股权结构对上市公司高管薪酬差距影响的实证研究

Impact of the ownership structure of listed companies on executive pay gap

上市公司高管薪酬差距一直是公司治理研究的重要方面,整理2011—2013年的3 395个上市公司的样本来研究股权结构对高管薪酬差距的影响。通过研究股权集中度、股权制衡度以及不同性质的持股比例对高管薪酬差距的影响,得出结论:股权集中度与高管薪酬差距存在反向变动关系,股权制衡度与高管薪酬差距存在正向变动关系,而不同性质的持股比例也对高管薪酬差距存在不同的影响。因此,对于不同持股比例性质的公司,要使高管薪酬差距控制在合理的范围内,研究股权集中度和股权制衡两个因素对其的影响,对于上市公司治理有重要的意义。

Executive pay gap of listed companies has been an important aspect of corporate governance research, this paper take 3 395 samples between 2011 and 2013 to study the effect of shareholding structure on executive pay gap. By studying the effect of the concentration of ownership, equity restriction and the different nature of the stake on executive pay gap, the paper concluded that concentration of ownership is negative to the executive pay gap. Eq- uity restriction is positive to the executive pay gap, while the proportion of holdings of different nature have different effect on executive pay gap. Consequently, for different controlled within a reasonable range, we should consider which have a certain significance to governance of listed stake nature of the company, to make executive pay gap is the factors of ownership concentration and equity balance, companies.