国有控股、高管薪酬与企业业绩

State-owned Holdings,Executive Compensation and Corporate Performance

高管薪酬与企业业绩密切相关。比较2015~2017年我国A股上市公司中不同产权性质的样本公司发现,上市公司中的高管薪酬与企业业绩存在显著正相关关系,但是在国有控股企业中高管薪酬对企业业绩的影响较小,国有控股比例会削弱高管薪酬与企业业绩之间的相关性。合理的薪酬制度设计对于深化收入分配制度改革、避免企业高管与普通职工收入差距过大进而促进社会公平具有重要意义。政府应从顶层设计不断提高高管薪酬与企业业绩的关联度,进一步完善市场选聘机制,企业应以股票期权等长期激励和年薪制等短期激励相结合,激发管理者更加关注企业的长期发展,为企业创造更大的价值。

Executive compensation is closely related to the corporate performance.Some Chinese A-share companies with different characters of property right from 2015 to 2017 were taken as samples and compared with each other.The results show that there is a positive correlation between executive compensation of listed company and its corporate performance.However,in the state holding enterprises the executive compensation has little impact on the corporate performance,for the state holding proportion will weaken the correlation between executive compensation and corporate performance.A reasonable salary designing system is of significance for us to reform the income distribution and avoid huge income gap between executives and ordinary workers so as to promote social equity.The government should continually increase the positive correlation between executive compensation and its corporate performance by top-level design,and further optimize the market-oriented recruitment mechanism for executives in the state holding enterprises.Enterprises should combine long-term incentive mechanisms like stock potions and short-term incentive mechanisms like annual salary system to motivate the administrators to focus more on the long-term development for the maximal value.