摘要
本研究基于锦标赛理论讨论了中国高管团队薪酬差距的影响因素,高管薪酬差距与公司绩效的关系,并利用2006年我国440家沪市A股上市公司年报数据进行了实证分析。分析结果表明,公司董事长总经理两职兼任会显著扩大高管团队薪酬绝对和相对差距,国有股比例的提高会对高管薪酬绝对与相对差距产生显著抑制作用。企业绩效、企业规模对高管薪酬绝对差距产生显著正向影响,但对相对薪酬差距的影响并不显著。分析结果发现高管团队薪酬差距对公司绩效的正向影响作用显著,锦标赛理论得到支持。本研究同时显示,团队薪酬水平对公司绩效的影响大于团队薪酬差距的影响,体现出目前高管更为关注的仍然是薪酬水平,这也为高管薪酬设计提供了新的管理启示。
Based on tournament theory,this paper discusses the factors influencing compensation dispersion of top management team,and the relationship between firm performance and compensation dispersion.Using the data of 440 listed Chinese companies in 2006,we find that CEO duality will enlarge the absolute and relative compensation dispersion significantly,while the proportion of state-owned shares will reduce them.The firm performance and size have a significantly positive impaction on absolute compensation dispersion,but their impaction on relative compensation dispersion is not significant.The relation between compensation dispersion and firm performance is positive,so the tournament hypothesis is supported.We find that the inspiration offered by compensation level is greater than that offered by compensation dispersion,indicating that top managers care more about the compensation level.The conclusions could provide new suggestion to the compensation setting.
出处
《管理评论》
CSSCI
北大核心
2011年第9期119-127,136,共10页
Management Review
基金
国家自然科学基金项目(70772054
70972017)
教育部人文社科基金青年项目(08JC630029)
关键词
薪酬差距
锦标赛理论
高管团队
公司绩效
上市公司
compensation dispersion
tournament
firm performance
top management team
listed company
