地区市场化进程下的高管与员工薪酬差距激励效应研究

The Research on the Incentive Effect of Executive-Staff's Pay Gap Under the Regional Marketization Process

基于沪深A股上市公司2006~2013年数据,考察地区市场化进程如何影响高管与员工薪酬差距对公司绩效的激励效应,以及这种影响在不同的产权性质下是否存在差异性。研究结果发现,地区市场化进程对高管与员工薪酬差距、尤其是非国有上市公司高管与员工薪酬差距的扩大具有较明显的推动作用;同时,高管与员工薪酬差距对公司绩效具有显著的正向激励效应,并且随着地区市场化进程的加强,这种激励效应在非国有上市公司更为显著。但在国有上市公司,这种激励效应反而有弱化趋势。为此,推进地区市场化进程是发挥公司高管与员工薪酬差距激励效应的核心,但国有企业高管与员工薪酬差距的扩大应同地区市场化进程及国有企业的市场化改革进程相协调。

Based on the data of the shanghai and shenzhen A shares listed companies during the period of2005~2013,this study investigates how the regional marketization affects the incentive effect of executivestaff＇s pay gap on corporate performance,as well as whether the effect exists differently under different ownership property.The results show that regional marketization enlarges the executive-staff＇s pay gap,especially promotes the executive-staff＇s pay gap of Non-state-owned listed companies.At the same time,the executive-staff＇s pay gap has positive incentive effect on corporate performance,particularly,with growing market,the incentive effect has been significantly enhanced in Non-state-owned listed companies.However,in Stateowned listed companies,the positive acceleration of the executive-staff＇s pay gap to corporate performance tends to weaken with growing market.Therefore,promoting the regional marketization will be the core that the incentive effect of the executive-staff＇s pay gap comes into play,however,enlarging the executive-staff＇s pay gap of the state-owned enterprises should be coordinated with regional marketization and the market-oriented reform process.