股权资本成本、市场化进程与高管-员工薪酬差距——来自中国上市公司的经验证据

发布时间：2018-04-27 00:30

本文选题：薪酬差距 + 股权资本成本　；参考：《外国经济与管理》2014年07期

【摘要】：股权资本成本是高管薪酬制度设计中的一个重要参数,也是影响高管—员工薪酬差距的一个重要原因。在我国市场经济不断深化的历史时期,对不同市场化进程下的股权资本成本与高管—员工薪酬差距之间的相关性进行分析和研究,有助于我国企业基于公司治理因素与经营绩效因素的高管薪酬制度的设计。本文以我国上市公司为研究样本,以高管平均薪酬与职工平均薪酬之比作为高管—员工薪酬差距的量化指标,(1)分别研究股权资本成本和市场化进程对高管—员工薪酬差距的影响,结果表明股权资本成本与薪酬差距负相关,市场化进程与薪酬差距正相关;(2)针对市场化进程变化的横向效应和纵向效应进行细化分析,得到了纵向效应的影响更加显著的结论。这样的结论说明股权资本成本成为了能够影响乃至决定薪酬差距的重要因素,同时厘清了与市场化进程的关系,为高管薪酬的科学制定提供了可靠的考量因素。
[Abstract]:The cost of equity capital is not only an important parameter in the design of executive compensation system, but also an important reason to affect the salary gap between executives and employees. In the historical period of deepening market economy in China, this paper analyzes and studies the correlation between the cost of equity capital and the gap between executive and employee compensation in different market-oriented processes. It is helpful to the design of executive compensation system based on corporate governance and business performance. This paper takes the listed companies of our country as the research sample, Taking the ratio of executive average salary and employee average salary as the quantitative index of executive-employee salary gap, the paper studies the impact of equity capital cost and market-oriented process on executive-employee salary gap, respectively. The results show that the equity capital cost is negatively related to the salary gap, and the marketization process is positively related to the salary gap. (2) the paper makes a detailed analysis of the lateral and vertical effects of the changes in the marketization process, and draws a conclusion that the effect of the longitudinal effect is more significant. This conclusion shows that the cost of equity capital has become an important factor that can influence or even determine the pay gap, at the same time, it clarifies the relationship with the process of marketization, and provides a reliable factor for the scientific formulation of executive compensation.
【作者单位】：首都经济贸易大学会计学院;
【基金】：2010年度教育部人文社科规划基金资助项目《资本成本、价值创造与我国国企EVA考核研究》(批准号:10YJA630146)
【分类号】：F832.51;F276.6

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