本文關(guān)鍵詞： 外部治理環(huán)境 高管薪酬差距 企業(yè)績效　出處：《華東師范大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近些年來,人們對高管薪酬問題的關(guān)注度不斷提升。在我國國民經(jīng)濟(jì)飛速發(fā)展的同時(shí),貧富差距也逐漸增大,如何兼顧公平與效率成為了亟需解決的問題。不同層級間的薪酬差距是高管薪酬契約的重要組成部分,這種薪酬差距能否顯著提升企業(yè)績效呢?此外,上市公司所處區(qū)域不同,外部治理環(huán)境是否會影響高管的薪酬差距呢?當(dāng)企業(yè)面臨不同的外部治理環(huán)境時(shí),其高管薪酬差距與企業(yè)績效間的關(guān)系又會不會發(fā)生變化呢?本文采用深交所A股上市公司2010-2014年的數(shù)據(jù)作為研究樣本,首先對高管薪酬差距與企業(yè)績效間的關(guān)系進(jìn)行了探討,隨后檢驗(yàn)了外部治理環(huán)境對高管薪酬差距的影響,最后進(jìn)一步考察了外部治理環(huán)境對高管薪酬差距與企業(yè)績效關(guān)系的影響。本文既考慮了高管內(nèi)、外部薪酬差距各自對企業(yè)績效的影響,也考慮了二者的共同作用。在外部治理環(huán)境方面,主要從行業(yè)競爭、信息披露質(zhì)量、市場化進(jìn)程和政府干預(yù)程度四個維度進(jìn)行相關(guān)研究。本文的研究結(jié)論主要有:(1)高管內(nèi)部薪酬差距與企業(yè)績效正相關(guān),當(dāng)內(nèi)外部薪酬差距共同作用時(shí),對薪酬低于行業(yè)平均水平的高管而言,薪酬差距有利于績效的提升,而對于薪酬高于行業(yè)平均水平的高管而言,薪酬差距則失去了激勵效應(yīng);(2)企業(yè)的外部治理環(huán)境能夠顯著影響薪酬差距,行業(yè)競爭程度的提升、信息披露質(zhì)量的提高、市場化進(jìn)程的加深、政府干預(yù)程度的減弱都使得高管內(nèi)部薪酬差距增大,但對外部薪酬差距來說,此結(jié)論僅在高于行業(yè)平均薪酬水平的樣本中成立;(3)由于外部治理環(huán)境的不同,高管薪酬差距與企業(yè)績效間的關(guān)系也呈現(xiàn)出明顯差異。在行業(yè)競爭較為激烈、信息披露質(zhì)量較好、市場化進(jìn)程較高、政府干預(yù)較少的樣本中,高管內(nèi)部薪酬差距與企業(yè)績效間的正相關(guān)關(guān)系更為顯著,影響系數(shù)也較大,高管外部薪酬差距對企業(yè)績效的促進(jìn)作用會隨著外部治理環(huán)境的提升而增強(qiáng)。
[Abstract]:In recent years, people pay more attention to the issue of executive compensation. With the rapid development of our national economy, the gap between the rich and the poor is gradually increasing. How to balance fairness and efficiency has become an urgent problem. The pay gap between different levels is an important part of executive compensation contract. Can this pay gap significantly improve corporate performance? In addition, the listed companies in different regions, whether the external governance environment will affect the executive pay gap? When enterprises face different external governance environment, will the relationship between executive pay gap and corporate performance change? This paper uses the data of A share listed companies in Shenzhen Stock Exchange from 2010 to 2014 as a sample to study the relationship between executive pay gap and corporate performance. Then it examines the impact of external governance environment on executive pay gap, and finally examines the impact of external governance environment on the relationship between executive pay gap and corporate performance. The impact of external pay gap on corporate performance is also considered. In the external governance environment, mainly from the industry competition, the quality of information disclosure. The main conclusions of this paper are: 1) there is a positive correlation between the executive pay gap and corporate performance, when the internal and external pay gap work together. For the executives whose pay is lower than the average level of the industry, the pay gap is conducive to the improvement of performance, while for the executives whose pay is higher than the average level of the industry, the compensation gap loses the incentive effect. 2) the external governance environment of enterprises can significantly affect the pay gap, the improvement of industry competition, the improvement of the quality of information disclosure, and the deepening of the marketization process. The weakening of government intervention makes the executive pay gap increase, but for the external pay gap, this conclusion is only found in the sample which is higher than the average salary level of the industry. Due to the difference of external governance environment, the relationship between executive compensation gap and enterprise performance also presents obvious differences. In the industry competition is more intense, the quality of information disclosure is better, and the marketization process is higher. In the sample with less government intervention, the positive correlation between executive pay gap and enterprise performance is more significant, and the influence coefficient is larger. The effect of executive external pay gap on corporate performance will be enhanced with the improvement of external governance environment.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F272.92;F275;F832.51

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