A公司內(nèi)部薪酬差距對公司績效的影響研究
發(fā)布時間：2018-09-10 20:52
【摘要】：2009年中央政府六部委下發(fā)了“高管限薪令”,這是我國首次出臺的針對高管薪酬進行管控的指令,揭示了目前眾多行業(yè)高管薪酬水平過高,薪酬差距過大的現(xiàn)狀已被政府關注,并一度引起公眾熱議。學者們也紛紛開展對高管薪酬這一議題的研究,其核心論點是高管“天價”薪酬到底能否帶來與之相匹配的公司績效的增長。隨著研究的逐步深入,學者們將其從高管薪酬水平的研究延伸至更細致的高管薪酬結(jié)構面向,研究內(nèi)部薪酬差距對公司績效的影響。大量學者的研究表明內(nèi)部薪酬差距對公司績效的影響結(jié)果主要支持兩種理論,即錦標賽理論和行為理論。前者認為拉大薪酬差距,有利于公司績效的增長,后者相反地提倡縮小薪酬差距,來提高公司績效。A上市公司因高管薪酬水平畸高,高管薪酬差距過大一直處于風口浪尖,那么A公司內(nèi)部薪酬差距拉大是否給公司績效帶來增長值得探討。本文首先基于錦標賽理論和行為理論的基礎,選取A公司所在的金融行業(yè),2009-2013年181個上市公司數(shù)據(jù)為樣本,運用實證研究的方法,對高管團隊內(nèi)部薪酬差距和高管團隊與普通員工間的薪酬差距對公司績效的影響進行行業(yè)分析。研究結(jié)果表明,在現(xiàn)階段A公司所在金融行業(yè)上市公司中,無論是高管團隊內(nèi)部薪酬差距還是高管團隊與普通員工間的薪酬差距,都對公司績效有負向的影響,支持行為理論。基于此行業(yè)分析結(jié)果,本文繼而對A公司內(nèi)部薪酬差距對公司績效的影響進行案例研究。案例分析中主要將案例公司與行業(yè)整體水平相比較,分析該公司內(nèi)部薪酬差距的實際大小和在行業(yè)中所處的水平,并驗證其內(nèi)部薪酬差距對公司績效的影響是否與前文行業(yè)的整體結(jié)果相似。最后從財務視角的三個維度分析在薪酬差距拉大的情況下,A公司的償債能力、盈利能力和發(fā)展能力的變化情況。本文運用了理論研究和案例研究的方法,在案例研究中為了進行行業(yè)整體情況分析,也引入了實證的統(tǒng)計方法,最終得出了研究結(jié)論,并從完善信息披露制度、規(guī)范金融行業(yè)薪酬體制和合理設置內(nèi)部薪酬差距三個角度提出了對A公司及其所在金融行業(yè)上市公司內(nèi)部薪酬差距設置的相關建議,這也為其薪酬體系的構建提供了一些參考依據(jù)。
[Abstract]:In 2009, six ministries and commissions of the central government issued a "executive pay restriction order", which is the first directive issued in China to regulate and control executive compensation. It reveals that the current situation of excessive pay levels and pay gaps among executives in many industries has been concerned by the government. And once caused public debate. Scholars have also been working on the issue of executive pay, the core of which is whether "sky-high" executive pay can lead to comparable growth in corporate performance. With the deepening of the research, scholars extend the research from the level of executive compensation to a more detailed executive pay structure to study the impact of internal pay gap on corporate performance. A large number of scholars show that the results of the internal pay gap influence on corporate performance mainly support two theories, namely, tournament theory and behavior theory. The former thinks that widening the pay gap is conducive to the growth of corporate performance, while the latter advocates narrowing the pay gap to improve corporate performance. A listed company has always been at the top of the wave because of the extremely high level of executive compensation. It is worth discussing whether the increase of internal salary gap in company A brings growth to the company's performance. Based on the theory of tournament and behavioral theory, this paper selects 181 listed companies from 2009 to 2013 in the financial industry of A Company as a sample, and uses the empirical research method. This paper analyzes the effect of the pay gap within the executive team and the pay gap between the executive team and the common staff on the performance of the company. The results show that in the listed companies in the financial industry, both the pay gap within the executive team and the pay gap between the executive team and the ordinary employees have a negative impact on the performance of the company, which supports the behavior theory. Based on the result of industry analysis, this paper carries on the case study on the effect of the internal pay gap on the performance of A company. The case study mainly compares the case company with the overall level of the industry, analyzes the actual size of the pay gap within the company and the level in the industry. It also verifies whether the effect of internal pay gap on corporate performance is similar to the overall results of the previous industry. Finally, from the three dimensions of financial perspective, the paper analyzes the changes of company A's solvency, profitability and development ability under the condition of widening pay gap. This paper uses the methods of theoretical research and case study. In the case study, in order to analyze the overall situation of the industry, it also introduces the empirical statistical method, and finally draws the conclusion of the study, and from the improvement of information disclosure system, From the three angles of standardizing the compensation system of the financial industry and setting up the internal salary gap reasonably, this paper puts forward some relevant suggestions on the establishment of the internal salary gap between Company A and its listed companies in the financial industry. This also provides some reference basis for the construction of its compensation system.
