我国上市公司员工货币薪酬差距激励效应实证分析
发布时间：2018-09-11 17:09
【摘要】：人才是公司在激烈的市场竞争中生存和发展的根本,而完善健全的薪酬制度是激励、吸引、发展人才的有力工具。公司内部薪酬设计的问题从20世纪80年代起就是人力资源管理中备受关注的重点问题。薪酬设计存在几个焦点问题：薪酬水平、薪酬结构和薪酬体系等。与薪酬水平和薪酬体系相比较,薪酬结构的设计对于公司的影响可能更为重要,因为公司内部薪酬差距直接影响员工的工作情绪,进而影响到整个公司的绩效,从另一个角度来看,公司的薪酬差距对企业文化的建设也有着微妙的影响。那么公司内部薪酬差距与公司绩效之间是否存在什么样的相关关系,现阶段我国上市公司高管内部薪酬是否合理,高管与员工间薪酬差距是否适当,这些问题都值得我们去研究和探索。 本文在现有研究的基础上,收集我国深市A股主板上市公司数据,采用多元回归分析方法,探讨公司内部薪酬差距和公司绩效之间的关系,为提高我国上市公司的绩效提供一定的理论依据。具体内容为： 1、介绍我国上市公司薪酬设计问题的现状并讨论研究公司内部薪酬差距激励效应的重要性。提出从两个角度研究公司内部薪酬差距对公司绩效影响的设想,即高管团队内部薪酬差距角度和高管团队与普通员工之间的薪酬差距角度。根据现有的文献,对本文所要研究的对象高管团队、普通员工、薪酬差距等概念进行了界定,指出本文拟采用的研究方法,概括本文的研究意义和创新点。 2、在薪酬差距相关理论的基础上,总结了目前国内外文献对薪酬差距激励效应的研究结论,发现我国学者的研究要比国外晚十几年,得出的结论并不一致,而且关于公司整体薪酬差距对于公司绩效影响的研究相对较少,例如高管团队与普通员工之间的薪酬差距。另外,现有的研究也较少涉及薪酬差距的应用环境问题,因此本文将对薪酬差距的应用环境进行探索,提出具有实践意义的建议。 3、基于前期的研究,借鉴国内外学者的成果和实践经验,结合我国上市公司信息披露特点和调研的实际可操作性,本文选取总资产收益率ROA、每股收益EPS作为因变量,选取高管人员货币薪酬绝对差距、员工整体货币薪酬绝对差距为自变量,考查薪酬差距对公司绩效的影响。研究模型还包含五个控制变量变量,即公司规模、股权集中度、资产负债率、行业、地区。 4、考虑到公司经营环境对薪酬差距激励效应的影响,本文引入协作需求的概念,并从多元化程度和技术复杂度两个方面刻画公司员工的协作需求。为了检验它们对公司内部薪酬差距激励效应的调节作用,本文构建了两个模型分别检验公司的多元化战略程度和技术复杂度对于高管人员薪酬差距与公司当期绩效的关系是否起调节作用、技术复杂度对于员工整体薪酬差距与公司当期绩效的关系是否起调节作用。 5、论文提出四个薪酬差距激励效应的假设,包括有关薪酬差距对公司绩效影响的两个假设、有关协作需求对薪酬差距激励效应的调节作用的两个假设。根据研究假设,构建了四个模型,选取我国深市A股主板上市公司2010年的数据进行研究,分析公司内部薪酬差距(包括高管人员薪酬差距、员工整体薪酬差距)对公司当期绩效的影响以及多元化程度和技术复杂度这两个变量的调节作用。通过Excel和SPSS17.0等统计软件对收集到的数据进行描述性统计、相关分析和线性回归等分析。 通过分析,本文得出以下结论： 1、高管人员薪酬差距对公司当期绩效起促进作用,大的薪酬差距有利于公司绩效的提高,应保持高管团队成员间适度的薪酬差距。这—结果与锦标赛理论一致。 2、员工整体薪酬差距对公司当期绩效同样起到促进作用,即员工整体较大的薪酬差距有利于公司当期绩效的提高。这说明在高管团队与普通员工之间,行为理论所认为的薪酬差距带来的负面影响并没有超出其带来的激励效应,薪酬差距不但没有影响到员工的工作积极性,反正起到了激励作用,提高了公司的绩效。 3、随着中国市场经济的不断发展,人们的竞争意识不断加强。研究发现,锦标赛理论比行为理论更符合现代企业的实际情况。在监督成本高昂的情况下,公司一般更愿意采用扩大薪酬差距的方式去激励公司员工,强调团队成员之间的竞争以选拔出最优秀的人才使公司最终受益,而强调通过团队成员之间的公平来促进成员之间的协调合作则难以促进公司整体绩效的提高。 4、通过对公司多元化程度和技术复杂度这两个变量对于薪酬差距与公司绩效的关系所起的调节作用进行研究,本文发现上市公司多元化战略的实行程度较高,将会减少高管人员薪酬差距对于公司绩效的正向影响;公司经营范围所需的技术复杂度较大时也将会减少公司内部薪酬差距对公司绩效的正向影响。说明协作需求会减弱较大的薪酬差距的激励效应,因此应当根据公司的具体情况,采取适当薪酬激励方式使公司的所有员工相互协作,将过大的薪酬差距对公司绩效的负面影响降到最低。 5、薪酬差距的设计具有高度的复杂性,应当充分关注不同的环境因素和公司状况对于薪酬差距的影响,薪酬差距激励方法的使用不能盲目,应当针对不同的公司治理因素等恰当的应用,这样才能充分发挥薪酬差距对于提高公司绩效所发挥的积极效果,避免薪酬政策出现失误给公司绩效所带来的损失。 本文研究的主要创新点有： 1、现有研究大都集中在高管薪酬体系与公司绩效的关系以及影响高管人员薪酬差距的因素方面,因此本文从激励效应的角度分析高管人员内部薪酬差距及高管人员与员工整体薪酬差距对公司绩效的影响,具有一定的创新性。 2、现有研究没有考虑到公司经营环境的影响,事实上,薪酬差距激励效应的发挥取决于公司内部治理结构和外部市场环境的共同影响。因此,本文引入协作需求的概念,通过多元化程度和技术复杂度对薪酬差距的调节作用验证,考察公司经营环境对薪酬差距的影响,具有较强的创新性。
