摘要
如何权衡"公平与效率",进而设计出有效的薪酬激励契约是保证企业发展的重要问题.文章基于2003年~2014年A股上市公司样本,从公司战略这一独特视角解释高管与员工形成较大薪酬差距的合理成因.研究结果表明,公司战略越趋于进攻型,高管薪酬相对越高,员工薪酬相对越低,公司内部高管与员工的薪酬差距也就越大;相对于中央和地方国有企业,上述关系在民营企业中表现最为明显.且不同于管理层权力,公司战略引起的内部高管员工薪酬差距能够显著提升投资效率和经营业绩.研究结论对于客观评价公司内部的高管员工薪酬差距进而优化薪酬管制政策具有一定的参考价值.
It is vital for enterprises to design effective incentive contracts,with fairness and efficiency balanced,to make full use of the human capital they possess.Choosing the A-share listed firms in China from 2003 to 2014 as the sample,the paper empirically studies corporate strategy and its influence on the pay gap between chief executive officers and rank-and-file employees.The results show that:the more offensive a company’s strategy is,the more likely it pays higher executive pays and lower rank-and-file employee wages,thus resulting a larger CEO-employee pay gap;the relationship between corporate strategy and CEO-employee pay gap is more significant in private enterprises than in local and central state-owned enterprises.After a further examination,it is found that the CEO-employee pay gap caused by the differences in strategies could promote a firm’s investment efficiency and performance.The results are of some reference value to objectively evaluate the CEO-employee pay gap and optimize the compensation control policy in China.
作者
吴昊旻
墨沈微
孟庆玺
WU Hao-min;MO Shen-wei;MENG Qing-xi(School of Economics and Management,Shihezi University,Shihezi 832000,China;School of Accountancy,Shanghai University of Finance and Economics,Shanghai 200433,China)
出处
《管理科学学报》
CSSCI
CSCD
北大核心
2018年第9期105-117,共13页
Journal of Management Sciences in China
基金
国家自然科学基金资助项目(71762025
71262006)
博士后科学基金面上资助项目(2014M56082)
国家社会科学基金资助项目(14BGL040)
财政部"全国会计领军人才"资助项目
石河子大学"3152"高层次人才支持计划资助项目