执中致和过犹不及:内部薪酬差距与企业绩效  

Keep Balance, Avoid Excessiveness: Internal Salary Gap and Corporate Performance

作　　者：李俊宏 王洪娉 杨晓光[1,2] LI Junhong;WANG Hongpin;YANG Xiaoguang(Academy of Mathematics and Systems Science,Chinese Academy of Sciences,Beijing 100190;University of Chinese Academy of Sciences,Beijing 100049)

机构地区：[1]中国科学院数学与系统科学研究院,北京100190 [2]中国科学院大学,北京100049

出　　处：《系统科学与数学》2025年第2期311-343,共33页Journal of Systems Science and Mathematical Sciences

基　　金：国家自然科学基金重大项目(TT2293771);国家自然科学基金青年项目(72101253)资助课题。

摘　　要：薪酬激励是企业激发员工工作激情和创造潜能,提升企业绩效的重要手段.内部薪酬差距一方面可以产生正激励作用,促进员工的努力程度,另一方面也可能导致不公平感,造成部分员工的“躺平”.文章构建了一个包含核心高管、非核心高管以及普通员工三类职工的数学模型分析内部薪酬差距对企业绩效的影响,并利用2008–2020年沪深两市民营上市公司的数据进行了实证检验.理论和实证结果均表明,管理层内部薪酬差距、高管-员工薪酬差距、非核心高管的薪酬激励程度与企业绩效之间均表现为倒U型关系.进一步的实证研究显示,非核心高管-员工薪酬差距对企业绩效的作用最强,而核心高管-员工薪酬差距对企业绩效的作用最小,展示非核心高管-员工的薪酬差距是企业内最重要的薪酬关系,而核心高管-员工薪酬差距则重要性最低.此外,民营企业在薪酬激励设计中营业利润的“约束”大于营业收入的“约束”,体现民营企业注重“里子”和要害.Salary incentives are an important means for enterprises to stimulate employees'work passion,creative potential and improve corporate performance.On the one hand,the internal pay gap has a positive motivating effect and promotes the effort of employees.On the other hand,it can also lead to a sense of unfairness and cause some employees to feel“flat”.This paper constructs a mathematical model including core executives,non-core executives,and ordinary employees to analyze the impact of internal salary gaps on corporate performance,and conducts empirical research using data from privately-owned listed companies in Shanghai and Shenzhen from 2008 to 2020.Both theoretical and empirical results show that the relationship between pay gap within management,executive-employee pay gap,the degree of compensation incentives of non-core executives and corporate performance all show an inverted U shape.Further empirical research shows that non-core executive-employee pay gap has the strongest effect on corporate performance,while core executive-employee pay gap has the smallest effect on corporate performance.This research shows that non-core executive-employee pay gap is the most important compensation relationship within the company and core executive-employee pay gap is of least importance.In addition,in the salary incentive design of private enterprises,the“constraint”of operating profit is greater than the“constraint”of operating income,which reflects that private enterprises pay attention to seizing the key points.

关 键 词：管理层内部薪酬差距 非核心高管-员工薪酬差距 核心高管-员工薪酬差距 企业绩效 

分 类 号：F272.92[经济管理—企业管理] F272.5[经济管理—国民经济] F276.5