学术论文

      薪酬外部公平性、股权性质与公司业绩

      The External Fairness of CEO's Emolument, the Nature of Stock Right and Company' s Performance

      摘要:
      薪酬外部公平性是影响公司管理层管理行为的重要因素.本文以我国上市公司强制披露管理层薪酬为背景,结合公司股权性质,研究了薪酬外部公平性对公司业绩的影响.研究结果发现,正向额外薪酬与非国有企业业绩显著正相关,而没有发现其与国有企业业绩存在相关性;同时,也没有发现负向额外薪酬与非国有企业和国有企业业绩存在相关性.研究结果表明,正向额外薪酬的激励作用仅在非国有企业成立,因为国有企业的管理层更注重自身的政治前途;负向额外薪酬的"惩戒"作用并没有在现实中得到体现.本文深化了公司管理层薪酬激励方面的研究,也为我国企业薪酬制度设计提供了重要的依据.
      Abstract:
      The external fairness of emolument is an important factor that affects the management behavior of company managers. Based on the emolument, revealed compulsorily, of managers of China's listed companies, and on the nature of the stock right of the company, we have studied the effect of the external fairness of emolument on company's performance. The results of our study demonstrate that there exists an obvious direct correlation between the positive extra emolument and the performance of non-state-owned enterprises, and we have not found that there exists a direct correlation between the positive extra emolument and the performance of state-owned enterprises, nor have we found that there is a relationship between the negative extra emolument and the performance of non-state-owned enterprises as well as that of state-owned enterprises. The results of our study also show that the positive extra emolument plays a role of stimulation only in non-state-owned enterprises, because the managers of state-owned enterprises attach more importance to their own political future, and that the "chastisement" role of the negative extra emolument has not been played in reality. This paper has furthered the study on stimulating company managers with emolument and offered an import foundation for the design of the emolument system for China's enterprises.
      作者单位: 北京大学光华管理学院
      刊 名: 管理世界 PKUCSSCI
      Journal: MANAGEMENT WORLD
      年,卷(期): 2010, (3)
      分类号: F2
      机标分类号: F83 F27
      在线出版日期: 2010年6月8日
      基金项目: 国家自然科学基金项目,教育部"新世纪优秀人才支持计划"