【作者】 鲁海帆；

【导师】 胡玉明；

【作者基本信息】 暨南大学 ， 财务管理， 2008， 博士

【摘要】 高管人员薪酬从20世纪80年代起就成为了实务界和学术界日益关注的重点,但现有的文献对于高管团队内部薪酬差距的研究较少,且现有研究都忽视了薪酬差距与业绩之间的内生性。本文从中国的实际情况出发,在控制薪酬差距与业绩内生性的条件下,对影响中国上市公司高管团队内薪酬差距的因素以及薪酬差距对业绩的影响进行了研究。本文首先分析了影响高管团队内部薪酬差距的因素,结果显示公司业绩、CEO职位竞争人数、CEO权力、独立董事比例、多元化水平对高管团队内的薪酬差距有显著的正向影响,但当上市公司的最终控制人为国家或者当该公司位于内陆地区时,高管团队内的薪酬差距较小。本文随后考察了薪酬差距对公司业绩的影响,发现薪酬差距对公司业绩的影响存在区间效应:当薪酬差距较小时,扩大薪酬差距有利于业绩的提升,此时锦标赛理论起主导作用;但当薪酬差距已经达到一定水平时,过大的薪酬差距会使人们产生强烈的不公平感,进一步扩大薪酬差距将会对业绩产生不利影响,此时行为理论起主导作用。最后,本文对不同环境下薪酬差距对业绩的影响进行了实证检验,研究发现薪酬差距在不同环境下会对业绩产生不同的影响,说明在制定薪酬差距时不能一概而论,必须考虑具体的环境。更多还原

【Abstract】 Top management team’s pay has been subjected to intensive theoretical and empirical investigation since the 80’s of last century. But existing studies seldom focused on the pay gap in the top management team, and none of them considered the endogenetic relationship between top management team’s pay gap and performance. Based on the background of China, this paper analyses the factors of top management team’s pay gap and the pay gap’s effect on performance after controlling the endogenetic relationship between top management team’s pay gap and performance.This paper first analyses the factors of top management team’s pay gap. The results show that performance, number of the contestants of CEO position, CEO power, proportion of independent directors and diversification strategies have positive relation with the pay gap, but the pay gap will be small when the controller is the government or when the company is inland. This paper then analyses the pay gap’s effect on performance. The results show that the effect of pay gap to performance is curve. This means that when the pay gap is small, extending the gap will bring better performance, and at this time the tournament theory is in dominant. But when the gap has reached certain level, raising pay gap will bring unfair feelings and then worse performance, and at this time the behavioral theory is in dominant. At the end, this paper analysis the pay gap’s effect on performance in different circumstances and find that in different circumstances the pay gap has different effect on performance. This shows that blindly extending or reducing pay gay wouldn’t raise performance all the time and circumstances should be considered.更多还原