Abstract: Compensation System is one of the key aspects of modern corporate governance. Furthermore, executive compensation is the pivotal factor affecting the growth of tourism listed company. Based on the panel data of 21 tourism listed companies from 2007 to 2012, the author of this paper attempts to obtain the growth index of tourism listed company through principal components analysis of related data. And then, the author puts forward hypothesis about relationship between the executive compensation and growth of tourism listed company, and the author also conducts empirical analysis to test it. The results prove that the monetary compensation of the executive and its growth as well as the shareholding of the executive are positively correlated with the growth of tourism listed company. And the category of the first shareholder is negatively correlated with the growth in a significant way. State holding also affects the growth of the company.

Keywords: executive compensation; growth; tourism listed company; principal components analysis

摘要： 薪酬制度是现代公司治理的中心环节之一，高管薪酬是影响旅游上市公司成长性的重要因素。本文首先基于2007~2012年21家旅游上市公司的面板数据，使用主成分分析法得出了旅游上市公司成长性指数。进而对旅游上市公司高管薪酬与成长性之间的关系进行了研究假设与实证分析，并得出了高管的货币薪酬、高管持股、高管年薪增长率与公司成长性呈显著正相关，第一大股东性质与公司成长性呈显著负相关关系，国有控股对旅游上市公司的成长影响显著的结论。

关键词: 高管薪酬, 成长性, 旅游上市公司, 主成分分析