我国上市公司薪酬棘轮效应及其影响因素研究

发布时间：2018-01-12 02:33

本文关键词：我国上市公司薪酬棘轮效应及其影响因素研究　出处：《暨南大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来，随着我国资本市场的快速发展，上市公司的数量和规模不断扩大，上市公司薪酬也在快速增长，且增长的趋势与公司业绩相脱离。我国上市公司薪酬尤其是高管薪酬出现了逐年持续增长的现象，针对高管以及员工薪酬所出现的该种棘轮效应，本文进行了具体的研究分析，并对其可能的影响因素进行了实证检验。选取的样本为2007到2011年我国制造业上市公司。首先对样本公司的薪酬与业绩情况进行统计分析，以验证薪酬棘轮效应的存在。然后从行业棘轮效应以及运气薪酬两个角度对薪酬棘轮效应的影响进行了实证检验。结果发现，无论是高管薪酬棘轮效应还是员工薪酬棘轮效应，均受到行业薪酬棘轮效应的正向影响，即行业薪酬棘轮效应会促进公司高管以及员工薪酬棘轮效应的产生；同时，运气薪酬与棘轮效应反向相关，，业绩大于行业基准业绩的公司，其薪酬棘轮效应不如业绩小于行业基准的公司明显。另外，本文也加入代理变量变量、高管自利变量以及公司治理变量的影响，进一步检验棘轮效应的影响机制。结果发现，代理变量对棘轮效应的产生无显著影响；高管自利变量以及公司治理特征会对高管薪酬棘轮效应产生一定程度的影响，而对员工薪酬棘轮效应无显著影响。
[Abstract]:In recent years, with the rapid development of China's capital market, the number and size of listed companies continue to expand, listed companies pay in the rapid growth trend and growth and the performance of the company. From the listed companies in China pay especially executive pay a year growing phenomenon, according to executives and the staff of the ratchet effect the salary, this paper analyzed the specific research, and its influencing factors empirically. The samples are selected from 2007 to 2011, China's manufacturing industry listed companies. Firstly, the remuneration and performance of Sample Firms for statistical analysis, to verify the compensation ratchet effect exists. Then empirical test on compensation ratchet effect from the perspective of two industry and luck ratchet effect compensation.
Results showed that both the executive compensation or compensation ratchet ratchet effect, are positively influenced by compensation ratchet effect of the industry, the industry will promote the compensation ratchet effect of company executives and employees pay the ratchet effect; at the same time, luck compensation and the ratchet effect is higher than the standard reverse correlation performance, the performance of the company, its compensation ratchet the performance is less than the industry benchmark effect than the company significantly. In addition, this paper also added a proxy variable, the executives self-interest variables and corporate governance variables, to further examine the influence mechanism of the ratchet effect. The results showed that the proxy variable of the ratchet effect has no significant effect; influence of corporate governance variables and self-interest executives will have a certain degree of executive compensation ratchet effect, and have no significant effect on employee compensation ratchet effect.

【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F272.92

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