国有企业高管薪酬、产品市场竞争与费用粘性  

Executive Compensation of SOEs, Product Market Competition and Cost Stickiness

作　　者：张伟华[1] 郭盈良 王春燕[2] 

机构地区：[1]北京工商大学商学院 [2]北京工商大学商学院会计系

出　　处：《科学决策》2017年第4期38-59,共22页Scientific Decision Making

基　　金：国家自然科学基金课题(项目编号:71302001);北京市社会科学基金重点课题(项目编号:14JGA011);北京市高等学校教师队伍建设--"长城学者"项目(项目编号:142132016)

摘　　要：随着经济下行的压力加大,国有企业降本提质增效的迫切性也越来越强。作为企业成本重要组成部分,费用的降低对"降成本"任务的实现有重要影响。基于2007-2015年国有上市公司数据,研究高管薪酬水平和差距对企业费用粘性的影响,及产品市场竞争是否发挥治理作用。研究发现:我国国有企业存在显著的费用粘性现象,企业高管薪酬水平越高、薪酬差距越大,费用粘性水平越低。国有企业所处的产品市场竞争环境越激烈,其高管薪酬激励作用越有效,即产品市场竞争与高管薪酬激励之间存在互补性。研究补充了费用粘性和公司治理的相关文献,并揭示了产品市场竞争与高管薪酬激励对费用粘性的治理效应之间的互动关系。Along with increasing pressure of the economic downward, the urgency of making less of the costs of state-owned enterprises and making it effective is becoming stronger and stronger. As an essential part of the enterprise cost, expenses plays a critical role in influencing the realization of ＂cost reduction＂ task when it decreases. Upon the data of state-owned listed company from 2007 to 2015, this paper researches the influence of the executive compensation level and gap in cost stickiness, and whether product market competition could play a role in corporate governance. The finding shows that： Firstly, the state-owned enterprise of our country presents significant cost stickiness; the higher level of executive compensation of state-owned enterprises in China, and the larger gap between executive compensation in state-owned enterprise of our country, the less obviously of the level of cost stickiness enterprise. Secondly, the fiercer of the product market competition environment for China＇s state-owned enterprises, the more effective of the incentive effect of the executive compensation, which implies that product market competition and incentive are complementary. This research supplies the related literature of Cost Stickiness and corporate governance, and reveals the interactive relationship between the product market competition and the governance effects of executive compensation incentive.

关 键 词：费用粘性 国有企业 高管薪酬 产品市场竞争 

分 类 号：F279.243[经济管理—企业管理]