竞争战略对高管薪酬业绩敏感性的影响研究-会计学专业论文.docxVIP

竞争战略对高管薪酬业绩敏感性的影响研究摘要 竞争战略对高管薪酬业绩敏感性的影响研究 摘要 根据最优契约理论与激励理论，高管薪酬应当与公司业绩紧密相联。理论界 对高管薪酬业绩敏感性的变化特征与成因，展开了深入、广泛的研究，取得了颇 丰的研究成果，然而从经营战略角度对高管薪酬业绩敏感性的研究却较匮乏。随 着市场化竞争的加剧，竞争战略对一个企业的生存与发展至关重要，高管在战略 的制定与实施中举足轻重，如何引导高管的行为，薪酬是关键因素之一。高管薪 酬应当与竞争战略相匹配，促使高管为竞争战略目标的实现而努力奋斗。 我国的国有企业和民营企业有着产权属性的根本不同，区分不同产权性质， 研究竞争战略对高管薪酬业绩敏感性的影响，能够得到更科学、合理的结论。因 此，本文以2009至2014年沪深A股制造业上市公司的数据为样本，区分民营与 国有两种不同的产权性质，研究公司竞争战略对高管薪酬业绩敏感性的影响。结 果发现，对国企而言，差异化战略相比于成本领先战略，显著降低了高管薪酬会 计业绩敏感性和高管薪酬市场业绩敏感性。而对民企而言，差异化竞争相比于成 本领先战略，显著提高了高管薪酬市场业绩敏感性，而对高管薪酬会计业绩敏感 性没有显著影响。 实证结果证实了竞争战略是影响高管薪酬业绩敏感性的一个重要因素，从激 励角度来看，民营企业实现了高管薪酬政策与竞争战略的有效匹配，而国有企业 则由于复杂的原因未能实现二者的有效匹配，为此，提出国企高管薪酬绩效评价 综合化、国企高管选拔机制市场化、国有企业治理结构有效化的改进建议。 关键词：竞争战略；低成本战略；差异化战略；薪酬业绩敏感性 II 万方数据 硕士学位论文Ab 硕士学位论文 Ab stract According to the optimal contract theory and incentive theory，executive compensation should be closely related to the performance of the corporation． Theorists have made deep and extensive research on the characteristics and causes of executive pay performance sensitivity，reaching fruitful results，however，research on the pay performance sensitivity from operation strategic perspective is relatively lacking．With the aggravation of the market competition，competitive strategy is very important to the survival and development of corporations，executives play an important role in the formulation and implementation of the strategy，how to guide the behavior of the executives，compensation is one of the key factors．Executive compensation should be matched with the competitive strategy to motivate executives to make efforts to achieve the goal of the competitive strategy． State—owned enterprises and private enterprises has some fundamentally difference with their properties in country．Research on the effects of competitive strategy on the executive pay performance sensitivity di stingui shing the different nature of the property can reach some more scientific and reasonable conclusions． Therefore，this paper uses the data from 2009 to 20 1 4 Shanghai and Shenzhen A。s