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关于高管薪酬与公司绩效的研究文献大多忽略了其作用路径的分析。文章利用结构方程模型实证研究了林业上市公司高管薪酬对其行为选择乃至公司绩效的影响。研究发现,在林业上市公司中,高管薪酬设计会直接影响高管的行为选择,进而作用于公司绩效。高管持股比例越高,公司投资规模越大,公司绩效越好;高管年薪越高,其在职消费水平越高,公司绩效越差。
The research literature on executive compensation and corporate performance mostly neglects the analysis of its role. The article empirically studies the effect of executive compensation of listed forest companies on their behavioral choices and their corporate performance by using structural equation model. The study found that, in the listed forest companies, executive compensation design will directly affect the executives’ choice of behavior, which in turn affects the company’s performance. The higher the proportion of executives held, the larger the investment company, the better the performance of the company; the higher the annual salary of executives, the higher the level of in-service consumption, the worse the performance of the company.