上市公司员工薪酬影响因素的实证研究——基于A股上市公司的数据

An Empirical Study of Influencing Factors of staff remuneration——based on the Date of A-share listed companies

与以往研究关注员工激励不同,本文站在企业经营者的立场,从大家最关心的企业利益角度研究员工薪酬对企业绩效的影响。在研究过程中,本文引入信号传递理论对员工薪酬的作用机制进行了理论性阐述。同时,本文分别从企业经营和企业融资的角度考察了员工薪酬对企业的影响。通过实证研究,本文发现合理提高员工薪酬不仅能提高企业绩效而且有助于降低企业的债务融资成本。此外,本文在研究中还获得了诸如企业绩效惯性等结论。

Different from researches focusing on staff motivation, we discussed the influence of staff remuneration on the enterprise performance, from aspect of interests. In this research, the signaling theory was introduced to explain how staff remuneration interacting with enterprise performance. Furthermore, this interaction was researched from two aspects, business operation and enterprise financing. In this empirical study, we found that reasonable increase of staff remuneration could help enhance the enterprise performance and reduce the cost of debt financing. Besides, we also observed the development inertia in the enterprise performance.