薪酬制度改革的实体经济效应——来自企业金融化的经验证据

Effect of Compensation Reform Program on Real Economy--Empirical Evidence from the Enterprise Financialization

基于国有企业集团下属A股上市公司的面板数据,从企业金融化视角检验2015年薪酬制度改革的实体经济效应,结果表明:薪酬制度改革方案实施后出现的薪酬倒挂现象显著增加了公司的金融化程度,且增加的主要是长期金融化投资;机制检验表明,业绩下滑和考核压力是上述效应的两个作用机制。进一步检验发现,当公司处于非保护性行业、股票行情牛市、市场化程度低地区时,实体经济的上述效应更加明显。鉴于此,应关注企业所处内外环境差异,分类推进改革措施落地;引导企业建立健全与薪酬改革方案相适应的考核体系,兼顾业绩总量与业绩组成部分;企业应审慎使用金融资产,聚焦如何推动公司核心业务发展。

Based on a sample of A-share listed firms controlled by SOE groups,this paper empirically tests the real economy effect of the 2015 Compensation Reform Program(CRP)from the perspective of corporate financialisation.The results show that the pay inversion phenomenon after the implementation of the CRP significantly increases the degree of financialisation of the firms,and the increase is mainly in long-term financialised investments.Mechanism tests indicate that performance decline and appraisal pressure are the two mechanisms behind these effects.Further tests reveal that the effects are mainly evident in non-protective industries and in bullish stock market conditions,as well as in regions with low marketization.In view of this,the government should pay attention to the differences between the internal and external environments of enterprises in the reform and promote the implementation of the reform measures in a classified manner,and guide enterprises to set up a sound appraisal system that is compatible with the CRP,taking into account the total number of performance items and the components of the performance.Firms should be prudent in the use of financial assets,focusing more on promoting the development of the core business.