管理层背景特征、薪酬激励与企业竞争力.docVIP

管理层背景特征、薪酬激励与企业竞争 力 盛朋泉吴湛鍵强 安徽财经大学会计学院 作为市场经济的主体，如何保持自身的优势是全球化背景下国有企业尤为关注 的问题。企业竞争力不仅反映了企业未来发展水平，更是国家经济整体实力的重 要体现。选取2013—2015年我国沪深A股国有上市公司为研宄样本，实证检验 管理层背景特征与企业竞争力之间的关系，并引入现金激励和股权激励两种不 同激励方式，检验激励机制的调节效应。研宄发现：当管理层规模、平均年龄越 大、男性管理者占比越大、学历水平越高时，管理层竞争优势越明显，企业竞争 力越强。同时，薪酬激励中的现金激励方式具有显著的正向调节效应，股权激励 方式的调节作用难以充分发挥。 关键词： 管理层背景特征;竞争优势;现金激励;股权激励;企业竞争力; 盛明泉，安徽财经大学教授，管理学（后），主要从事收入分配 与资本市场研宄，通讯作者联系方式sheng-mq@163. com; 吴琪，安徽财经大学研究生，主要从事公司财务治理研究； 张春强，安徽财经大学讲师，管理学，主要从事财务会计与资木 市场研宄。 2017-07-08 基金：W家自然科学基金项目“高管激励与资本结构动态调整” Management Background Characteristics, Compensation Incentives and Enterprise Competitiveness SHENG Ming—quan WU Qi ZHANG Chun—qiang Anhui University of Finance and Economics; Abstract： As the principal part of the market-oriented econom y， the state-owned enterprises arc focused on the issue of how to keep their own advantages in the context of globalization. The enterprise competitiveness can not only reflect the future development of an enterprise, but also an important embodiment of a nation’s overall economic strength. This paper firstly chooses the A-share state-owned listed companies in SSE and SZSE between 2013 and 2015 as research samples to empirically examine the relationship between the management background characteristics and the enterprise competitiveness, and then it verifies the regulatory effect of the incentive mechanism by introducing the two kinds of incentive methods: cash incentive and stoke option incentive. The findings show that when the size, the average age and the proportion of male managers arc bigger，and the education level is higher, the management will have a more obvious competitive advantage, and the enterprise competitiveness will be stronger. Meanwhile, the cash incentive mechanism in the compensation incentives has a significant positive regulatory effect, but the regulatory effect of the share option incentive is hard to be given full play. Keyword： management background characteristics; competitive advantage; cash inc