经济周期、行业景气度与高管薪酬业绩敏感性

Business Cycles,Industry Prosperity,and Top Management Pay-performance Sensitivity

文章以2000?2014年沪深A股上市公司为样本,实证检验经济周期、行业景气度与高管薪酬业绩敏感性之间的关系。结果发现,我国上市公司高管薪酬与公司业绩显著正相关,即存在高管薪酬业绩敏感性,且高管薪酬业绩敏感性受经济周期和行业景气度等宏观经济环境的影响:经济扩张期的高管薪酬业绩敏感性高于经济收缩期、行业景气度高时的高管薪酬业绩敏感性低于行业景气度低时。此外,不同产权性质企业的高管薪酬业绩敏感性受宏观经济环境因素的影响程度不同,相对于非国有控股企业,国有控股企业受经济周期及行业景气度的影响较小。

Using a sample of A-share companies listed in the Shanghai and Shenzhen Stock Exchanges in China from 2000 to 2014,we examine the relations of business cycles and industry prosperity with executive pay-performance sensitivity. The results show that there are significant positive correlation between the top management pay and firm performance,and macroeconomic factors,such as business cycles and industry prosperity affect the executive pay-performance sensitivity: pay-performance sensitivity is greater during the economic expansion period than contraction period;the pay-performance sensitivity has significantnegative correlation with industry prosperity. In addition,the effects of macroeconomic factors on the pay-performance sensitivity are different depending on different ownership structure:business cycles and industry prosperity affect the pay-performance sensitivity of state-owned enterprises(SEOs)more than that of non-state owned companies.