高管薪酬、企业营销战略倾向与企业成长——基于房地产行业上市公司的实证检验

Executive Compensation,Corporate Marketing Strategy Tendency and Corporate Growth——Based on an Empirical Test of the Listed Companies in Real Estate Industry

基于2008-2010年房地产业上市公司数据,本文探讨了营销战略倾向与高管薪酬的内在联系及其对企业成长业绩的影响。实证检验发现,高管薪酬越高,销售费用越大,上市公司更倾向于激进的营销战略;董事薪酬越高,销售费用反而越低。企业销售费用的投入对企业短期绩效的影响不显著,而销售费用的持续投入与否对企业成长产生不同影响。本文揭示了高管、董事薪酬对营销战略的作用机制,对我国公司治理和营销战略管理实践有着重要意义。

Based on the data of listed companies in real estate industry from 2008 to 2010, the paper discusses the interhal relation between the tendency of marketing strategy and senior executive compensation, and explores its impact on the corporate growth. We empirically find that the higher executive compensation, the greater cost of sales and the listed companies tend to adopt aggressive marketing strategy. While the higher director salary, the lower sales expense. Meanwhile there is no significant influence between inputs of sales expense and enterprise short-term performance. Besides, whether the investment of sales expense is continuous or not has different impacts on the corporate growth. The paper reveals the mechanism among executive compensation, director salary and marketing strategy, which is of great significance for corporate governance in China and management practices in marketing strategy.