高管薪酬影响因素的实证分析——兼论资本密集度的薪酬效应

Empirical Analysis on the Influential Factors of the Salary of Senior Executives——On the Salary Effect of Capital Intensity

以1999～2009年中国A股上市公司的面板数据为样本,实证分析了高管薪酬的影响因素,并分别加入前期绩效、高管个人的人力资本进行稳健性检验。结果显示,财务绩效和市场绩效是高管薪酬的主要影响因素,治理结构和企业特征对高管薪酬也有显著影响,但受教育程度对高管薪酬没有显著影响。研究还发现,资本密集度对高管薪酬有显著的正向影响:资本密集度每提高1%,高管薪酬将随之提高0.064%～0.155%。

Based on the panel data of A-share listed companies in China in 1999 to 2009, the paper empirically analyzes the influential factors of the salary of senior executives, and their early performance and personal human capital are added to make robustness test. Results show that financial performance and market performance are the main influential factors of senior executives＇ salary, and governance structure and enterprise characteristics have significant influences on their salary, but education background has insignificant influence on the salary. Research also finds out that capital intensity has significant positive influence on senior executives＇ salary, that is, every time when capital intensity increases 1%, the salary of senior executives will have a 0. 064% to 0. 155% increase.