国企高管薪酬市场化的阳面和阴面——来自国有上市公司的证据  

The Bright-side and Dark-side of Market-oriented Reform for SOE Executives:Evidence from Listed SOEs

作　　者：孙亮 刘春 柳建华[2] 王善文 

机构地区：[1]中山大学国际金融学院 [2]中山大学岭南学院 [3]华润(深圳)有限公司

出　　处：《金融学季刊》2017年第4期60-103,共44页Quarterly Journal of Finance

基　　金：国家自然科学基金项目(71402193、71302104);教育部人文社会科学研究青年项目(13YJC790124、12YJC630112);中央高校基本科研业务费专项资金(13wkpy20、17wkpy31)的资助

摘　　要：本文以企业高管间的产权性薪酬差距刻画国企上市公司高管薪酬市场化改革的程度，采用职业生涯模型推导了国企高管的行为变迁，并使用2003-2014年我国上市国企的数据，侧重于探讨国企薪酬体制改革所导致的政治晋升激励弱化和去职风险强化对于国企高管行为所产生的负面影响和可能的治理途径。研究发现，虽然产权性薪酬差距的缩小对国企高管行为有明显的正面影响，表现为投资效率提高和所承担政策性负担的减少，但更值得关注的是，产权性薪酬差距的缩小也对国企高管的行为产生了非常明显的负面影响，表现为风险承担能力和会计稳健性的显著下降。并且在竞争越激烈的行业中，改革的负面影响越明显，而公司治理的改善能够在一定程度上抑制上述负面影响。本文所强调的薪酬体制改革的负面效应及治理机制不仅为全面理解我国国企薪酬体制市场化改革的进程及效果提供了系统性的证据，也为相关部门趋利避害进一步完善国企薪酬体制改革的方案和路径提供了理论参考。Taking market-oriented reform of state-owned enterprises remuneration system as institutional background and using the 2003--2012 data of China＇s listed SOEs, this paper examines not only the bright-side but also the dark-side and the possible governance approaches of market- oriented reform for SOE executives, which result from weakening political promotion incentives and strengthening resigned risk. The study finds that with the advancement of the market-oriented remuneration system reform, pay gap of property rights still exists, but is gradually narrowing. This not only significantly improves the efficiency of SOEs＇ investment, but also significantly reduced the rate of redundant employees of SOEs. Meanwhile the narrowing of pay gap of property rights also has a significant negative association with risk-taking capability and accounting conservatism. Moreover, the more intense competition is in the industry, the more obvious negative impacts of remuneration reform are. Further research also finds that, to some extent, the improvement of corporate governance can suppress these negative effects. By takeing the horizontal pay gap of property rights and the vertical market-oriented reforms together, this paper push the existing research from a plane to a solid perspective. And different with the existed literatures focusing on the evaluation of the reform＇s performance, this article reveals the economic consequences, which provides systematic evidence for understanding the processes and effects of China＇s market-oriented reform of the remuneration system of SOEs, while provides the theoretical reference for the relevant departments to further improve the SOE remuneration system reform program and path.

关 键 词：市场化改革 产权性薪酬差距 国企高管行为 阳面和阴面 

分 类 号：F279.246[经济管理—企业管理]