旅游企业高管—员工薪酬差距：经济后果与新闻媒体治理

发布时间：2019-04-28 16:34

【摘要】：我国受传统的平均主义思想影响深远,收入分配公平性问题一直广受关注,而一系列信息披露出我国的收入分配早已差距悬殊,且频频曝出企业高管“天价薪酬”事件,更是进一步将薪酬差距问题推向各界关注的视野。投资效率是反映企业价值增加、规模成长的重要指标,也是经济后果的一种表现形式,管理层投资决策行为直接决定企业投资效率高低,而投资决策行为又易受企业内外部多种因素的制约,进而影响投资效率。那么,薪酬差距对投资效率是否会产生影响作用呢?这一问题是本文主要研究的内容。近年来我国旅游业发展迅猛,很多地方掀起了发展旅游业的浪潮,国民也逐渐将旅游与休闲活动列入日常生活的重要部分。旅游业的发展离不开旅游企业的带动作用,而旅游上市公司处于业界的领军地位,对我国旅游业整体发展更是起到关键性作用。因此,本文以我国旅游上市公司作为研究对象,选取17家旅游上市公司2006-2013年面板数据为研究样本,首先对旅游企业内部高管-员工薪酬差距与投资效率进行初步分析,然后主要研究旅游企业内部高管-员工薪酬差距与投资效率的影响关系,以及新闻媒体对二者关系的调节作用,以此分析新闻媒体的外部治理效果,并比较内外部公司治理效果的差异。研究结论主要有:我国旅游企业内部高管-员工薪酬差距整体上呈逐年增加的趋势,投资效率表现为投资不足的样本数量多于投资过度,但投资过度的非效率投资程度更严重;高管-员工薪酬差距与旅游企业投资效率呈现倒“U”型曲线关系,即随着旅游企业高管-员工薪酬差距地不断增大,投资效率表现为先提升后下降的变化趋势;引入新闻媒体的外部治理方式,发现新闻媒体对高管-员工薪酬差距与旅游企业投资效率的关系存在一定的调节效应,并比较企业内外部公司治理效果,认为旅游企业的投资效率治理模式构建需要全面考虑内外部治理方式的结合。
[Abstract]:China is deeply influenced by the traditional equalitarianism, and the issue of fairness in income distribution has been widely concerned, and a series of information reveals that the income distribution in our country has long been far apart, and there have been frequent incidents of enterprise executives'"sky-price compensation". Moreover, the pay gap will be further promoted to the field of view of concern from all walks of life. Investment efficiency is an important index to reflect the increase of enterprise value and scale growth, and is also a manifestation of economic consequences. The decision-making behavior of management investment directly determines the investment efficiency of enterprises. And the investment decision-making behavior is easily restricted by many factors inside and outside the enterprise, and then affects the investment efficiency. So will the pay gap have an impact on investment efficiency? This problem is the main content of this paper. In recent years, with the rapid development of tourism in China, many places have set off a wave of tourism development, and the people have gradually included tourism and leisure activities in the important part of daily life. The development of tourism industry can not be separated from the driving role of tourism enterprises, and the tourism listed companies are in the leading position in the industry, which plays a key role in the overall development of tourism in China. Therefore, this paper takes the tourism listed companies in China as the research object, selects the panel data of 17 tourism listed companies in 2006-2013 as the research sample, firstly carries on the preliminary analysis to the executive-employee salary gap and the investment efficiency of the tourism enterprises. Then it mainly studies the relationship between executive-employee pay gap and investment efficiency in tourism enterprises, and the adjustment of news media to the relationship between them, so as to analyze the external governance effect of news media. And compare the effect of internal and external corporate governance differences. The main conclusions are as follows: on the whole, the pay gap between senior executives and employees in tourism enterprises is increasing year by year. The investment efficiency shows that the sample number of under-investment is more than that of over-investment, but the degree of inefficiency investment is more serious than that of over-investment. The relationship between executive-employee pay gap and investment efficiency of tourism enterprises presents an inverted "U" curve, that is, with the increase of executive-employee pay gap in tourism enterprises, the investment efficiency shows a changing trend of increasing first and then decreasing; By introducing the external governance mode of news media, it is found that the relationship between executive-employee pay gap and investment efficiency of tourism enterprises is regulated by news media, and the effects of corporate governance within and outside the enterprise are compared. It is considered that the combination of internal and external governance should be taken into account in the construction of investment efficiency governance model of tourism enterprises.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F592.6;F272.92

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