本文關(guān)鍵詞：我國(guó)上市公司薪酬棘輪效應(yīng)及其影響因素研究　出處：《暨南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：近年來(lái)，隨著我國(guó)資本市場(chǎng)的快速發(fā)展，上市公司的數(shù)量和規(guī)模不斷擴(kuò)大，上市公司薪酬也在快速增長(zhǎng)，且增長(zhǎng)的趨勢(shì)與公司業(yè)績(jī)相脫離。我國(guó)上市公司薪酬尤其是高管薪酬出現(xiàn)了逐年持續(xù)增長(zhǎng)的現(xiàn)象，針對(duì)高管以及員工薪酬所出現(xiàn)的該種棘輪效應(yīng)，本文進(jìn)行了具體的研究分析，并對(duì)其可能的影響因素進(jìn)行了實(shí)證檢驗(yàn)。選取的樣本為2007到2011年我國(guó)制造業(yè)上市公司。首先對(duì)樣本公司的薪酬與業(yè)績(jī)情況進(jìn)行統(tǒng)計(jì)分析，以驗(yàn)證薪酬棘輪效應(yīng)的存在。然后從行業(yè)棘輪效應(yīng)以及運(yùn)氣薪酬兩個(gè)角度對(duì)薪酬棘輪效應(yīng)的影響進(jìn)行了實(shí)證檢驗(yàn)。 結(jié)果發(fā)現(xiàn)，無(wú)論是高管薪酬棘輪效應(yīng)還是員工薪酬棘輪效應(yīng)，均受到行業(yè)薪酬棘輪效應(yīng)的正向影響，即行業(yè)薪酬棘輪效應(yīng)會(huì)促進(jìn)公司高管以及員工薪酬棘輪效應(yīng)的產(chǎn)生；同時(shí)，運(yùn)氣薪酬與棘輪效應(yīng)反向相關(guān)，，業(yè)績(jī)大于行業(yè)基準(zhǔn)業(yè)績(jī)的公司，其薪酬棘輪效應(yīng)不如業(yè)績(jī)小于行業(yè)基準(zhǔn)的公司明顯。另外，本文也加入代理變量變量、高管自利變量以及公司治理變量的影響，進(jìn)一步檢驗(yàn)棘輪效應(yīng)的影響機(jī)制。結(jié)果發(fā)現(xiàn)，代理變量對(duì)棘輪效應(yīng)的產(chǎn)生無(wú)顯著影響；高管自利變量以及公司治理特征會(huì)對(duì)高管薪酬棘輪效應(yīng)產(chǎn)生一定程度的影響，而對(duì)員工薪酬棘輪效應(yīng)無(wú)顯著影響。
[Abstract]:In recent years, with the rapid development of China's capital market, the number and size of listed companies continue to expand, listed companies pay in the rapid growth trend and growth and the performance of the company. From the listed companies in China pay especially executive pay a year growing phenomenon, according to executives and the staff of the ratchet effect the salary, this paper analyzed the specific research, and its influencing factors empirically. The samples are selected from 2007 to 2011, China's manufacturing industry listed companies. Firstly, the remuneration and performance of Sample Firms for statistical analysis, to verify the compensation ratchet effect exists. Then empirical test on compensation ratchet effect from the perspective of two industry and luck ratchet effect compensation.
Results showed that both the executive compensation or compensation ratchet ratchet effect, are positively influenced by compensation ratchet effect of the industry, the industry will promote the compensation ratchet effect of company executives and employees pay the ratchet effect; at the same time, luck compensation and the ratchet effect is higher than the standard reverse correlation performance, the performance of the company, its compensation ratchet the performance is less than the industry benchmark effect than the company significantly. In addition, this paper also added a proxy variable, the executives self-interest variables and corporate governance variables, to further examine the influence mechanism of the ratchet effect. The results showed that the proxy variable of the ratchet effect has no significant effect; influence of corporate governance variables and self-interest executives will have a certain degree of executive compensation ratchet effect, and have no significant effect on employee compensation ratchet effect.

【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F272.92

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