本文選題：金融業(yè) + 壟斷行業(yè)��； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：高管薪酬一直是公司治理范疇的一個(gè)重要內(nèi)容,且上市公司高管薪酬也一直受到資本市場(chǎng)的高度關(guān)注。隨著2011年各上市公司年報(bào)的披露,金融業(yè)高管薪酬再次成為輿論的焦點(diǎn)。金融業(yè)高管薪酬均值以259.52萬(wàn)元位居第一,高出第二名房地產(chǎn)將近4倍,是最低農(nóng)林漁牧業(yè)的7倍之多。自2004年以來,金融業(yè)高管薪酬呈現(xiàn)快速增長(zhǎng)趨勢(shì),其中2006年——2007年增長(zhǎng)率高達(dá)228.90%,隨后,金融業(yè)遭受了全球金融風(fēng)暴的襲擊,財(cái)政部和保監(jiān)會(huì)也分別頒布《關(guān)于國(guó)有金融機(jī)構(gòu)2008年度高管薪酬人員分配有關(guān)問題的通知》和《國(guó)有保險(xiǎn)公司負(fù)責(zé)人薪酬管理暫行辦法》等“限薪令”,雖然金融業(yè)高管薪酬有所降低,但相對(duì)于其他行業(yè)而言,仍處于較高水平。近些年來,收入分配的公平與效率逐漸成為社會(huì)關(guān)注的話題,而金融業(yè)與其他行業(yè)高管薪酬差距之大,也難免成為眾矢之的。本文正是在此背景下,從壟斷和公司治理的視角去研究金融業(yè)與其他行業(yè)高管薪酬差距形成的原因。 本文從理論和實(shí)證兩方面研究金融業(yè)與其他行業(yè)高管薪酬差距形成的原因。在理論方面,以一般行業(yè)收入差距理論、行業(yè)壟斷理論以及公司治理理論為理論基礎(chǔ),從行業(yè)壟斷差異、行業(yè)公司治理差異兩個(gè)角度理論分析了高管薪酬行業(yè)差距形成機(jī)理。金融業(yè)與其他行業(yè)公司治理差異主要表現(xiàn)為金融業(yè)公司治理的特殊性。金融業(yè)公司治理的特殊性分為內(nèi)部治理特殊性和外部治理特殊性,內(nèi)部治理特殊性表現(xiàn)在內(nèi)部人控制、董事會(huì)規(guī)模、獨(dú)立董事、監(jiān)事會(huì)規(guī)模、高管兩職兼任、股權(quán)結(jié)構(gòu)、股權(quán)激勵(lì)及高管人力資本等方面,外部治理的特殊性主要表現(xiàn)在金融業(yè)外部性巨大、信息、不對(duì)稱性嚴(yán)重、人才嚴(yán)重短缺、高負(fù)債性以及外部監(jiān)管的特殊性等五個(gè)方面。通過理論分析發(fā)現(xiàn)壟斷與金融業(yè)公司治理特殊性是導(dǎo)致金融業(yè)與其他行業(yè)高管薪酬差距的主要原因。 在實(shí)證方面,本文選取了2002年—2011年10年所有上市公司數(shù)據(jù)為研究對(duì)象,選擇具有代表性的七個(gè)行業(yè)：金融業(yè)；以采掘業(yè)、電力煤氣水生產(chǎn)和供應(yīng)業(yè)以及交通運(yùn)輸倉(cāng)儲(chǔ)業(yè)為代表的壟斷行業(yè)；以農(nóng)林漁牧業(yè)、信息技術(shù)業(yè)和批發(fā)零售業(yè)為代表的競(jìng)爭(zhēng)行業(yè)進(jìn)行了實(shí)證分析。本文所用數(shù)據(jù)來自于CSMAR數(shù)據(jù)庫(kù)、中國(guó)統(tǒng)計(jì)年鑒和中國(guó)勞動(dòng)統(tǒng)計(jì)年鑒以及上市公司歷年年報(bào),部分?jǐn)?shù)據(jù)以及指標(biāo)計(jì)算都做了手工統(tǒng)計(jì)。在指標(biāo)的確立時(shí),本文所指行業(yè)壟斷程度是由行業(yè)國(guó)有化程度、行業(yè)集中度以及行業(yè)進(jìn)入壁壘通過主成分分析法合成得到。并且選擇董事會(huì)規(guī)模、獨(dú)立董事、監(jiān)事會(huì)規(guī)模、兩職兼任、股權(quán)結(jié)構(gòu)、股權(quán)激勵(lì)及高管人力資本七個(gè)指標(biāo)來合成公司治理結(jié)構(gòu)綜合指標(biāo)。通過實(shí)證分析發(fā)現(xiàn),(1)公司治理結(jié)構(gòu)是金融業(yè)與采掘業(yè)、電力煤水生產(chǎn)和供應(yīng)業(yè)以及交通運(yùn)輸倉(cāng)儲(chǔ)業(yè)等壟斷行業(yè)高管薪酬差距的主要影響因素；(2)壟斷是金融業(yè)與農(nóng)林漁牧業(yè)、信息技術(shù)業(yè)以及批發(fā)零售業(yè)等競(jìng)爭(zhēng)性行業(yè)高管薪酬差距的主要影響因素。 本文的主要貢獻(xiàn)在于：從理論與實(shí)證兩方面對(duì)行業(yè)高管薪酬差距進(jìn)行了分析：其一,目前國(guó)內(nèi)外關(guān)于高管薪酬理論的研究主要集中在高管薪酬影響因素方面,在薪酬差距研究方面主要是針對(duì)一般行業(yè)收入差距,或者是某一個(gè)行業(yè)內(nèi)部高管與一般員工的收入差距,而對(duì)于高管薪酬行業(yè)間差距影響因素的研究甚少,本文拋磚引玉式地淺談了高管薪酬行業(yè)間差距理論,指出了行業(yè)高管薪酬差距主要是由于行業(yè)壟斷程度、公司治理水平、行業(yè)規(guī)模以及行業(yè)績(jī)效的差異所造成的。其二,以十年所有上市公司為樣本,從實(shí)證角度分析了金融業(yè)與其他行業(yè)高管薪酬的差距,利用主成分分析法合成壟斷程度指標(biāo)和公司治理結(jié)構(gòu)指標(biāo),在加上行業(yè)規(guī)模和績(jī)效,從這四個(gè)指標(biāo)實(shí)證研究了金融業(yè)與其他行業(yè)高管薪酬差距的形成原因。
[Abstract]:Executive pay has been an important part of the corporate governance category, and the executive pay of listed companies has been highly concerned by the capital market. With the disclosure of the annual reports of the listed companies in 2011, the executive pay of the financial industry has become the focus of public opinion again. The average value of executive compensation in the financial industry is 2 million 595 thousand and 200 yuan, higher than the second house. Real estate is nearly 4 times as many times as 7 times the minimum agricultural and forestry animal husbandry. Since 2004, financial executives' pay has shown a rapid growth trend, of which 2006 - 2007 growth is up to 228.90%. Subsequently, the financial sector was attacked by the global financial storm, and the Ministry of Finance and the CIRC also issued < 2008 senior executives for state-owned financial institutions. The notice of the allocation of related issues and the "temporary measures for the salary management of the head of the state insurance company", and the "salary limit order" of the head of the state insurance company, are still at a high level compared with other industries. In recent years, the fairness and efficiency of the income distribution has gradually become a topic of concern for the society and the financial industry. In this context, the reasons for the salary gap between financial industry and other industry executives are studied from the perspective of monopoly and corporate governance.
