薪酬差距、管理层权力与企业成长性

发布时间：2018-07-29 09:11

【摘要】：近些年来,我国上市公司薪酬分配逐渐走向公开化,高管薪酬水平持续攀升,天价高管薪酬不断出现在公众面前,并引发了社会的巨大争议。于此同时,高管与员工间的收入差距也不断拉大。这些现象一方面说明管理层激励制度的设计和执行存在不合理性,另一方面也暗示了薪酬契约的制定会影响企业经营绩效,甚至影响企业的长期发展能力。因此,薪酬差距问题成为现实生活中和研究者中讨论的焦点。而管理层权力理论作为新兴理论,解释了最优契约理论无法解释的现象,引起了学术界的极大关注,并成为管理者激励制度体系中的一个新的热点。然而,在我国特有的制度背景下,高管与普通员工之间的薪酬差距与企业成长性之间的关系如何,管理层权力对两者的关系又有何种影响,都是值得研究的课题。因此,本文检验薪酬差距与企业成长性之间的相关性,在此基础上,根据管理层权力理论研究管理层权力对薪酬差距的影响,以及对这两者关系的影响。本文得出的主要结论有:第一,薪酬差距能正向促进企业成长。即薪酬差距能有效促使高管与员工积极地进行经营管理,提升企业可持续发展能力;第二,管理层权力能对薪酬差距产生显著正向作用;第三,薪酬差距与企业成长性之间的关系受到管理层权力的影响,即管理层权力的扩大会严重削弱薪酬差距对企业成长性的正向影响。由此,本文提出相应政策建议:第一,根据锦标赛理论,薪酬差距能够促进企业绩效提升,因此须合理制定高管与普通员工之间的收入差异,以提升员工的工作热情;第二,根据管理层权力理论,高管权力的膨胀会导致薪酬差距不能达到预期的激励效果,因此需要发挥董事会和薪酬委员会的独立性,强化各方对管理层的监管控制,赋予其合理权限;第三,增强外部市场有效监督,借用市场力量约束管理层权力,可以通过健全的外部市场有效约束高管的自利倾向;第四,根据管理层权力理论,高管会通过模糊化薪酬安排来掩饰其额外获得的收益,因此要加大薪酬的透明度,抑制管理层自利行为。
[Abstract]:In recent years, the salary distribution of listed companies in China has gradually gone public, the level of executive compensation has continued to climb, and sky-high executive compensation has been appearing in public, which has caused great controversy in the society. At the same time, the income gap between executives and employees is widening. On the one hand these phenomena indicate that there is irrationality in the design and implementation of management incentive system, on the other hand, it also implies that the establishment of salary contract will affect the business performance and even the long-term development ability of the enterprise. Therefore, the pay gap has become the focus of discussion in real life and researchers. As a new theory, the theory of management power explains the phenomenon that the optimal contract theory cannot explain, which has aroused great concern in academic circles, and has become a new hot spot in the system of managers' incentive system. However, under the unique system background of our country, the relationship between the salary gap between the executive and the ordinary staff and the growth of the enterprise, and the influence of the management power on the relationship between them, are worth studying. Therefore, this paper examines the correlation between the pay gap and the growth of enterprises, and on this basis, according to the theory of management power to study the impact of management power on the pay gap, as well as the impact of the relationship between the two. The main conclusions of this paper are as follows: first, the pay gap can positively promote the growth of enterprises. That is, pay gap can effectively promote executives and employees to actively manage, improve the ability of sustainable development of enterprises; second, management power can have a significant positive effect on the pay gap; third, The relationship between salary gap and enterprise growth is affected by the power of management, that is, the expansion of management power will seriously weaken the positive impact of pay gap on enterprise growth. Therefore, this paper puts forward the corresponding policy recommendations: first, according to the tournament theory, the pay gap can promote the performance of enterprises, so it is necessary to reasonably formulate the income gap between executives and ordinary employees in order to enhance the enthusiasm of employees; second, According to the theory of management power, the expansion of executive power will lead to the pay gap can not achieve the desired incentive effect, so it is necessary to give play to the independence of the board of directors and compensation committees, and strengthen the supervision and control of the management. Third, strengthen the effective supervision of the external market, use market forces to restrain the management power, can effectively restrain the self-interest tendency of the executives through a sound external market; fourth, according to the management power theory, Executives hide their extra gains by fuzzying pay arrangements, so pay is more transparent and management self-interest is curbed.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F272.92;F275

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