员工收入、内部治理与公司价值——基于中国上市公司的经验分析

Employee Earning,Internal Governance and Corporate Value:Evidence from the Chinese Listed Firms

增加员工收入,可以增强消费信心,转化消费潜力,有利于拉动经济增长。因而,研究员工收入对公司价值的影响是公司治理以及深化分配制度改革的重要内容。那么我国上市公司的员工收入水平究竟呈现出何种特色?员工收入高的公司是否表现在公司价值上的高溢价?本文围绕以上问题,采用综列数据回归方法,对2001～2008年沪深1371个上市公司员工收入、内部治理与公司价值间的关系进行了实证研究,结论证明:上市公司价值与员工收入紧密相关;加入员工收入变量后,公司内部治理因素对公司价值的影响发生变化;研究还发现,与现有研究结论不同,样本期管理层持股对公司价值有负影响。

Increasing employee earning which can enhance consumer confidence,is helpful to transform China＇s huge consumptive potential into the abilities of consumption and promote the economic growth.Therefore,the influence of the employee earning on the value of the company is an important part of corporate governance and deepening the reformation of distribution system.Well then,has Chinese listed company＇s level of employees shown what kind of features？ Did companies that their employees have higher incomes show a high premium on the corporate value？ Around the above questions,based on the sample of 1371 listed companies in China stock market from 2001 to 2008,the empirical research on the relationship of three that including employee earning,internal governance and corporate value by panel data regression method shows that： the value of those listed companies is closely related with the employee earning;by adding the income variables,the influence of the internal governance factors on those companies＇ value have been changed;the study also found that the percentage of executives shares have a negative impact on corporate value over the sample period which different from the existing research conclusion.