This paper studies the causes of the salary gap between the financial industry and other industry executives from two aspects of theory and demonstration. In theory, the theory is based on the general industry income gap theory, the industry monopoly theory and the corporate governance theory, and analyzes the difference in the executive compensation industry from the two angles of the industry monopoly difference and the industry corporate governance difference. The difference between the financial industry and other industries is mainly manifested in the particularity of the corporate governance of the financial industry. The particularity of the corporate governance of the financial industry includes the internal governance particularity and the external governance particularity, the internal governance particularity is manifested in the internal control, the board regulation, the independent director, the supervisory board scale, the senior executive two position. The particularity of external governance mainly lies in five aspects, such as huge externality of financial industry, information, asymmetry, serious shortage of talents, high debt and the particularity of external supervision. Through theoretical analysis, it is found that the particularity of corporate governance in monopoly and financial industry is caused by theoretical analysis. The main reason for the pay gap between the financial sector and other industry executives.
On the empirical aspect, this paper selects the data of all listed companies from 2002 to 2011 as the research object, and selects the representative seven industries: the financial industry, the monopoly industries represented by the mining industry, the electricity and gas water production and supply industry, and the transportation and storage industry, and the agriculture, forestry, fishery and animal husbandry, the information technology industry and the wholesale and retail industry. The empirical analysis of the representative competition industry is made. The data used in this paper are from the CSMAR database, the Chinese Statistical Yearbook and the Chinese Labor Statistics Yearbook, the annual reports of the listed companies, some of the data and the calculation of the index. The concentration and trade entry barriers are synthesized by the principal component analysis. And we choose the scale of the board of directors, the independent director, the scale of the board of supervisors, the two duty, the ownership structure, the equity incentive and the executive human capital to synthesize the comprehensive index of the corporate governance structure. Through the empirical analysis, the corporate governance structure is the financial industry and (1) the corporate governance structure is the financial industry and the financial industry. The main factors affecting the compensation gap between the mining industry, the power coal and water production and supply industry and the transportation and transportation storage industry and other monopoly industries. (2) the monopoly is the main influencing factor of the compensation gap between the financial industry and the agricultural and forestry, fishery and animal husbandry, the information technology industry and the wholesale and retail industry.
The main contribution of this article lies in the analysis of the compensation gap between the two parties in theory and demonstration. First, the research on executive compensation theory is mainly focused on the factors of executive compensation, and the pay gap is mainly focused on the income gap in the general industry, or in a certain industry. The income gap between the senior executive and the general employee is very little, but the research on the influence factors of the gap between the executive compensation industry is very few. This paper gives a brief introduction to the gap theory of executive compensation, and points out that the compensation gap is mainly due to the degree of industry monopoly, the level of corporate governance, the scale of the industry and the difference of industry performance. Secondly, taking all the listed companies for ten years as samples, this paper analyzes the gap between financial industry and other industry executives' salary from the empirical perspective, uses the principal component analysis method to synthesize the index of monopoly degree and corporate governance structure, adding industry scale and performance, and empirically studies the salary of financial industry and other industry executives from these four indicators. The reasons for the formation of the pay gap.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F272.92;F832;F842.3

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本文編號(hào)：1998494