高管人力资本溢价与企业绩效倒U型关系研究  

The Inverted U-shaped Relationship Between Human Capital Premium And Corporate Performance

作　　者：周蕾[1,2] 余恕莲[1] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029 [2]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《经济管理》2013年第11期106-117,共12页Business and Management Journal ( BMJ )

摘　　要：高管薪酬攀升引发了大量的争论与学术研究，其中高管人力资本收益与企业绩效是否存在相关性是争论的焦点之一。本文以1999—2012年我国上市公司高管为研究对象，运用回归法将高管薪酬分解为人力资本收益和人力资本溢价两部分，分别探讨其与企业绩效的相关性。研究表明，人力资本溢价比人力资本收益对高管更具激励效用，且与企业绩效呈倒U型关系。人力资本溢价对企业绩效的影响分为负激励、有效激励和过度激励三个阶段，其中，有效激励区间处于人力资本溢价10％～90％分位数所对应的金额之间。我国上市公司中约有三分之二的行业高管获得有效激励，近三分之一的行业高管激励不足，而金融证券业和少量房产业高管则激励过度。本文的贡献在于，发现人力资本溢价与企业绩效呈倒U型关系，人力资本溢价对企业绩效的促进作用存在有效区间。这些研究对我国企业高管薪酬的评价与设计具有现实意义。The rising compensation for executives has triggered a lot of debate as well as academic research, a- mong which the relationship between executives＇ human capital returns and corporate performance is one of the most intense discussed topics. Dow and Raposo （ 2005 ） , Gayle and Miller （2009） , Hall and Murphy （ 2003 ） , Jensen, Murphy and Wruck （2004） , and many other scholars have done much in-depth and meticulous research in this field, but there has still not emerged a widely accepted conclusion on the topic. However,in this study we do not in- tend to repeat the predecessors＇ research method. We suggest that it is not reasonable to take executives＇ pay as a whole as a proxy variable to test the correlation between corporate performance and executives＇ pay. Because executives＇ compensation can be separated into a necessary income,which is related to the human capital stock, and into the＂ premium＂, which is related to business performance improvements and other factors. The former is the ideal human capital return, that is, as long as the employee＇s human capital stock is the same, no matter which department he enters, his earnings should be the same and not be related to the performance of the company. While the latter is probably related to corporate performance improvements. To test our hypothesis, we study the compensation of senior executives in listed Chinese companies over the pe- riod from 1999 to 2012. We use the regression method to separate executive pay into two elements：human capital re- turns and human capital premium. After that, we investigate the correlation of these two parts with the corporate per- formance. The results show that human capital premium is a more attractive incentive for executives to improve en- terprise performance than human capital returns and it is also the key reason why this kind of incentive mechanism works. At the same time, the empirical results also suggest that the human capital premium has an inverted u-shaped relation with enterp

关 键 词：人力资本溢价 企业绩效 倒U型关系 

分 类 号：F270.3[经济管理—企业管理]