金融业与其他行业高管薪酬差距的理论分析与实证研究

发布时间：2018-06-09 02:48

本文选题：金融业 + 垄断行业　；参考：《西南财经大学》2013年硕士论文

【摘要】：高管薪酬一直是公司治理范畴的一个重要内容,且上市公司高管薪酬也一直受到资本市场的高度关注。随着2011年各上市公司年报的披露,金融业高管薪酬再次成为舆论的焦点。金融业高管薪酬均值以259.52万元位居第一,高出第二名房地产将近4倍,是最低农林渔牧业的7倍之多。自2004年以来,金融业高管薪酬呈现快速增长趋势,其中2006年——2007年增长率高达228.90%,随后,金融业遭受了全球金融风暴的袭击,财政部和保监会也分别颁布《关于国有金融机构2008年度高管薪酬人员分配有关问题的通知》和《国有保险公司负责人薪酬管理暂行办法》等“限薪令”,虽然金融业高管薪酬有所降低,但相对于其他行业而言,仍处于较高水平。近些年来,收入分配的公平与效率逐渐成为社会关注的话题,而金融业与其他行业高管薪酬差距之大,也难免成为众矢之的。本文正是在此背景下,从垄断和公司治理的视角去研究金融业与其他行业高管薪酬差距形成的原因。本文从理论和实证两方面研究金融业与其他行业高管薪酬差距形成的原因。在理论方面,以一般行业收入差距理论、行业垄断理论以及公司治理理论为理论基础,从行业垄断差异、行业公司治理差异两个角度理论分析了高管薪酬行业差距形成机理。金融业与其他行业公司治理差异主要表现为金融业公司治理的特殊性。金融业公司治理的特殊性分为内部治理特殊性和外部治理特殊性,内部治理特殊性表现在内部人控制、董事会规模、独立董事、监事会规模、高管两职兼任、股权结构、股权激励及高管人力资本等方面,外部治理的特殊性主要表现在金融业外部性巨大、信息、不对称性严重、人才严重短缺、高负债性以及外部监管的特殊性等五个方面。通过理论分析发现垄断与金融业公司治理特殊性是导致金融业与其他行业高管薪酬差距的主要原因。在实证方面,本文选取了2002年—2011年10年所有上市公司数据为研究对象,选择具有代表性的七个行业：金融业；以采掘业、电力煤气水生产和供应业以及交通运输仓储业为代表的垄断行业；以农林渔牧业、信息技术业和批发零售业为代表的竞争行业进行了实证分析。本文所用数据来自于CSMAR数据库、中国统计年鉴和中国劳动统计年鉴以及上市公司历年年报,部分数据以及指标计算都做了手工统计。在指标的确立时,本文所指行业垄断程度是由行业国有化程度、行业集中度以及行业进入壁垒通过主成分分析法合成得到。并且选择董事会规模、独立董事、监事会规模、两职兼任、股权结构、股权激励及高管人力资本七个指标来合成公司治理结构综合指标。通过实证分析发现,(1)公司治理结构是金融业与采掘业、电力煤水生产和供应业以及交通运输仓储业等垄断行业高管薪酬差距的主要影响因素；(2)垄断是金融业与农林渔牧业、信息技术业以及批发零售业等竞争性行业高管薪酬差距的主要影响因素。本文的主要贡献在于：从理论与实证两方面对行业高管薪酬差距进行了分析：其一,目前国内外关于高管薪酬理论的研究主要集中在高管薪酬影响因素方面,在薪酬差距研究方面主要是针对一般行业收入差距,或者是某一个行业内部高管与一般员工的收入差距,而对于高管薪酬行业间差距影响因素的研究甚少,本文抛砖引玉式地浅谈了高管薪酬行业间差距理论,指出了行业高管薪酬差距主要是由于行业垄断程度、公司治理水平、行业规模以及行业绩效的差异所造成的。其二,以十年所有上市公司为样本,从实证角度分析了金融业与其他行业高管薪酬的差距,利用主成分分析法合成垄断程度指标和公司治理结构指标,在加上行业规模和绩效,从这四个指标实证研究了金融业与其他行业高管薪酬差距的形成原因。
[Abstract]:Executive pay has been an important part of the corporate governance category, and the executive pay of listed companies has been highly concerned by the capital market. With the disclosure of the annual reports of the listed companies in 2011, the executive pay of the financial industry has become the focus of public opinion again. The average value of executive compensation in the financial industry is 2 million 595 thousand and 200 yuan, higher than the second house. Real estate is nearly 4 times as many times as 7 times the minimum agricultural and forestry animal husbandry. Since 2004, financial executives' pay has shown a rapid growth trend, of which 2006 - 2007 growth is up to 228.90%. Subsequently, the financial sector was attacked by the global financial storm, and the Ministry of Finance and the CIRC also issued < 2008 senior executives for state-owned financial institutions. The notice of the allocation of related issues and the "temporary measures for the salary management of the head of the state insurance company", and the "salary limit order" of the head of the state insurance company, are still at a high level compared with other industries. In recent years, the fairness and efficiency of the income distribution has gradually become a topic of concern for the society and the financial industry. In this context, the reasons for the salary gap between financial industry and other industry executives are studied from the perspective of monopoly and corporate governance.
This paper studies the causes of the salary gap between the financial industry and other industry executives from two aspects of theory and demonstration. In theory, the theory is based on the general industry income gap theory, the industry monopoly theory and the corporate governance theory, and analyzes the difference in the executive compensation industry from the two angles of the industry monopoly difference and the industry corporate governance difference. The difference between the financial industry and other industries is mainly manifested in the particularity of the corporate governance of the financial industry. The particularity of the corporate governance of the financial industry includes the internal governance particularity and the external governance particularity, the internal governance particularity is manifested