产品市场竞争、外部薪酬差距与企业业绩

Product Market Competition,External Pay Gap and Firm Performance

高管外部薪酬差距关乎社会公平建设,而企业则更为关注薪酬差距的激励效率。薪酬差距作为一种激励机制,影响高管工作的努力程度,进而影响企业业绩。产品市场竞争作为外生于企业的行业变量,可能会对高管外部薪酬差距的水平造成影响。本文以2009-2013年A股上市公司为研究对象,通过多元线性回归模型检验产品市场竞争与高管外部薪酬差距的关系、高管外部薪酬差距与企业业绩的关系。研究结果表明,产品市场竞争程度与正向外部薪酬差距显著正相关,而对负向外部薪酬差距没有显著影响;正向外部薪酬差距与企业业绩正相关,负向外部薪酬差距则与企业业绩负相关,这一结论无论在国有企业还是非国有企业都成立。

Executive External CEO Pay gap relates to the construction of social equity,while firms care more about the incentive efficiency of external pay gap. External pay gap affects CEOs’ efforts through incentive mechanism,and then affects firm performance. As a feature exogenous of certain enterprise,product market competition affects the level of external CEO pay gap. This study takes Chinese listed companies from 2009 to 2013 as sample,testing the relativity between product market competition and external CEO pay gap,and the relativity between external CEO pay gap and firm performance; all the test were conducted through multiple linear regression models. The results show that,product market competition has a significant positive effect on external pay gap but insignificant effect on negative external pay gap. The study also finds that positive external pay gap has a significant positive effect on firm performance,while negative external pay gap has a significant negative effect,and this conclusion exists in both state-owned enterprises and non state-owned enterprises.