上市公司高管薪酬的粘性特征研究:异质性视角

Study on Executives Compensation Stickiness of Listed Companies:From Perspective of Corporate Heterogeneity

基于公司异质性视角,文章选取2003—2015年A股上市公司作为研究对象,分别从公司自身性质(产权性质、行业性质),内部特征(生命阶段、经营特征、高管特征),外部环境(产品市场竞争、市场化进程)三个维度验证高管薪酬粘性特征的存在性。结果发现,并不是所有上市公司的高管薪酬都存在粘性特征,其会明显受到公司异质性的影响。具体而言,高管薪酬粘性特征存在于地方政府控股的公司、归属于制造业行业的公司、处于成熟阶段的公司、未采取多元化经营的公司、高管获得超额薪酬的公司以及所面临的产品市场竞争较为激烈和所在地区的市场化进程较高的公司中,表明上述类型的公司更应该强化措施抑制高管薪酬粘性。研究明晰了高管薪酬粘性的存在范围,为上市公司进一步完善内部治理、优化激励机制设计等指明了方向。

From the perspective of corporate heterogeneity, this paper empirically test the executives. compensation stickiness from aspects of corporate nature(nature of property rights, industry nature), internal characteristics(life cycle, operating mode, executive characteristic), and external environment(product market competition, marketization) by employing data of A-share listed companies from 2003-2015. It turns out that not all listed companies. executive compensation has sticky characteristics, which is significantly affected by the company's heterogeneity. Specifically, executives.compensation stickiness is found in companies controlled by local governments, companies belonging to the manufacturing industry, companies that are at maturity stage, companies that are not diversified, companies with overpaying executives, and companies facing fierce competition in the product market as well as companies which are located in areas with high marketization level and so on. The results indicate that the above types of companies should strengthen measures to curb executives. compensation stickiness. The research in this paper clarifies the existence scope of executives. compensation stickiness, and points out the direction for listed companies to further improve internal governance and optimize incentive mechanism design.