股权资本成本、市场化进程与高管-员工薪酬差距——来自中国上市公司的经验证据

Equity Capital Costs,Marketization Process and Compensation Gap between Executives and Employees:Empirical Evidence from Chinese Listed Companies

股权资本成本是高管薪酬制度设计中的一个重要参数,也是影响高管—员工薪酬差距的一个重要原因。在我国市场经济不断深化的历史时期,对不同市场化进程下的股权资本成本与高管—员工薪酬差距之间的相关性进行分析和研究,有助于我国企业基于公司治理因素与经营绩效因素的高管薪酬制度的设计。本文以我国上市公司为研究样本,以高管平均薪酬与职工平均薪酬之比作为高管—员工薪酬差距的量化指标,(1)分别研究股权资本成本和市场化进程对高管—员工薪酬差距的影响,结果表明股权资本成本与薪酬差距负相关,市场化进程与薪酬差距正相关;(2)针对市场化进程变化的横向效应和纵向效应进行细化分析,得到了纵向效应的影响更加显著的结论。这样的结论说明股权资本成本成为了能够影响乃至决定薪酬差距的重要因素,同时厘清了与市场化进程的关系,为高管薪酬的科学制定提供了可靠的考量因素。

The equity capital costs are an important parameter in the design of executive compensation and also are a key reason for affecting the compensation gap between executives and employees. In the historical period of deepening market economy in China, the research on the correlation between equity capital costs and compensation gap between executives and employees under different market processes helps Chinese enterprises to design executive compensation system based on corporate governance and business performance factors. Based on listed companies, this paper takes the ratio of average executive pay to average employee pay as the quantitative indicator of the compensation gap between executives and employees.It studies the effects of equity capital costs and marketization process on the compensation gap between executives and employees respectively and arrives at the conclusion that the equity capital costs and marketization are negatively and positively correlated with the compensation gap between executives and employees respectively. It also makes a detailed analysis of the horizontal and vertical effects of changes in merketization process and concludes that the impact of vertical effect is more significant. It shows that equity capital costs are an important factor affecting and even determining the compensation gap between executives and employees and the clarification of the relationship between equity capital costs and marketization process provides reliable reference for scientific design of executive compensation.