【摘要】 本文利用1999～2009年中国沪深两市A股全部制造业上市公司数据,对高管—员工薪酬差距与企业绩效的关系进行了实证研究。研究发现,薪酬差距与企业绩效之间不是单纯的线性关系,而是存在倒U型曲线的关系,即薪酬差距对企业绩效有正向影响,但当薪酬差距扩大到一定程度后,薪酬差距则会对企业绩效产生负向影响,并且这一关系并不因企业控股性质和所在地区而有所差异。这表明,薪酬差距的企业绩效效应不能单纯由锦标赛理论或行为理论来解释,而是由锦标赛理论效应和行为理论效应综合作用的结果。本文最后指出了该发现的政策含义。更多还原

【Abstract】 There are two very different basic theories that tournament theory and behavioral theory explain the impacts of the compensation gap between top managers and ordinary employees on enterprise performance.Tournament theory insists that big executive-employee compensation gap can reduce the cost of monitoring,and provide strong incentive for both the clients and the agents,therefore the increasing of the compensation gap will improve firm performance.But behavior theory purports that small executive-employee compensation gap will improve cooperation,reduce the political conspiracy and destroy management juggling,so small compensation gap will be better as to improve firm performance.So according to those pure theories,it is difficult to infer that big compensation gap will improve firm performance or not. The empirical strategy of this paper is fixed effect panel data model.We use Tobin’s Q as the explained firm perform variable.The explanatory variables include executive-employee compensation gap,the square of the gap,average compensation of executives,average compensation of employees.The other explanatory variables such as the share ratio of executives,the proportion of the independent directors,enterprise asset scale,the number of employees,executive team size,and the dummy variable of the state-owned enterprise are also included. Using the panel data of all China’s A-share listed manufacturing companies from the year of 1999 to 2009,this article empirically studies the effects of executive-employee compensation gap to firm performance.It finds that the relationship between compensation gap and firm performance is not linear,but likes an inverse U curve.It means that executive-employee compensation gap has positive effects on firm performance,but when the gap reaches a certain level,it will produce negative effects on firm performance.Furthermore,this relationship will not change with the characters of the controlling shareholders or the locations of the companies.This shows that the effects of compensation gap to firm performance cannot be simply explained by tournament theory or behavioral theory,but by the mutual effect of the two theories. This paper also finds that,first of all,the average compensation of employees has a positive impact on firm performance.It confirms that high average compensation leads to hard work and high productivity of the employees.Second,the average compensation of executives has negative influence on firm performance.This may mean that when the executives get high level compensation,they may pay more attention to such non-monetary rewards as titles and social status,thus weaken their pursuit of enterprise performance.Third,the relationship between the scales of enterprise assets and enterprise performance is negative.Fourth,the impact of executive team size on enterprise performance is positive,but the share ratio of executives has no significant influence on enterprise performance. The policy implication of this study is that moderate compensation gap between executives and common employees is very important for an enterprise to maintain high performance.But,if the compensation gap becomes very high,then it will seriously affect employees’ sense of fairness and satisfaction,and leads to the decline of enterprise performance.Therefore,when design the compensation structure,an enterprise should keep the pay gap in a reasonable range and make full use of the positive effect of salary gap,and prevent its negative influences. In addition,because the compensation level of executives has negative impact on enterprise performance,we can’t expect to get high enterprise performance simply by raising the compensation level of the executives.We should perfect the corporate governance structure,and make executive pay and enterprise performance link much tightly through system design.Meanwhile,more attention should be paid to ordinary employees in enterprise internal income distribution,so that they can acquire fair and reasonable economic rewards.更多还原