高管团队内部薪酬差距与企业风险承担的关系研究

发布时间：2018-06-01 10:57

本文选题：高管团队 + 薪酬差距　；参考：《广东财经大学》2017年硕士论文

【摘要】：风险承担是企业可持续健康发展的关键,其有助于提高企业核心竞争力和最大化企业价值。风险承担水平越高的企业,不仅对创新性项目表现出越高的积极性,同时也会有更多的固定资产、其他长期资产等资本性支出及无形资产等研发投入。换句话,企业有较高的意愿投资于预期收益为正的长期性高风险项目,也更注重企业竞争优势的形成和战略性发展。企业风险承担水平的影响因素近年来成为研究的热点。通常地,企业的重大决策需要公司高层管理团队共同商议,则高管人员的风险承担意愿一定程度上决定了企业风险承担水平。但是现代化企业中所有权和经营权的分离,可能导致高管人员为了自身眼前的利益,而做出损害所有者的决策,基于高管自身对风险的规避取向,可能更容易放弃净现值为正的高风险项目,而高管团队内部薪酬差距则成为缓解公司所有者和高管之间代理问题的一种有效方式。本文以高管团队内部薪酬差距为出发点,以2007-2014年在沪市或是深市主板发行A股的非金融类上市公司为研究对象,研究了高层管理团队内部的薪酬差距与企业风险承担之间的关系,并联系我国公司产权性质的实际情况,将上市公司区分国有和非国有两种情况,进一步探讨了两者之间的关系。通过实证结果发现,高管团队内部薪酬差距越大,企业的风险承担水平越低,且这种关系在国有企业中更加显著。本文的研究结果为补充现有高管薪酬差距的研究成果以及如何为不同产权性质的上市公司设定合理的薪酬差距提供了一个新的参照点,同时也验证了相较于锦标赛理论,行为理论在我国企业中的适用性,为高管团队内部薪酬差距负向的影响企业绩效找到了一个合理的思考点。
[Abstract]:Risk taking is the key to the sustainable and healthy development of enterprises, which helps to improve the core competitiveness of enterprises and maximize the value of enterprises. The higher the risk-bearing level, the higher the enthusiasm for innovative projects, but also more capital expenditure such as fixed assets, other long-term assets, intangible assets and other R & D investment. In other words, enterprises have a higher willingness to invest in long-term high risk projects with positive expected returns, and pay more attention to the formation and strategic development of enterprises' competitive advantages. In recent years, the influencing factors of enterprise risk-bearing level have become the focus of research. Usually, the important decision of the enterprise needs the company's senior management team to discuss together, then the executives' willingness to take risks determines the level of the enterprise's risk-taking to a certain extent. However, the separation of ownership and management rights in modern enterprises may lead executives to make decisions that harm their owners for the sake of their immediate interests, based on their own risk aversion. It may be easier to abandon high-risk projects with positive NPV, and the pay gap within executive teams is an effective way to ease agency problems between owners and executives. This paper takes the pay gap within the executive team as the starting point, taking the non-financial listed companies that issued A shares in Shanghai or Shenzhen Stock Exchange from 2007 to 2014 as the research objects. This paper studies the relationship between the salary gap and the enterprise risk taking within the senior management team, and according to the actual situation of the property right nature of the company in our country, the listed companies are divided into the state-owned and the non-state-owned situations. The relationship between them is further discussed. The empirical results show that the greater the pay gap within the executive team, the lower the risk-taking level of the enterprise, and this relationship is more significant in state-owned enterprises. The results of this paper provide a new reference point to supplement the existing research results of executive pay gap and how to set a reasonable pay gap for listed companies with different property rights. The applicability of the behavior theory in the enterprises of our country has found a reasonable thinking point for the negative effect of the pay gap within the executive team on the performance of the enterprise.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.92;F275

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