上市公司对外并购中高管薪酬变动实证研究
An Empirical Study on the Change of Salary of Top Manager Team From M&A of Chinese Listed Corporation
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摘要: 以中国上市公司实施的非控股股东集团内并购活动为样本,对并购活动与高管薪酬变动的关 系进行检验,发现在并购前后公司绩效并未提高的情况下,高管薪酬却得到了显著的增加, 并进一步证实高管薪酬的增加确实是该次并购活动所引起,还发现薪酬变动水平与并购规模 正相关而与并购绩效无关,为并购中存在管理者代理问题提供了一定的证据。Abstract: After investigating the change of salary of top manager team from M&A of Chinese Listed Corporations, the authors found that the salary of top manager team increases significantly while the performance of the firms is not improved significantly. We further found that there is a significantly positive relation ship between the change of salary and the scale of M&A while there isn't a signi ficant relationship between the change of salary and performance of M&A.