高管激励、竞争战略与企业绩效

Correlation Between Senior-executive Incentive,Competitive Strategyand Corporate Performance

为探索高管激励影响企业绩效的路径,引入竞争战略,以2016~2020年我国A股上市公司为研究对象验证三者之间的关系。研究发现,薪酬激励和股权激励与企业绩效之间均存在显著正相关关系。差异化战略和低成本战略在薪酬激励与企业绩效之间均存在部分中介效应,即薪酬激励能够调动高管积极性,并通过差异化战略和低成本战略的有效实施来提高企业绩效;但高管更愿意选择通过低成本战略来间接提高企业绩效。差异化战略在股权激励与企业绩效之间存在部分中介效应,而低成本战略在股权激励与企业绩效之间的中介效应不显著,表明对高管给予股权激励能够通过差异化战略的有效实施来间接正向影响企业绩效。

To explore the pathway of senior-executive incentive affecting corporate performance,competitive strategies were introduced to verify the relationship between the three,using A-share listed companies in China from 2016 to 2020 as the research object.It is found that both compensation incentive and equity incentive have a significant positive correlation with corporate performance.Furthermore,both differentiation strategy and low-cost strategy exert partial mediating effect between compensation incentive and corporate performance,that is,compensation incentive can motivate senior executives and then improve corporate performance through the effective implementation of differentiation strategy and low-cost strategy.However,senior executives prefer to indirectly improve corporate performance through low-cost strategies.Differentiation strategy has some mediating effect between equity incentive and corporate performance,while low-cost strategy has no significant mediating effect between equity incentive and corporate performance,indicating that offering equity incentive to senior executives can indirectly exert a positive effect on corporate performance through the effective implementation of differentiation strategy.