高管薪酬的外部不公平、内部差距与企业绩效

发布时间：2018-10-08 20:01

【摘要】：本文以2004～2010年我国909家上市公司的面板数据为样本,通过分行业的相对业绩指标回归模型计量了薪酬"外部不公平"程度,结合薪酬内部差距,实证分析了薪酬"外部不公平"对企业绩效以及对内部薪酬差距激励效果的影响。研究结果发现:正向外部不公平与企业绩效存在显著负相关关系,而负向外部不公平则恰好相反;对正向外部不公平企业,外部不公平程度显著降低内部薪酬差距的正向激励效果;对正向外部不公平企业,外部不公平程度与内部薪酬差距的激励效果存在替代关系。本文在一定程度上深化了社会比较理论在薪酬激励方面的研究,也为相关政府部门和企业设计薪酬激励机制提供了依据。
[Abstract]:Taking the panel data of 909 listed companies in China from 2004 to 2010 as a sample, this paper measures the degree of compensation "external unfairness" through the regression model of relative performance index in different industries, combining with the internal gap of compensation. The paper empirically analyzes the effect of external unfair compensation on enterprise performance and incentive effect of internal pay gap. The results show that: there is a significant negative correlation between positive external unfair and firm performance, while negative external unfair is just the opposite; for positive external unfair enterprises, there is a significant negative correlation between positive external unfairness and firm performance. The degree of external inequality significantly reduces the positive incentive effect of the internal pay gap, and for the positive external unfair enterprises, there is a substitute relationship between the external unfair degree and the incentive effect of the internal pay gap. To a certain extent, this paper deepens the research of the social comparison theory in the aspect of salary incentive, and also provides the basis for the relevant government departments and enterprises to design the compensation incentive mechanism.
【作者单位】：重庆工商大学会计学院;财政部财政科学研究所;
【基金】：中国博士后科学基金项目“上市公司经营者股票期权定价模式及会计处理问题研究”(20110490330) 重庆市教委科技项目“基于系统动力学的国企高管薪酬激励研究”(KJ110718)
【分类号】：F276.6;F832.51;F224

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