in the internal control, the board regulation, the independent director, the supervisory board scale, the senior executive two position. The particularity of external governance mainly lies in five aspects, such as huge externality of financial industry, information, asymmetry, serious shortage of talents, high debt and the particularity of external supervision. Through theoretical analysis, it is found that the particularity of corporate governance in monopoly and financial industry is caused by theoretical analysis. The main reason for the pay gap between the financial sector and other industry executives.
On the empirical aspect, this paper selects the data of all listed companies from 2002 to 2011 as the research object, and selects the representative seven industries: the financial industry, the monopoly industries represented by the mining industry, the electricity and gas water production and supply industry, and the transportation and storage industry, and the agriculture, forestry, fishery and animal husbandry, the information technology industry and the wholesale and retail industry. The empirical analysis of the representative competition industry is made. The data used in this paper are from the CSMAR database, the Chinese Statistical Yearbook and the Chinese Labor Statistics Yearbook, the annual reports of the listed companies, some of the data and the calculation of the index. The concentration and trade entry barriers are synthesized by the principal component analysis. And we choose the scale of the board of directors, the independent director, the scale of the board of supervisors, the two duty, the ownership structure, the equity incentive and the executive human capital to synthesize the comprehensive index of the corporate governance structure. Through the empirical analysis, the corporate governance structure is the financial industry and (1) the corporate governance structure is the financial industry and the financial industry. The main factors affecting the compensation gap between the mining industry, the power coal and water production and supply industry and the transportation and transportation storage industry and other monopoly industries. (2) the monopoly is the main influencing factor of the compensation gap between the financial industry and the agricultural and forestry, fishery and animal husbandry, the information technology industry and the wholesale and retail industry.
The main contribution of this article lies in the analysis of the compensation gap between the two parties in theory and demonstration. First, the research on executive compensation theory is mainly focused on the factors of executive compensation, and the pay gap is mainly focused on the income gap in the general industry, or in a certain industry. The income gap between the senior executive and the general employee is very little, but the research on the influence factors of the gap between the executive compensation industry is very few. This paper gives a brief introduction to the gap theory of executive compensation, and points out that the compensation gap is mainly due to the degree of industry monopoly, the level of corporate governance, the scale of the industry and the difference of industry performance. Secondly, taking all the listed companies for ten years as samples, this paper analyzes the gap between financial industry and other industry executives' salary from the empirical perspective, uses the principal component analysis method to synthesize the index of monopoly degree and corporate governance structure, adding industry scale and performance, and empirically studies the salary of financial industry and other industry executives from these four indicators. The reasons for the formation of the pay gap.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.92;F832;F842.3

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