A公司内部薪酬差距对公司绩效的影响研究
发布时间：2018-09-10 20:52
【摘要】：2009年中央政府六部委下发了“高管限薪令”,这是我国首次出台的针对高管薪酬进行管控的指令,揭示了目前众多行业高管薪酬水平过高,薪酬差距过大的现状已被政府关注,并一度引起公众热议。学者们也纷纷开展对高管薪酬这一议题的研究,其核心论点是高管“天价”薪酬到底能否带来与之相匹配的公司绩效的增长。随着研究的逐步深入,学者们将其从高管薪酬水平的研究延伸至更细致的高管薪酬结构面向,研究内部薪酬差距对公司绩效的影响。大量学者的研究表明内部薪酬差距对公司绩效的影响结果主要支持两种理论,即锦标赛理论和行为理论。前者认为拉大薪酬差距,有利于公司绩效的增长,后者相反地提倡缩小薪酬差距,来提高公司绩效。A上市公司因高管薪酬水平畸高,高管薪酬差距过大一直处于风口浪尖,那么A公司内部薪酬差距拉大是否给公司绩效带来增长值得探讨。本文首先基于锦标赛理论和行为理论的基础,选取A公司所在的金融行业,2009-2013年181个上市公司数据为样本,运用实证研究的方法,对高管团队内部薪酬差距和高管团队与普通员工间的薪酬差距对公司绩效的影响进行行业分析。研究结果表明,在现阶段A公司所在金融行业上市公司中,无论是高管团队内部薪酬差距还是高管团队与普通员工间的薪酬差距,都对公司绩效有负向的影响,支持行为理论。基于此行业分析结果,本文继而对A公司内部薪酬差距对公司绩效的影响进行案例研究。案例分析中主要将案例公司与行业整体水平相比较,分析该公司内部薪酬差距的实际大小和在行业中所处的水平,并验证其内部薪酬差距对公司绩效的影响是否与前文行业的整体结果相似。最后从财务视角的三个维度分析在薪酬差距拉大的情况下,A公司的偿债能力、盈利能力和发展能力的变化情况。本文运用了理论研究和案例研究的方法,在案例研究中为了进行行业整体情况分析,也引入了实证的统计方法,最终得出了研究结论,并从完善信息披露制度、规范金融行业薪酬体制和合理设置内部薪酬差距三个角度提出了对A公司及其所在金融行业上市公司内部薪酬差距设置的相关建议,这也为其薪酬体系的构建提供了一些参考依据。
[Abstract]:In 2009, six ministries and commissions of the central government issued a "executive pay restriction order", which is the first directive issued in China to regulate and control executive compensation. It reveals that the current situation of excessive pay levels and pay gaps among executives in many industries has been concerned by the government. And once caused public debate. Scholars have also been working on the issue of executive pay, the core of which is whether "sky-high" executive pay can lead to comparable growth in corporate performance. With the deepening of the research, scholars extend the research from the level of executive compensation to a more detailed executive pay structure to study the impact of internal pay gap on corporate performance. A large number of scholars show that the results of the internal pay gap influence on corporate performance mainly support two theories, namely, tournament theory and behavior theory. The former thinks that widening the pay gap is conducive to the growth of corporate performance, while the latter advocates narrowing the pay gap to improve corporate performance. A listed company has always been at the top of the wave because of the extremely high level of executive compensation. It is worth discussing whether the increase of internal salary gap in company A brings growth to the company's performance. Based on the theory of tournament and behavioral theory, this paper selects 181 listed companies from 2009 to 2013 in the financial industry of A Company as a sample, and uses the empirical research method. This paper analyzes the effect of the pay gap within the executive team and the pay gap between the executive team and the common staff on the performance of the company. The results show that in the listed companies in the financial industry, both the pay gap within the executive team and the pay gap between the executive team and the ordinary employees have a negative impact on the performance of the company, which supports the behavior theory. Based on the result of industry analysis, this paper carries on the case study on the effect of the internal pay gap on the performance of A company. The case study mainly compares the case company with the overall level of the industry, analyzes the actual size of the pay gap within the company and the level in the industry. It also verifies whether the effect of internal pay gap on corporate performance is similar to the overall results of the previous industry. Finally, from the three dimensions of financial perspective, the paper analyzes the changes of company A's solvency, profitability and development ability under the condition of widening pay gap. This paper uses the methods of theoretical research and case study. In the case study, in order to analyze the overall situation of the industry, it also introduces the empirical statistical method, and finally draws the conclusion of the study, and from the improvement of information disclosure system, From the three angles of standardizing the compensation system of the financial industry and setting up the internal salary gap reasonably, this paper puts forward some relevant suggestions on the establishment of the internal salary gap between Company A and its listed companies in the financial industry. This also provides some reference basis for the construction of its compensation system.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F272.92;F832.3
本文编号：2235584
[Abstract]:In 2009, six ministries and commissions of the central government issued a "executive pay restriction order", which is the first directive issued in China to regulate and control executive compensation. It reveals that the current situation of excessive pay levels and pay gaps among executives in many industries has been concerned by the government. And once caused public debate. Scholars have also been working on the issue of executive pay, the core of which is whether "sky-high" executive pay can lead to comparable growth in corporate performance. With the deepening of the research, scholars extend the research from the level of executive compensation to a more detailed executive pay structure to study the impact of internal pay gap on corporate performance. A large number of scholars show that the results of the internal pay gap influence on corporate performance mainly support two theories, namely, tournament theory and behavior theory. The former thinks that widening the pay gap is conducive to the growth of corporate performance, while the latter advocates narrowing the pay gap to improve corporate performance. A listed company has always been at the top of the wave because of the extremely high level of executive compensation. It is worth discussing whether the increase of internal salary gap in company A brings growth to the company's performance. Based on the theory of tournament and behavioral theory, this paper selects 181 listed companies from 2009 to 2013 in the financial industry of A Company as a sample, and uses the empirical research method. This paper analyzes the effect of the pay gap within the executive team and the pay gap between the executive team and the common staff on the performance of the company. The results show that in the listed companies in the financial industry, both the pay gap within the executive team and the pay gap between the executive team and the ordinary employees have a negative impact on the performance of the company, which supports the behavior theory. Based on the result of industry analysis, this paper carries on the case study on the effect of the internal pay gap on the performance of A company. The case study mainly compares the case company with the overall level of the industry, analyzes the actual size of the pay gap within the company and the level in the industry. It also verifies whether the effect of internal pay gap on corporate performance is similar to the overall results of the previous industry. Finally, from the three dimensions of financial perspective, the paper analyzes the changes of company A's solvency, profitability and development ability under the condition of widening pay gap. This paper uses the methods of theoretical research and case study. In the case study, in order to analyze the overall situation of the industry, it also introduces the empirical statistical method, and finally draws the conclusion of the study, and from the improvement of information disclosure system, From the three angles of standardizing the compensation system of the financial industry and setting up the internal salary gap reasonably, this paper puts forward some relevant suggestions on the establishment of the internal salary gap between Company A and its listed companies in the financial industry. This also provides some reference basis for the construction of its compensation system.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F272.92;F832.3
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