[Abstract]:Talents are the basis for the survival and development of the company in the fierce market competition, and a sound salary system is a powerful tool to encourage, attract and develop talents. Level, salary structure and salary system. Compared with salary level and salary system, the design of salary structure may be more important to the company, because the salary gap within the company directly affects the work mood of employees, and then affects the performance of the whole company. From another point of view, the salary gap between the company and the corporate culture. The construction of internalization also has subtle effects. So, whether there is any correlation between the internal pay gap and corporate performance, whether the internal pay of the top executives of Listed Companies in China is reasonable, and whether the pay gap between the top executives and employees is appropriate, these problems are worth studying and exploring.
Based on the existing research, this paper collects the data of listed companies on the A-share motherboard of Shenzhen Stock Exchange, and uses multiple regression analysis method to explore the relationship between internal pay gap and corporate performance, so as to provide a theoretical basis for improving the performance of Listed Companies in China.
1. Introduce the current situation of the salary design of Listed Companies in China and discuss the importance of studying the incentive effect of the salary gap within the company. According to the existing literature, this paper defines the concepts of executive team, ordinary staff, pay gap and so on, points out the research methods to be adopted in this paper, summarizes the significance and innovation of this study.
2. On the basis of relevant theories of pay gap, this paper summarizes the research conclusions of the incentive effect of pay gap in domestic and foreign literatures, and finds that the research of Chinese scholars is more than ten years later than that of foreign countries, and the conclusions are not consistent. Moreover, there are relatively few studies on the impact of the overall pay gap on corporate performance, such as the top management team and the top management team. In addition, the existing research is less concerned with the application environment of the pay gap, so this paper will explore the application environment of the pay gap, and put forward practical suggestions.
