高管薪酬激励视角下的上市公司捐赠研究

发布时间：2018-04-30 22:22

本文选题：公司捐赠 + 公司社会责任　；参考：《湖南师范大学》2015年硕士论文

【摘要】：公司高管薪酬是当前国内外公司治理的热点和难点问题。有关“天价薪酬”报道常见诸报端,惹起了公众的不满。尤其是国有企业高管薪酬以及由此产生的社会问题引起了社会的高度关注。金融危机爆发后,欧美各国政府懫取了一系列限薪措施。我国也于2014年11月公布了《中央管理企业负责人薪酬制度改革方案》并从2015年开始实施。当然,为了加强“高管薪酬”的合理性,获得公众的认可,高管会主动承担相应的社会责任——公司捐赠。当今社会,无论是在经济运行的宏观层面还是公司活动的微观层面,社会规范都产生了不可忽视的影响。正处于经济转型中的中国,尽管公众对公司的社会责任内涵还没一个清晰、准确的认知,但对于“公司应当承担社会责任”的观念已深入人心。本文正是从这一视角出发,实证考察了高管薪酬安排对公司捐赠行为、捐赠水平的影响。本文认为,由于上市公司高管拿着远高于社会平均水平的薪酬,其面临来自社会舆论的压力。上市公司的管理们为了缓解这些舆论冲击,他们并不会心甘情愿地降低其薪酬水平,而是通过任职公司采取积极的捐赠行为以显示出公司的“社会公民”身份、积极地承担了社会责任,这为其拿着高薪社会合理性提供有力依据。公司对外实施越多的捐赠,表明其承担了更多的社会责任,从而获得了一定的社会支持,越有利于高管谋取更高的薪酬。因此,上市公司高管薪酬水平与公司捐赠行为、水平之间存在着正相关的关系。不仅如此,长期以来国企高管的货币薪酬一直有所限制,这使得在职消费这种隐形激励成为高管一种重要的激励方式,其影响不可小觑。本文以2006年至2013年间我国A股上市公司为样本进行实证研究,研究发现公司高管的货币薪酬水平确实与公司捐赠行为、水平呈现正相关关系。而在拓展性分析中,本文深入探讨了高管薪酬结构与公司捐赠行为、水平之间的关系。最后本文分析了公司的所有权性质对上述经验结果的影响。结果表明当公司的实际控制人为各级政府时,高管薪酬水平与捐赠水平之间关系的敏感度更强。另外,本文的研究结论为相应的政策建议也提供了新的视角。面对飞速发展、日新月异的中国新兴经济体,经济生活与社会生活已密不可分,社会责任已成为经济长期稳定发展必不可少的影响因素。沿着这样的思路,政府、公司等各经济体进行经济决策时要充分考虑这一影响。
[Abstract]:Executive compensation is a hot and difficult problem in corporate governance at home and abroad. The common reports on the "pay for the price of the sky" have aroused public dissatisfaction. Especially, the salary of the executives of state-owned enterprises and the resulting social problems have aroused great concern. After the outbreak of the financial crisis, the governments of the European and American countries have taken a series of issues. In November 2014, China also announced the reform plan for the compensation system for the head of the central management enterprise and implemented it in 2015. Of course, in order to strengthen the rationality of "executive compensation" and obtain public recognition, the executive will take the initiative to bear the corresponding social responsibility - the public donation. Today, the economy is running. The macro level is still the micro level of the company's activities, and the social norms have had the influence that can not be ignored. China is in economic transformation. Although the public has not a clear and accurate understanding of the corporate social responsibility, the concept of "the company should bear social responsibility" has been deeply rooted in the people's mind. This article is from this view. From the point of view, the impact of executive pay arrangements on the company's donation behavior and the level of donation is examined. This article believes that executives of listed companies are facing pressure from public opinion because they are far higher than the social average. The salary level, but through the active donation behavior of the company to show the "social citizen" identity of the company, actively undertakes social responsibility, which provides a strong basis for its high paid social rationality. The more donations the company carries out, it shows that it has taken on more social responsibility, thus obtaining a certain society. As a result, there is a positive correlation between the level of executive compensation and the level of corporate donation. Not only that, the long-term monetary compensation of state-owned enterprises has been limited, which makes the stealth incentive of on-the-job consumption an important incentive for executives, This paper makes an empirical study on the sample of A shares listed in China from 2006 to 2013. It is found that the monetary salary level of the company executives is positively related to the corporate donation behavior. In the expansibility analysis, the level of executive compensation structure and corporate donation behavior is discussed in depth. In the end, this paper analyzes the influence of the ownership nature of the company on the above empirical results. The results show that the relationship between executive compensation level and the level of donation is more sensitive when the actual control of the company is the government at all levels. In addition, the conclusion of this paper also provides a new perspective for the corresponding policy recommendations. The economic life and social life are inseparable, and social responsibility has become an indispensable factor in the long-term and stable development of the economy. Along this way, the government, the company and other economies should take full consideration of this effect.

【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D632.9;F272.92

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