金融业上市公司薪酬绩效敏感性的实证检验——基于绩效指数PFMI

Empirical Test on Financial Listed Companies' Executive Pay-for-Performance Sensitivity:Based on Performance Index PFMI

金融行业的高管高薪问题一直备受社会和政府的关注,故政府相继出台了一系列薪酬管理及绩效评价的法规。由于金融行业中四个子行业——银行、保险、证券和信托的经营各具特色,业绩指标构成也存在差异性,因此,改变以往大多数文献只选用单一财务指标作为业绩变量的普遍做法,参考《金融企业绩效评价办法》设计金融企业综合绩效指数PFMI作为代理变量,以沪深A股市场共42家上市金融公司2006—2013年的数据为样本,通过加权最小二乘法回归和非平衡面板数据回归来研究金融行业薪酬与绩效间的敏感性,就更具有针对性。经比较后发现,上市银行高管薪酬与银行业绩存在一定的正相关关系,且薪酬绩效敏感性系数相对较高,保险行业的高管薪酬绩效敏感性次之,而信托和券商的高管薪酬绩效敏感性较低。这些结论对金融企业绩效考核及其薪酬制度的进一步完善,提供了实证参考意义。

The high pay of the executives in financial companies has attracted the attention of the government and society.Since the financial sector plays an important role in the macro-economy,the government unveiled a series of compensation management and performance evaluation regulations. Considering the particular operation mode of the four different financial sub-sectors,that is,banking,insurance,securities and trust,this paper designs performance proxy variables PFMI according to the'financial performance evaluation standards',and takes mixed regression and panel data regression approaches to study executive pay-for-performance sensitivity of the 42 financial companies listed on A-Share. This is quite different from most current studies,in which only one single financial performance indicator has been used. By comparing the sub-sectors of the financial industry,this paper shows that the listed banks' executive pay has a positive correlation with bank performance and the executive pay-forperformance sensitivity is higher than other financial sectors while the pay-for-performance sensitivity of insurance takes the second place. Also,there is no significant correlation between the executive pay and the operation performance for securities and trust.These findings will have some empirical reference value for further improvement of financial institutions remuneration management.