3. Based on the previous research, drawing on the achievements and practical experience of scholars at home and abroad, and combining the characteristics of information disclosure and the practical operability of the investigation of Listed Companies in China, this paper selects ROA and EPS as the dependent variables, selects the absolute difference of executive monetary compensation and the absolute difference of overall monetary compensation as the independent variables. The research model also contains five control variables, namely company size, ownership concentration, asset-liability ratio, industry and region.
4. Considering the influence of the company's operating environment on the incentive effect of pay gap, this paper introduces the concept of collaborative demand, and describes the collaborative demand of the company's employees from the aspects of diversification and technical complexity. Whether the degree of diversification strategy and technical complexity have moderating effect on the relationship between executive pay gap and current performance, and whether the technical complexity has moderating effect on the relationship between overall pay gap and current performance.
5. The paper puts forward four hypotheses about the incentive effect of pay gap, including two hypotheses about the effect of pay gap on corporate performance and two hypotheses about the moderating effect of collaborative demand on the incentive effect of pay gap. This paper analyzes the impact of internal pay gap (including executive pay gap and overall pay gap) on current performance of the company and the moderating effect of diversification and technical complexity. Analysis.
Through analysis, the following conclusions can be drawn:
1. The salary gap between executives promotes the current performance of the company. The large salary gap is beneficial to the improvement of the company performance. A moderate salary gap should be maintained among the members of the top management team. This result is consistent with the tournament theory.
2. The overall pay gap also promotes the current performance of the company, that is, the larger overall pay gap is conducive to the improvement of the current performance of the company. Distance not only does not affect the enthusiasm of employees, but also plays an incentive role to improve the performance of the company.
3. With the continuous development of China's market economy, people's sense of competition has been strengthened. The study found that tournament theory is more in line with the actual situation of modern enterprises than behavior theory. To select the best talent will benefit the company ultimately, but it is difficult to promote the overall performance of the company by emphasizing the fair cooperation among team members.
4. By studying the moderating effect of the two variables on the relationship between pay gap and corporate performance, we find that the implementation of diversification strategy in listed companies is higher, which will reduce the positive impact of executive pay gap on corporate performance. When the technical complexity is large, it will also reduce the positive impact of the internal pay gap on the company performance. Explain that the collaborative demand will weaken the incentive effect of the larger pay gap. Therefore, according to the specific situation of the company, we should adopt appropriate incentive incentives to make all employees of the company cooperate with each other, and the excessive pay gap will affect the company performance. The negative impact of performance is minimal.
5. The design of salary gap is highly complicated. We should pay full attention to the influence of different environmental factors and company conditions on salary gap. The use of salary gap incentive method should not be blind. We should apply different corporate governance factors properly so as to give full play to the salary gap for improving company performance. We should give full play to the positive effect and avoid the loss caused by the failure of the salary policy to the company's performance.
The main innovations of this paper are as follows:
1. Most of the existing research focuses on the relationship between executive compensation system and corporate performance, and the factors that affect executive compensation gap. Therefore, this paper analyzes the effect of internal compensation gap and the overall compensation gap between executive and employees on corporate performance from the perspective of incentive effect, which is innovative.
2. Existing studies do not take into account the impact of corporate operating environment. In fact, the incentive effect of pay gap depends on the joint influence of corporate governance structure and external market environment. The impact of the operating environment on the pay gap is relatively innovative.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51;F224
本文编号：2237319
[Abstract]:Talents are the basis for the survival and development of the company in the fierce market competition, and a sound salary system is a powerful tool to encourage, attract and develop talents. Level, salary structure and salary system. Compared with salary level and salary system, the design of salary structure may be more important to the company, because the salary gap within the company directly affects the work mood of employees, and then affects the performance of the whole company. From another point of view, the salary gap between the company and the corporate culture. The construction of internalization also has subtle effects. So, whether there is any correlation between the internal pay gap and corporate performance, whether the internal pay of the top executives of Listed Companies in China is reasonable, and whether the pay gap between the top executives and employees is appropriate, these problems are worth studying and exploring.
Based on the existing research, this paper collects the data of listed companies on the A-share motherboard of Shenzhen Stock Exchange, and uses multiple regression analysis method to explore the relationship between internal pay gap and corporate performance, so as to provide a theoretical basis for improving the performance of Listed Companies in China.
