经济与管理研究2016，Vol.37Issue(5)：137-142,6.DOI:10.13502/j.cnki.issn1000-7636.2016.05.018
中国上市公司高管薪酬、现金分红与公司价值
Executive Compensation,Cash Dividends and Firm Value of Chinese Listed Companies
摘要
Abstract
This paper studies the relation of executive compensation,cash dividends and firm value of Chinese listed companies in order to explain the mechanisms of how executive remuneration affects firm value based on a sample of Shanghai Stock Exchange from 2009 to 2012.It is found:(1 )executive monetary compensation has a positive impact on market value of Chinese listed firms;(2 )the payout of cash dividends can enhance market value of listed firms significantly,which means that cash dividends signal a better prospect of the firms.(3 )cash dividend is an intermediary variable between executive monetary compensation and firm value.关键词
高管薪酬/现金分红/公司市场价值Key words
executive monetary compensation/cash dividends/firm market value分类
管理科学引用本文复制引用
常亚波,沈志渔..中国上市公司高管薪酬、现金分红与公司价值[J].经济与管理研究,2016,37(5):137-142,6.基金项目
国家社会科学基金项目“政府行为对服务业生产率的影响研究” （）
