高管团队质量、薪酬契约结构与企业业绩

Top Management Quality,Compensation Contract Structure and Enterprise Performance

以2010—2016年沪深A股上市公司为研究样本,考察了高管团队质量对薪酬契约结构的影响,进而研究其对企业业绩的影响。研究结果表明:高管团队质量越高,越倾向于选择货币化薪酬激励替代股权薪酬激励,进而影响企业业绩,高管薪酬契约结构在团队质量与企业业绩之间发挥部分中介作用,说明在我国目前的薪酬机制中,货币化薪酬发挥着积极的治理效应,是较为有效的激励形式。

This paper takes Shanghai and Shenzhen A-share listed companies as research samples from 2010-2016 to investigate the effect of top management quality on enterprise performance through compensation contract structure. The results show that the higher the quality of the top management,the more inclined the enterprise is to choose monetary compensation incentive instead of equity compensation incentive,which then affects enterprise performance. Executive compensation contract structure plays a part of intermediary role between team quality and enterprise performance,which shows that in the current compensation mechanism of China,monetized compensation plays a positive governance effect,thus is an effective incentive.