is weak。 Then, a conclusion can be given that the design of the company’s executive compensation in Second Market is unreasonable。 Finally, after the problem having been identified, the writer suggests that company should strengthen the correlation between company performance    and    management’   compensation,and    optimize    the    structure   of