1. Introduce the current situation of the salary design of Listed Companies in China and discuss the importance of studying the incentive effect of the salary gap within the company. According to the existing literature, this paper defines the concepts of executive team, ordinary staff, pay gap and so on, points out the research methods to be adopted in this paper, summarizes the significance and innovation of this study.
2. On the basis of relevant theories of pay gap, this paper summarizes the research conclusions of the incentive effect of pay gap in domestic and foreign literatures, and finds that the research of Chinese scholars is more than ten years later than that of foreign countries, and the conclusions are not consistent. Moreover, there are relatively few studies on the impact of the overall pay gap on corporate performance, such as the top management team and the top management team. In addition, the existing research is less concerned with the application environment of the pay gap, so this paper will explore the application environment of the pay gap, and put forward practical suggestions.
3. Based on the previous research, drawing on the achievements and practical experience of scholars at home and abroad, and combining the characteristics of information disclosure and the practical operability of the investigation of Listed Companies in China, this paper selects ROA and EPS as the dependent variables, selects the absolute difference of executive monetary compensation and the absolute difference of overall monetary compensation as the independent variables. The research model also contains five control variables, namely company size, ownership concentration, asset-liability ratio, industry and region.
4. Considering the influence of the company's operating environment on the incentive effect of pay gap, this paper introduces the concept of collaborative demand, and describes the collaborative demand of the company's employees from the aspects of diversification and technical complexity. Whether the degree of diversification strategy and technical complexity have moderating effect on the relationship between executive pay gap and current performance, and whether the technical complexity has moderating effect on the relationship between overall pay gap and current performance.
5. The paper puts forward four hypotheses about the incentive effect of pay gap, including two hypotheses about the effect of pay gap on corporate performance and two hypotheses about the moderating effect of collaborative demand on the incentive effect of pay gap. This paper analyzes the impact of internal pay gap (including executive pay gap and overall pay gap) on current performance of the company and the moderating effect of diversification and technical complexity. Analysis.
Through analysis, the following conclusions can be drawn:
1. The salary gap between executives promotes the current performance of the company. The large salary gap is beneficial to the improvement of the company performance. A moderate salary gap should be maintained among the members of the top management team. This result is consistent with the tournament theory.
2. The overall pay gap also promotes the current performance of the company, that is, the larger overall pay gap is conducive to the improvement of the current performance of the company. Distance not only does not affect the enthusiasm of employees, but also plays an incentive role to improve the performance of the company.
3. With the continuous development of China's market economy, people's sense of competition has been strengthened. The study found that tournament theory is more in line with the actual situation of modern enterprises than behavior theory. To select the best talent will benefit the company ultimately, but it is difficult to promote the overall performance of the company by emphasizing the fair cooperation among team members.
4. By studying the moderating effect of the two variables on the relationship between pay gap and corporate performance, we find that the implementation of diversification strategy in listed companies is higher, which will reduce the positive impact of executive pay gap on corporate performance. When the technical complexity is large, it will also reduce the positive impact of the internal pay gap on the company performance. Explain that the collaborative demand will weaken the incentive effect of the larger pay gap. Therefore, according to the specific situation of the company, we should adopt appropriate incentive incentives to make all employees of the company cooperate with each other, and the excessive pay gap will affect the company performance. The negative impact of performance is minimal.
5. The design of salary gap is highly complicated. We should pay full attention to the influence of different environmental factors and company conditions on salary gap. The use of salary gap incentive method should not be blind. We should apply different corporate governance factors properly so as to give full play to the salary gap for improving company performance. We should give full play to the positive effect and avoid the loss caused by the failure of the salary policy to the company's performance.
The main innovations of this paper are as follows:
1. Most of the existing research focuses on the relationship between executive compensation system and corporate performance, and the factors that affect executive compensation gap. Therefore, this paper analyzes the effect of internal compensation gap and the overall compensation gap between executive and employees on corporate performance from the perspective of incentive effect, which is innovative.
2. Existing studies do not take into account the impact of corporate operating environment. In fact, the incentive effect of pay gap depends on the joint influence of corporate governance structure and external market environment. The impact of the operating environment on the pay gap is relatively innovative.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51;F224
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