基于面板数据的上市公司薪酬差距与公司绩效关系研究  

Research on the Relationship between the Salary Gap and the Firm Performance of the Listed Companies based on Panel Data

作　　者：石榴红[1] 张时淼[1] 冯照桢[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《当代经济科学》2013年第4期64-73,126,共10页Modern Economic Science

摘　　要：本文运用2003-2010年A股上市公司数据,对上市公司高管与职工薪酬差距对经营绩效的影响进行了实证研究。研究发现:高管与职工薪酬差距与公司经营绩效具有显著的正向关系;这种正向关系具有一定的区间效应,二者之间存在明显的倒"U"型关系,即在一定范围内,较大薪酬差距能够有效促进企业经营绩效提升,但当薪酬差距过大时,则会对公司绩效产生抑制作用。同时我国国有企业和民营企业存在的诸多不同,导致二者的倒"U"型曲线存在一定差异:国有企业的经营业绩对薪酬差距的变化更为敏感。In this paper,according to the data of Chinese A-share listed companies from 2003 to 2010,an positive research is conducted,which is about how much the salary gap between executives and employee influences the firm performance of the listed companies.It was found that there exists a significant positive relationship between the salary gap mentioned above and the firm performance of a company.This relationship apparently shows an'inverse U'shaped one,which means that in a certain range,the greater the salary gap is,the more we can effectively promote the firm performance.However,when the salary gap is too large,it will inhibit the firm performance of a company.At the same time,there are many differences between China's stateowned enterprises and private enterprises,so the two 'inverse U'-shaped curves are not the same.The firm performance of state-owned enterprises is more sensitive to the change of salary gap.

关 键 词：上市公司 薪酬差距 影响 经营绩效 区间效应 

分 类 号：F832.51[经济管理—金融学] F224