公司高管人员薪酬与绩效的相关性研究——基于家族企业与非家族企业的比较分析

Study on the Correlation of Top Management Compensation and Company Performance——Based on the Comparative Analysis of Family Business and Non-family Business

家族企业与非家族企业的差异一直是家族企业学研究领域的一个热点问题。现有的研究多是基于资源基础观理论,从家族性角度进行分析。本文则基于委托代理理论和管家理论,从高管薪酬与企业绩效关系的视角对家族企业与非家族企业之间的差异进行深入的研究。论文以2008年年报中的100家家族上市公司与100家非家族上市公司为样本,从高管年薪和高管持股比例这两个方面探讨高管薪酬与企业绩效的相关性。实证研究表明:非家族上市公司与家族上市公司除了在高管年薪上差异不是很大,其余变量皆有显著的差异,其中家族上市公司的高管持股、企业绩效皆高于非家族上市公司。家族上市公司与非家族上市公司高管年薪对公司绩效影响都显著,且都呈正相关,但家族上市公司高管年薪对公司绩效的影响比非家族上市公司大。高管持股比例对公司绩效影响则都不显著。

The difference between family business and non-family business has been a hot issue in the field of family business research. Existing studies are mostly based on resource based view theory, and analyze from an angle of familial perspective. According to principal-agent theory and stewardship theory, this paper gives an in-depth study about the difference between family business and non-family business from the perspective of relations of Executive pay and corporate performance. The paper studies the correlation of executive compensation and company performance from the two aspects of annual compensation and equity ratio, based on a sample of 100 family listed companies and 100 non- family listed companies in the Shenzhen Stock Exchange 2008 Annual Report.Empirical results show that research variables have significant differences between non-family and family listed companies in addition to salaries of top management of listed companies is not very big difference, in which the family ownership and corporate performance of family listed companies are higher than non-family listed companies, and annual compensation of top management has a significant positive impact on company performance in family listed companies and non-family listed companies, however, equity ratio is not significant. Family listed companies have more significently impact than non-family companies about top management annual compensation and company performance.