并购市场是资本市场的重要组成部分，获得越来越多学者和专家的关注。通
过研究国内外学术界关于并购绩效的理论成果，可以发现很多企业并购后的经营
绩效并不理想，甚至企业价值受到破坏、股东权益遭受损失。即便如此，企业高
管仍热衷于采取并购行为。所以高管在并购决策中的内在动机就很值得研究。国
内对并购绩效的研究大部分集中在并购的支付方式、行业的相关度、企业的发展
阶段等这些领域，忽视了在企业中具有决策权的高管动机的研究，而研究高管的
内在动机，高管薪酬无疑是最好的切入点。

房地产行业是我国国民经济的支柱产业，其是否能健康发展已经成为影响国
计民生的重大问题。本文通过对房地产行业的并购活动进行研究，希望能得出具
有针对性和实用性的研究成果，对房地产行业的发展具有一定的指导意义。

本文采用理论研究和实证研究相结合的方法。本文把高管薪酬分为显性薪酬
（货币薪酬和持股薪酬）及隐性薪酬（在职消费）两部分。在借鉴国内外现有的
相关研究成果的基础上，选取我国 2009 年沪深两市 A 股房地产上市公司为样本
数据，运用 spss18.0 软件进行描述性分析、相关性分析及回归分析，考察不同部
分的高管薪酬与并购行为对并购绩效的影响。研究发现：在房地产市场，高管显
性薪酬、隐性薪酬分别与并购绩效有显著地正相关性，并购行为与并购绩效相关
程度很低。

关键词：高管薪酬；并购行为；并购绩效；房地产上市公司ABSTRACT
M & A (Merger & Acquision) is the important strategic choice to expand
business scale and pursue enterprise value maximization, but because of China’s
special institutional background, foreign mature acquisition theories and research
findings are not entirely applicable to the actual situation in China.
M & A market is an important part of the capital market, getting more and
more attention from scholars and experts. By studying the theoretical results on the
performance of mergers and acquisitions at home and abroad, it can be found that
operating performance is not ideal in many companies after the M & A, even the
value of corporate is destructed and the equity of shareholders get loss. Nevertheless,
corporate executives are still keen to take the M & A activity. So the intrinsic
motivation of executives in the decisions of M & A is very worthy of study .
Domestic M & A performance study mainly focuses the fields of the the payment of
M & A , the correlation of the industry and the development stage enterprises，
ignoring the research on the motivation of executives with decision-making
authority in the enterprise,and researching on the intrinsic motivation of executives，
executive pay are the best starting points.
The real estate industry is a pillar industry of the national economy in our
country, and whether it can develope healthily has become a major problem affecting
the national economy and people’s livelihood. Based on the research of the real
estate industry M & A activity, hoping to draw a targeted and practical research
results and have certain guiding significance for the development of the real estate
industry.
Theoretical method and empirical research method are combined in this paper.
This article divides executive pay into two parts, one is the dominant remuneration
( monetary remuneration and shareholdings salary ) and the other is recessive salary
( job consumption ). Taking the reference of the existed relevant research results at
home and abroad, it selects the real estate date of Shanghai and Shenzhen A-share
listed companies in 2009 as sample data，then it uses spss18.0 software to proceed
descriptive analysis,correlation analysis and regression analysis and to study the
relationship between the different parts of executive pay , the behavior of executive
M & A and the performance of M & A . The study found: the dominant executive pay
and M & A performance have significantly positive correlation in the real estate