企业内部薪酬差距_经营业绩与公司治理_来自中国上市公司的经验证据.pdfVIP

山西财 经大 学 学报 2010 年7 月 Joumal of Shanxi Finance and Economics University Jul. ，2010 第32 卷第7 期 Vol.32 No.7 工商管理 企业内部薪酬差距、经营业绩与公司治理 ———来自中国上市公司的经验证据 胥佚萱 （上海财经大学 会计学院，上海200433） ［摘 要］本文以1999 到2007 年沪深A 股非管制类上市公司为样本，从相对薪酬差距角度研究薪酬业绩敏感性，通过将 企业内部薪酬差距分为高管团队内部薪酬差距和高管与普通员工薪酬差距，对薪酬差距与企业业绩的敏感性进行分析。研究发 现：我国上市公司的薪酬差距安排与业绩显著正相关，支持锦标赛理论；民营企业薪酬差距安排有更强的激励效果；高管对董事 会的控制强度可能影响薪酬差距；管理层持股和管理层更换作为薪酬安排的替代机制，与薪酬差距负相关；企业规模对不同类 型的薪酬差距有显著影响；2004 年以来的国企薪酬管制减弱了薪酬差距与业绩的关系。 ［关键词］薪酬差距；公司治理；经营业绩 ［中图分类号］F271 [文献标识码] A [文章编号] 1007 －9556 （2010）07 －0086 －08 Pay Dispersion ，Performance and Corporate Governance ——— Empirical Evidences from Chinese Listed Companies XU Yi- xuan （School of Accounting ，Shanghai University of Finance Economics，Shanghai 200433 ，China） Abstract ：Based on data of all A-share listed companies from 1999 to 2007，the paper makes an empirical research on pay- performance sensitivity with respect to pay gap. The pay gap could be divided into pay gap between executives and pay gap between executives and employees. A positive relationship between the pay gap and firms performance of Chinas listed firms can be found ， which supports tournament theory. And pay gap as an incentive affects non-SOE firms more strongly. Moreover ，the extent to which executives control the board of directors may affect pay gap. As an alternative mechanism for the compensation system ，management shareholding and management turnover has a negative correlation with pay gap. Firms size has a significant effect on pay gap and the pay control of SOE si