在高速公路上市公司面临运营效率不高、路产经营期限固定及路产规模有限等问题 的背景下，本文基于高速公路上市公司经营现状，在梳理文献的基础上，从委托代理理 论、管理层权力理论、人力资本理论、薪酬激励理论出发，对高速公路上市公司高管薪 酬与企业绩效现状进行分析，发现其中存在的问题，构建指标评价体系，重点从高管货 币薪酬、高管薪酬差距、高管在职消费三个层面研究高管薪酬对企业绩效的影响，并针 对高速公路上市公司高管薪酬体系中存在的问题及成因提出对策建议，以期完善高管薪 酬体系，促进企业绩效提高。 首先，从高速公路上市公司的特殊性出发，对高速公路上市公司高管薪酬、企业绩 效现状进行分析。发现高速公路上市公司存在货币薪酬水平缺乏外部竞争性，隐性薪酬 缺乏有效监管，高管薪酬结构不合理且形式单一，缺乏全面的绩效考评体系，高管薪酬 缺乏内部监督与外部约束，企业绩效不高等问题。同时，从高管货币薪酬水平、高管薪 酬差距和高管在职消费三个方面，对高速公路上市公司高管薪酬与企业绩效之间的关系 进行定性分析，并提出本文的研究假设。 在此基础上，构建高速公路上市公司高管薪酬与企业绩效的指标评价体系。采用实 证分析法，选取17家高速公路上市公司2010-2018年数据作为样本，运用主成分分析 法，测算高速公路上市公司综合绩效。运用固定效应面板模型，研究高速公路上市公司 高管薪酬对企业绩效的影响。研究结果表明：高速公路上市公司高管货币薪酬水平与企 业绩效显著正相关；高速公路上市公司高管薪酬差距与企业绩效显著正相关；高速公路 上市公司高管在职消费与企业绩效显著负相关。 最后，基于上述研究结论，从高管薪酬体系设计、企业内部治理和政府外部监督三 方面提出完善高速公路上市公司高管薪酬激励体系，促进企业绩效提高的对策建议。 关键词：高速公路上市公司，高管货币薪酬，高管薪酬差距，高管在职消费，企业 绩效 ii Abstract Underthebackgroundoflowoperatingefficiency,fixedoperatingperiodandlimited scaleofExpresswaylistedcompanies,basedonthecurrentsituationofExpresswaylisted companies,thispaperanalyzesthecurrentsituationofexecutivecompensationandcorporate performanceofExpresswaylistedcompaniesfromtheperspectiveofprincipal-agenttheory, managementpowertheory，humancapitaltheoryandcompensationincentivetheoryonthe basisofcombingliterature,foundproblems.Thispaperconstructsanindexevaluationsystem, focusingontheimpactofexecutivecompensationoncorporateperformancefromthree aspectsofexecutivemonetarycompensation,executivecompensationgapandexecutive on-the-jobconsumption,andputsforwardcountermeasuresandsuggestionsfortheproblems andcausesintheexecutivecompensationsystemofExpresswaylistedcompanies,witha viewtoimprovingthecompensationsystemandpromotingcorporateperformance. Firstofall,fromtheparticularityofExpresswaylistedcompanies,thispaperanalyzes thecurrentsituationofexecutivecompensationandcorporateperformanceofExpressway listedcompanies.ItisfoundthattherearesomeproblemsinExpresswaylistedcompanies, suchasthelackofexternalcompetitioninmonetarycompensationlevel,thelackofeffective supervisioninimplicitcompensation,theunreasonablestructureandsingleformofexecutive compensation,performanceevaluationsystemisnotcomprehensive,thelackofinternal supervisionandexternalconstraintsinexecutivecompensation,andthelowperformanceof enterprises.Atthesametime,fromthethreeaspectsofmonetarycompensationlevel, compensationgapandon-the-jobconsumptionofexecutives,thispapermakesaqualitative analysisaboutexecutivecompensation,companyperformance,andtherelationshipbetween thetwoofExpresswaylistedcompanies,andputsforwardtheresearchhypothesisofthis paper. Onthisbasis,thepaperconstructstheindexevaluationsystemofexecutive compensationandenterpriseperformanceofExpresswaylistedcompanies.Usingempirical analysismethod,17Expresswaylistedcompaniesin2010-2018areselectedassamples,and iii factoranalysismethodisusedtomeasurethecomprehensiveperformanceofExpressway listedcompanies.Usingthefixedeffectpanelmodel,thispaperstudiestherelationship betweenexecutivecompensationandcorporateperformance.Theresultsshowthat:thereisa significantpositivecorrelationbetweenmonetarycompensationlevelandcorporate performance;executivecompensationgapissignificantlypositivelycorrelatedwithcorporate performance;executiveconsumptiononthejobissignificantlynegativelycorrelatedwith corporateperformance. Finally,basedontheaboveresearchconclusion,thepaperputsforwardthe countermeasuresandsuggestionstoimprovetheexecutivecompensationincentivesystemof Expresswaylistedcompaniesandimprovetheperformanceofenterprisesfromthreeaspects: thedesignofexecutivecompensationsystem,theinternalgovernanceofenterprisesandthe externalsupervisionofthegovernment. Keywords:highwaylistedcompanies，executivemonetarycompensation，executive compensationgap，executiveconsumption，corporateperformance iv 目录 第一章绪论.......................................................................................................................1 1.1研究背景..............................................................................................................1 1.2研究目的及意义..................................................................................................2 1.3文献综述..............................................................................................................2 1.3.1国外文献综述...........................................................................................2 1.3.2国内文献综述...........................................................................................6 1.3.3文献述评.................................................................................................10 1.4技术路线与研究内容及方法............................................................................11 1.4.1技术路线.................................................................................................11 1.4.2研究内容.................................................................................................12 1.4.3研究方法.................................................................................................12 第二章概念界定和理论借鉴.........................................................................................15 2.1相关概念界定....................................................................................................15 2.1.1高级管理人员.........................................................................................15 2.1.2高管薪酬.................................................................................................15 2.1.3企业绩效.................................................................................................16 2.2理论借鉴............................................................................................................17 2.2.1委托代理理论.........................................................................................17 2.2.2管理层权利理论.....................................................................................17 2.2.3人力资本理论.........................................................................................18 2.2.4薪酬激励理论.........................................................................................19 2.2.5借鉴.........................................................................................................20 2.3本章小结............................................................................................................21 第三章高速公路上市公司高管薪酬与企业绩效.........................................................23 3.1高速公路上市公司现状....................................................................................23 3.1.1高速公路上市公司.................................................................................23 3.1.2高速公路上市公司的特点.....................................................................24 3.2高速公路上市公司高管薪酬现状....................................................................28 3.2.1高速公路上市公司高管薪酬现状.........................................................29 3.2.2高速公路上市公司高管薪酬存在的问题和成因.................................31 3.3高速公路上市公司企业绩效现状....................................................................33 3.3.1行业层面....................................................................