高管薪酬激励对企业价值创造的影响研究.PDFVIP

微观结构 高管薪酬激励对企业价值创造的影响研究 黄志忠 朱琳 张文甲 (南京大学商学院，江苏 南京 210093) 摘要：本文首次运用公司未来的创值水平作为评估激励效果的指标，运用利润与现金薪酬的相关系数衡量现金激励水 平，比较了权益激励、现金激励和未安排激励情况下公司的未来创值水平。实证结果表明：(1)高管的现金薪酬越高，企 业的未来创值水平越高；(2)安排现金激励的公司未来创值水平比未安排激励的公司高；(3)安排权益激励的公司未来创 值水平比安排现金激励和未安排激励的公司都高，这在国有上市公司中尤其显著。总体来讲，在薪酬管理实务中，安排 权益激励的合约优于安排现金激励的合约，安排现金激励的合约优于未安排激励的合约，高薪的合约优于低薪的合约， 高薪的管理者能够给股东创造财富。 关键词：现金激励；权益激励；未来创值；高管激励 Abstract: This paper suggests via theoretical analysis that good human capital management for top-managers should be high salaries and incentive arrangements. The empirical tests support this point of view based on a sample of non-financial companies listed on the Shanghai and Shenzhen Stock Exchange before 2008. The empirical results show that (1) there is positive relationship between the level of top-managers’ pay and the level of future value-creating, (2) the sensitivity of firms’ future value-creating to compensation for firms which have arranged cash-based incentive compensation system to top-managers is significantly higher than that for firms which do not arrange incentive compensation system to top-managers, (3) the sensitivity of future value- creating to compensation for firms which arrange equity-based incentive compensation system to top-managers is significantly higher than that for firms which only arrange cash-based incentive system to top-managers or do not arrange incentive system at all. Overall, in the practices of human capital management, the contracts with equity-based incentive are better than those with cash-based incentive, and the contracts with cash-based incentive are better than those without incentive system, contracts paid higher are better than low-paid contracts. Keywords: cash-based incentive, equity-based incentive, future value creation 作者简介：黄志忠，南京大学商学院会计系副教授，研究方向：公司财务与创