【學位授予單位】：南京理工大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F272.92;F832.3
本文編號：2235584
[Abstract]:In 2009, six ministries and commissions of the central government issued a "executive pay restriction order", which is the first directive issued in China to regulate and control executive compensation. It reveals that the current situation of excessive pay levels and pay gaps among executives in many industries has been concerned by the government. And once caused public debate. Scholars have also been working on the issue of executive pay, the core of which is whether "sky-high" executive pay can lead to comparable growth in corporate performance. With the deepening of the research, scholars extend the research from the level of executive compensation to a more detailed executive pay structure to study the impact of internal pay gap on corporate performance. A large number of scholars show that the results of the internal pay gap influence on corporate performance mainly support two theories, namely, tournament theory and behavior theory. The former thinks that widening the pay gap is conducive to the growth of corporate performance, while the latter advocates narrowing the pay gap to improve corporate performance. A listed company has always been at the top of the wave because of the extremely high level of executive compensation. It is worth discussing whether the increase of internal salary gap in company A brings growth to the company's performance. Based on the theory of tournament and behavioral theory, this paper selects 181 listed companies from 2009 to 2013 in the financial industry of A Company as a sample, and uses the empirical research method. This paper analyzes the effect of the pay gap within the executive team and the pay gap between the executive team and the common staff on the performance of the company. The results show that in the listed companies in the financial industry, both the pay gap within the executive team and the pay gap between the executive team and the ordinary employees have a negative impact on the performance of the company, which supports the behavior theory. Based on the result of industry analysis, this paper carries on the case study on the effect of the internal pay gap on the performance of A company. The case study mainly compares the case company with the overall level of the industry, analyzes the actual size of the pay gap within the company and the level in the industry. It also verifies whether the effect of internal pay gap on corporate performance is similar to the overall results of the previous industry. Finally, from the three dimensions of financial perspective, the paper analyzes the changes of company A's solvency, profitability and development ability under the condition of widening pay gap. This paper uses the methods of theoretical research and case study. In the case study, in order to analyze the overall situation of the industry, it also introduces the empirical statistical method, and finally draws the conclusion of the study, and from the improvement of information disclosure system, From the three angles of standardizing the compensation system of the financial industry and setting up the internal salary gap reasonably, this paper puts forward some relevant suggestions on the establishment of the internal salary gap between Company A and its listed companies in the financial industry. This also provides some reference basis for the construction of its compensation system.
【學位授予單位】：南京理工大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F272.92;F832.3
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相關碩士學位論文 前2條
1 陳恂;高科技上市公司高管薪酬差距與公司業(yè)績關系研究[D];西南財經(jīng)大學;2012年
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