石化行业高管薪酬公平性对企业绩效的影响

Impact of Executive Salary Fairness on Petrochemical Company Performance

以2010–2019年沪深两市A股石化行业上市公司为主要研究对象,采用资产收益率作为公司绩效的代理变量,并将高管薪酬公平性分为内部公平性和外部公平性,分析了高管薪酬公平性与企业绩效的内在联系。同时研究了企业性质和规模对企业绩效和高管薪酬关系的影响程度,研究表明,石化行业尤其是国有性质的企业高管薪酬公平程度和企业绩效呈负相关,反之非国有性质大型企业对其敏感度则降低。该研究不仅为企业绩效的快速发展提供了新的理论视角,也满足了石化企业在"三低一高"现状中寻求高质量经济效应的实践需求。

This article takes 2010–2019 Shanghai and Shenzhen A-share listed petrochemical companies as the main research objects, uses return on assets as the proxy variable of company performance, and divides executive compensation fairness into internal fairness and external fairness to analyze the internal connection between executive compensation fairness and corporate performance. This paper also studies the impact of the nature and size of the company on the relationship between corporate performance and executive compensation. The research shows that the relationship in the petrochemical industry, especially in state-owned companies, is negatively correlated with corporate performance. On the contrary, other types of large companies have a negative correlation with corporate performance. Its sensitivity is greatly reduced. The research in this paper not only provides a new theoretical perspective for the rapid development of corporate performance, but also meets the practical needs of petrochemical companies to seek high-quality economic effects in the status quo of "three lows and one high".