职工薪酬分配比例、产权性质与企业价值

Employee Wage Distribution Ratio,Property Rights and Firm Value

随着现代企业的发展,职工在企业中扮演的角色越来越重要,职工激励问题对企业的重要性也不言而喻。已有研究主要集中于薪酬和期权等绝对激励,关于职工激励对企业的影响程度的研究则较少。利用2003年至2013年中国上市公司数据,基于公平理论构建职工薪酬分配比例与企业价值关系的OLS模型,对职工薪酬分配比例对企业价值的影响进行实证检验。研究结果表明,全样本中职工薪酬分配比例越高,企业价值越低;区分产权性质后,国有企业薪酬分配比例明显高于民营企业,继续提高国有企业薪酬分配比例会降低国有企业价值,民营企业薪酬分配比例仍有提升空间;行业收入较高会弱化提高薪酬分配比例带来的激励作用;劳动密集度会提高薪酬分配比例带来的激励作用;薪酬分配比例显著影响企业价值,产权性质、行业收入差距和劳动密集度影响薪酬分配比例与企业价值的关系。研究结论在用工具变量和外生事件考虑二者的内生性问题后仍然成立。研究结果丰富了企业价值的影响因素和薪酬契约激励经济后果方面的研究,也为职工薪酬分配比例对企业价值的影响提供了新的经验证据,同时对上市公司制定合理的薪酬激励政策和中国当前提高劳动分配比例的政策具有重要的借鉴意义。建议监管者在制定薪酬管制政策时应根据公司的实际情况(如产权性质和非货币性福利等)对不同的公司进行监管,以促进企业发展。

With the development of modem enterprises, the role of employee in the enterprise is becoming more and more important, so the incentive problems of workers will have an important impact on the enterprise. In the research of employee motivation, the existing research mainly focuses on the absolute incentive, such as salary, option, and so on. The research in Whether the relative employee motivation will affect the enterprise is little. On the basis of the data from 2003 to 2013 and the Equity Theory, this paper builds an OLS regression model to test the relationship between employee wage distribution ratio and firm value. The results show that the relationship between wage distribution and firm value in the majority of firms is negative. Based on the ownership of China listed firms, we divide firms into non-state-owned listed firms and state-owned listed firms, and find that employee wage distribution in state-owned listed firms is much higher than that in non-state-owned listed firms; the negative relationship between employee wage distribution and firm value only exists in state-owned firms. Further, we find that the negative correlation between employee wage distribution and firm value is strengthened by industry revenue and weakened by labor intensity. Moreover, these conclusions still exist after considering the endogenous problem by different methods, such as instrumental variable method and exogenous event method.Our results show that employee wage distribution ratio is an important factor to firm value. Property rights, industry wage and la- bor intensity can affect the relationship between employee wage distribution ratio and firm value. This study contributes to the lit- erature about the factors of firm value and the economic consequences of incentive contracts. It also adds new evidences that em- ployee wage distribution ratio and property rights may have a certain impact on firm value. Our results can help to develop refer- ence to a reasonable salary incentive policy of listed companies and the policy of increasing the labor distribution proportion which is advocated by the government.Therefore, we suggest that when regulators supervise incentive contracts, they should not make the same rules to all the companies, but need to make the different distribution solutions according to the actual situation of the company （ such as the nature of property rights, non-monetary benefits, etc. ）. Only in this way, can it promote the development of firms.