外部治理环境、高管薪酬差距与企业绩效

发布时间：2018-01-22 03:22

本文关键词： 外部治理环境高管薪酬差距企业绩效　出处：《华东师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：近些年来,人们对高管薪酬问题的关注度不断提升。在我国国民经济飞速发展的同时,贫富差距也逐渐增大,如何兼顾公平与效率成为了亟需解决的问题。不同层级间的薪酬差距是高管薪酬契约的重要组成部分,这种薪酬差距能否显著提升企业绩效呢?此外,上市公司所处区域不同,外部治理环境是否会影响高管的薪酬差距呢?当企业面临不同的外部治理环境时,其高管薪酬差距与企业绩效间的关系又会不会发生变化呢?本文采用深交所A股上市公司2010-2014年的数据作为研究样本,首先对高管薪酬差距与企业绩效间的关系进行了探讨,随后检验了外部治理环境对高管薪酬差距的影响,最后进一步考察了外部治理环境对高管薪酬差距与企业绩效关系的影响。本文既考虑了高管内、外部薪酬差距各自对企业绩效的影响,也考虑了二者的共同作用。在外部治理环境方面,主要从行业竞争、信息披露质量、市场化进程和政府干预程度四个维度进行相关研究。本文的研究结论主要有:(1)高管内部薪酬差距与企业绩效正相关,当内外部薪酬差距共同作用时,对薪酬低于行业平均水平的高管而言,薪酬差距有利于绩效的提升,而对于薪酬高于行业平均水平的高管而言,薪酬差距则失去了激励效应;(2)企业的外部治理环境能够显著影响薪酬差距,行业竞争程度的提升、信息披露质量的提高、市场化进程的加深、政府干预程度的减弱都使得高管内部薪酬差距增大,但对外部薪酬差距来说,此结论仅在高于行业平均薪酬水平的样本中成立;(3)由于外部治理环境的不同,高管薪酬差距与企业绩效间的关系也呈现出明显差异。在行业竞争较为激烈、信息披露质量较好、市场化进程较高、政府干预较少的样本中,高管内部薪酬差距与企业绩效间的正相关关系更为显著,影响系数也较大,高管外部薪酬差距对企业绩效的促进作用会随着外部治理环境的提升而增强。
[Abstract]:In recent years, people pay more attention to the issue of executive compensation. With the rapid development of our national economy, the gap between the rich and the poor is gradually increasing. How to balance fairness and efficiency has become an urgent problem. The pay gap between different levels is an important part of executive compensation contract. Can this pay gap significantly improve corporate performance? In addition, the listed companies in different regions, whether the external governance environment will affect the executive pay gap? When enterprises face different external governance environment, will the relationship between executive pay gap and corporate performance change? This paper uses the data of A share listed companies in Shenzhen Stock Exchange from 2010 to 2014 as a sample to study the relationship between executive pay gap and corporate performance. Then it examines the impact of external governance environment on executive pay gap, and finally examines the impact of external governance environment on the relationship between executive pay gap and corporate performance. The impact of external pay gap on corporate performance is also considered. In the external governance environment, mainly from the industry competition, the quality of information disclosure. The main conclusions of this paper are: 1) there is a positive correlation between the executive pay gap and corporate performance, when the internal and external pay gap work together. For the executives whose pay is lower than the average level of the industry, the pay gap is conducive to the improvement of performance, while for the executives whose pay is higher than the average level of the industry, the compensation gap loses the incentive effect. 2) the external governance environment of enterprises can significantly affect the pay gap, the improvement of industry competition, the improvement of the quality of information disclosure, and the deepening of the marketization process. The weakening of government intervention makes the executive pay gap increase, but for the external pay gap, this conclusion is only found in the sample which is higher than the average salary level of the industry. Due to the difference of external governance environment, the relationship between executive compensation gap and enterprise performance also presents obvious differences. In the industry competition is more intense, the quality of information disclosure is better, and the marketization process is higher. In the sample with less government intervention, the positive correlation between executive pay gap and enterprise performance is more significant, and the influence coefficient is larger. The effect of executive external pay gap on corporate performance will be enhanced with the improvement of external governance environment.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F275;F832.51

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