产权性质、薪酬结构和公司价值

发布时间：2018-04-06 23:13

本文选题：产权性质　切入点：基本薪酬　出处：《预测》2017年03期

【摘要】：基于上市公司《高级管理人员薪酬管理办法》提供的经理人基本薪酬与绩效薪酬数据,本文研究不同产权性质企业高管薪酬结构的差异,以及这种差异对公司价值的影响。研究发现,与国有上市公司相比,民营上市公司高管的基本薪酬更高、绩效薪酬比重更低;民营上市公司提供更高和更加安全的薪酬会导致其公司价值的下降。研究说明国企经理人薪酬制度安排会影响民营企业薪酬设计。本文研究结果也突显基本薪酬的功能,高风险承受的经理人通过高额无风险的基本薪酬来弥补其多余的风险承受。
[Abstract]:Based on the data of executive compensation and performance compensation provided by listed companies, this paper studies the differences in executive compensation structure of different property rights enterprises and the influence of these differences on company value.The study found that compared with the state-owned listed companies, the private listed companies have higher basic compensation and lower proportion of performance compensation; the private listed companies provide higher and safer compensation will lead to the decline of their corporate value.The research shows that the salary system arrangement of SOE managers will affect the salary design of private enterprises.The results of this paper also highlight the function of basic compensation. Managers with high risk tolerance compensate for their excess risk exposure through high risk-free basic compensation.
【作者单位】：重庆理工大学会计学院;中山大学管理学院;
【基金】：国家自然科学基金资助项目(71372150)
【分类号】：F271;F272.92;F275

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