辽宁国企高管薪酬激励有效性的实证分析

An Empirical Analysis of the Incentive Effectiveness of Executive Compensation in State-Owned Enterprises of Liaoning Province

在国有企业混合所有制改革和高管薪酬改革的背景下,为了实证研究辽宁国企高管薪酬激励的有效性,文章以2005-2017年41家国有控股的辽宁上市公司为样本,使用344个样本数据,运用SPSS和Tobit分析工具考察了高管薪酬水平、薪酬差距、高管持股对企业利润和技术创新投入的影响。研究结论如下:(1)高管薪酬水平与企业利润和创新投入均存在正相关关系,且关系显著;(2)高管薪酬差距与企业利润有不显著的正向关系,与创新投入的关系不明确;(3)高管持股比例与企业利润和创新投入均存在正相关关系,且关系显著。从控制变量上看,(4)企业规模对利润影响不显著,但对创新投入有显著的正影响;(5)行业特征与企业利润和创新投入均有显著关系;(6)国有股比例与企业利润正相关,但并不显著,而国有股比例与创新投入的负相关关系显著。据此,提出了提高辽宁国企高管薪酬激励有效性的对策建议。

In the context of state-owned enterprise mixed ownership reform and executive compensation reform, in order to empirically study the effectiveness of Liaoning state-owned enterprise executive compensation incentives, this paper took 41 state-owned holding listed companies in Liaoning province from 2005 to 2017 as samples, and used 344 sample data to investigate the influence of executive compensation level, salary gap and executive shareholding on corporate profits and technological innovation input according to SPSS and Tobit. The research conclusions are as follows:(1)There is a positive correlation between executive compensation level and corporate profit and innovation input, and the correlation is significant.(2)There is an inapparent positive relationship between executive compensation gap and corporate profit, and the relationship between the gap and innovation input is ambiguous.(3)There is a significant positive correlation between the shareholding ratio of executives and corporate profit, the same to the relation between shareholding ratio and technological innovation input.(4)Enterprise size has no significant impact on profits,but it has a significant positive impact on innovation input.(5)Industry features are significantly related to enterprise profits and innovation input.(6)The proportion of state-owned shares is positively correlated with corporate profits, but not significantly, while it is negatively correlated with innovation input significantly. On this basis, the author put forward some suggestions to improve the executive compensation incentive effectiveness in state-owned enterprise of Liaoning province.