高管-员工薪酬差距对企业绩效影响的实证研究  

Empirical Analysis on the Impact of the Compensation Gap between Executives and Employees on Firm Performance

作　　者：张正勇[1,2] 胡言言 ZHANG Zheng - yong;HU Yan - yan(School of Accounting, Nanjing University of Finance ＆ Economics, Nanjing Jiangsu 210046;School of Business, Nanjing University, Nanjing Jiangsu 210093)

机构地区：[1]南京财经大学会计学院,江苏南京210046 [2]南京大学商学院,江苏南京210093

出　　处：《湖南财政经济学院学报》2017年第5期67-74,共8页Journal of Hunan University of Finance and Economics

基　　金：国家自然科学基金青年项目"企业社会责任信息价值研究--基于呈报格式和信息使用者认知的视角"(项目编号:71402068);教育部人文社会科学研究青年基金项目"企业社会责任报告决策价值及其作用机理研究"(项目编号:12YJCZH297);江苏高校哲学社会科学基金项目"管理者背景特征对企业环境信息披露的影响研究"(项目编号:2016SJB630039)

摘　　要：基于锦标赛理论和行为理论,以2007-2015年沪深A股非金融上市公司的数据为样本,实证分析了高管-员工薪酬差距对企业绩效的影响,研究发现:高管-员工薪酬差距与企业绩效并非线性的,而是呈倒"U"型关系,即企业绩效随着高管-员工薪酬差距的增加而先提高后降低。单一的锦标赛理论或行为理论并不能解释这一现象,而是两者共同作用的结果。进一步对全样本按产权性质和行业特征分组研究发现:相对于国有企业和垄断企业,非国有企业和非垄断企业的企业绩效对高管-员工薪酬差距的变化更敏感;而高管-员工薪酬差距与企业绩效之间倒"U"型的关系并不适用于垄断企业,在垄断企业中,高管-员工薪酬差距与企业绩效是正相关的关系。Based on the tournament theory and behavior theory, this paper examines the impact of the compensation gap between executives and employees on firm performance, using data from the A shares of Shanghai and Shenzhen of non - financial listed companies from 2007 to 2015. The empirical results show that ： the relationship of the compensation gap between executives and employees and enterprise performance is the inverted ＂ U＂ type structure, not nonlinear. That is to say, with the increase of the compensation gap between executives and employees, enterprise performance increases first and then decrease. The tournament theory or behavior theory cannot solely explain this phenomenon, but is the result of interaction between the two theory. Further, this paper groups the samples according to the enterprise ownership and the industry characteristics and finds that ： compared to state - owned enterprises and monopoly enterprises, the performance of non - state owned enterprises and non - monopoly enterprises is more sensitive to change of the compensation gap between executives and employees. What＇ s more, the inverted ＂ U＂ type structure of the compensation gap between executives and employees and enterprise performance does not apply to the monopoly enterprises, and in the monopoly enterprise, this compensation gap is positively related to firm performance.

关 键 词：高管-员工薪酬差距 企业绩效 产权性质 行业特征 

分 类 号：F272.92[经济管理—企业管理]