经济波动、薪酬外部公平性与公司业绩  

Economic Fluctuation,the External Fairness of Compensation and Corporate Performance

作　　者：覃予[1] 靳毓[2] 

机构地区：[1]浙江理工大学经济管理学院,浙江杭州310015 [2]中国人民大学书报资料中心,北京100872

出　　处：《中南财经政法大学学报》2015年第3期94-102,160,共9页Journal of Zhongnan University of Economics and Law

基　　金：国家社会科学基金项目"上市公司员工收入与资本回报财务公平测度研究"(13BJY015);浙江省自然科学基金青年项目"经济波动下高管双重激励公平性对企业绩效影响研究--基于社会比较的视角"(14092032-D);浙江理工大学哲学社会科学科研科技攀登计划项目(13096045-Y)

摘　　要：企业薪酬外部比较与公平是当前社会广为关注的问题。本文以2008年前后中国经济发生巨大波动为背景,结合公司股权性质,研究企业高管和普通员工的薪酬外部公平性对公司业绩的影响,结果表明:经济进入紧缩期后,高管薪酬外部公平性与公司业绩相关性在繁荣期呈现的倒"U"型曲线变得更为陡峭,处于"拐点"的高管薪酬公平最优分位数也明显减小;普通员工薪酬的外部公平性与公司业绩也从繁荣期的不相关发展为紧缩期的倒"U"型相关。以上变化集中体现在国有公司中,私营公司无明显改变。In recent years,the external comparison and fairness of compensation has become the hotspot which has attracted great concern of the society.Based on the background of economic fluctuation due to the 2008 economic crisis,the study examines how the compensation fairness of CEOs and staffs affect corporate performance.The results indicate that the inverse U-shape between CEOs' compensation fairness and corporate performance presented in the economic upward period has become steeper during the economic downturn period,and the optimal CEOs'fair compensation reduces significantly.Moreover,the relationship between staffs' compensation fairness and corporate performance has also changed to inverse U-shape in the economic downturn period,which is unrelated before.These changes have been mainly concentrated in state-owned-enterprises,not in private enterprise.The study has deepened the compensation fairness study from the microeconomic perspective,and provided the empirical evidence for the compensation design of China's enterprises in the new normal economy.

关 键 词：经济波动 薪酬外部公平 薪酬比较 公司业绩 

分 类 号：F272.923[经济管理—企业管理]