1、 1 摘 要 高管激励是现代企业两个重要的公司治理机制之一。但由于合约的不完全性固有缺陷，高管激励报酬合约不仅存在激励效应，而且在其制定和执行过程中还存在代理冲突增加效应。长期以来，我国上市公司高管人员薪酬制度不合理，人力资本不能按照生产要素分配原则参与分配，导致了高管人员缺乏工作积极性和创造性，甚至为了实现个人效用而追求“职务消费”和“灰色收入”，经营短期化行为较为普遍，造成部分上市公司的财务状况及经营情况日趋恶化，极大的损害了广大股东的权益和投资积极性，动摇了证券市场的基石。因而如何对高管人员进行有效激 励一直是理论界和实务界关心的重要问题。特别是股份公司大量兴起之后，伴随公司所有权与经营
2、权的分离而产生的委托代理问题，使高管人员激励问题受到了更广泛的关注，激励方式也得到了极大地发展。国外在激励问题上30 多年的研究表明，建立有效的激励制度能将高管人员的报酬与企业的长期业绩表现紧密相结合，对企业的快速发展和国民经济的持续增长产生显著的推动作用。我国自 1978 年以来，在企业高管人员的工资分配制度上进行了大量的探索，但由于社会政治经济环境等诸多因素的影响，企业高管人员的激励问题始终没有得到很好的解决。一个好的激励机 制能够影响管理者的价值取向，引导管理者致力于股东价值的创造，提高经理人的积极性和士气，创造出一种使经理人员持续努力创造更多财富的文化氛围，并为实现企业价值最大化而努力
3、因此，如何制定合理的激励政策，搭建股东与管理者之间的沟通与监管机制，使企业创造更大的价值，是当前亟待研究的重要问题，对于上市公司高管人员绩效评价的研究有助于完善我国上市公司的治理结构并对于有效激励高级管理人员有重大的现实意义，好的高管激励机制的寻求是未来上市企业得到更好发展的必要前提。 本文重点对目前应用最为广泛的薪酬激励模式以及股权激励模式的 进行了一系列的数学分析，通过数据的分析结果，分析出激励模式的优势和不足，然后结合我国企业实际情况，对当下各个公司采用的激励模式提出建议和意见。 关键词： 高管激励，影响因素，激励方式，公司业绩 2 Abstract The Senior Managem
4、ent Incentive is the modern enterprise are two important corporate governance mechanism.However, due to incomplete inherent defects of the contract, the Senior Management Incentive compensation contract exists not only the incentive effect, and the effect in the formulation and implementation proces
5、s proxy conflict increases. For a long time,Senior executives salary system of listed companies of our country is unreasonable .Cause the financial situation and operation of some listed companies to worsen day by day. The study on senior executives salary system of listed company. Great damage to t
6、he interests of the majority of shareholders and the investment enthusiasm, has shaken the cornerstone of the securities market. How to effectively motivate senior executives has been a concern of researchers and shareholder. Due to the principal-agent problem along with the rise of joint-stock comp
7、any motivating executives has been paid more attention to and the types of incentives have been developed significantly.30 years of research abroad incentive problems show that the establishment of an effective incentive system to reward executives with long-term performance of the enterprise can be
8、 closely combining to produce a significant role in promoting the enterprises rapid development and sustained growth of the national economy. The research on the executive compensation has continued for many years since the reform and opening-up from 1978, but it still has not solved the incentive p
9、roblem due to the constraints of political and economical condition. A good incentives managers can affect the value orientation of managers to guide managers committed to the creation of shareholder value and improve the motivation and morale of the managers, to create a culture of continuing effor
10、ts to create more wealth for efforts to maximize enterprise value and how to develop reasonable incentives to build communication between shareholders and managers and regulatory mechanisms. This article focuses on the most widely used incentive pay mode and equity incentive mode a series of mathema
11、tical analysis, the results of the analysis of the data, analyze the strengths and weaknesses of the excitation pattern, and then combined with the actual situation of Chinas enterprises, companies on the current incentive, make recommendations and opinions. Keyword： Senior management Incentive, Influencing factors, Incentives, Performance of the company
