高管薪酬行业差异的实证分析

An Empirical Analysis of Differences in Executive Compensation

为什么高管薪酬具有行业差异,高管薪酬与哪些行业特征因素有关?本文以2001-2008年沪深两市非金融类上市公司为样本,对这些问题进行了实证分析。结果表明,产品市场竞争、资产专用性、盈利性、企业规模以及财务风险是影响行业高管薪酬的行业特征因素,在产品市场竞争越激烈、资产专用性越高、盈利性越好、企业规模越大以及财务风险越高的行业,高管获得的薪酬越高。成长性、经营风险、代理成本、技术水平等行业特征因素对行业高管薪酬没有显著影响。

Why do different industries have different executive compensation,and which industrial characteristic factors affect executive compensation？ Based on the balanced data of listed companies from Shanghai stock market and Shenzhen stock market from 2001 to 2008 that issue A-shares only,the paper explores these questions.It shows that product market competition,asset-specificity,profitability,firm size and financial risk are the important factors which have significant impact on the industrial differences in executive compensation,and executives receive more compensation when they are employed in the industries which are with more intense competition from product markets,of higher asset-specificity,more profitable,larger in size,and of higher financial risk.Industrial executive compensation is not significantly affected by growth,operational risk,technology level,agency cost.