【作者】 刘焕蕊；

【导师】 罗正英；

【作者基本信息】 苏州大学 ， 企业管理， 2012， 博士

【副题名】基于民营上市公司的理论分析和经验证据

【摘要】 高级管理人员作为直接代理人掌握着企业的资源配置，是企业重大决策的制定者和执行者，高级管理人员的重要性日益凸现。高级管理人员作为企业最重要的人力资本具有高稀缺性，难以模仿性和高价值性的特征，在企业经营发展和价值创造过程中作用显赫，是企业保持可持续竞争优势的核心力量。高级管理人员的定价与企业价值关联性密切，合理配置高级管理人员的薪酬问题，一直以来都是国、内外学术界研究的重要议题。目前，薪酬激励机制被认为是促进高级管理人员提高努力水平，提升企业价值，防范高管产生自利行为的主要方式。高管薪酬差距从本质上讲是对薪酬资源的再优化配置，反映薪酬激励的强度。本文立足于中国特色的经济制度环境，基于民营控股上市公司视角，在最优合约理论的基础上，依托薪酬差距理论，探讨了高管薪酬差距影响企业价值的关联过程和作用机理，并结合我国民营上市公司的实践，从实证研究角度剖析了我国民营上市公司高管薪酬差距的发展特征、影响因素和高管薪酬差距影响企业价值变化的特征。最后结合我国民营企业面临治理转型这一制度背景，从企业内部权力优化和合理配置角度详细研究了管理者权力影响民营企业高管薪酬差距激励效果的作用机理，在丰富公司治理研究内容的同时也为完善我国民营企业的公司治理结构、充分发挥薪酬激励机制的功能提供理论指导和经验证据。本文依托国外薪酬差距理论，通过理论研究诠释了薪酬差距影响企业价值变化的一般规律。当代理人边际产出难易衡量时，基于锦标赛制的高管薪酬差距设计有助于提高企业价值；当代理人存在较强的公平偏好时，较小的薪酬差距有利于提高企业价值；当代理人对薪酬差距扩大所带来的效用满足存在边际递减效应或代理人之间为成功晋升存在作弊行为时，随着高管薪酬差距的扩大，企业价值呈现先上升后下降的倒“U”型变化态势。我国企业依据产权性质分为国有控股企业和非国有控股企业，由于最终控制人类别不同，使得两类产权性质的公司在人力资本管理、企业运营、资源配置、公司治理、薪酬体系安排等很多方面存在较大差异，使得高管薪酬差距与企业价值之间的关系复杂化、特殊化。本文在薪酬差距影响企业价值变化规律研究的基础上，结合我国民营企业高管人员和企业组织结构的独特性，着重考察我国民营企业中高管薪酬差距影响企业价值变化呈现何种特征，试图构建出符合我国民营企业发展的薪酬差距安排。本文的主要贡献是结合我国民营上市公司的实践，模拟了高管薪酬差距影响企业价值变化的机理过程。在研究方法上主要采用规范研究和实证研究，比较静态分析和动态分析相结合。本文主要的研究结论有：（1）民营企业高管薪酬差距主要呈现高管薪酬水平普遍上升，高管薪酬差距稳步扩大，薪酬差距的行业差异表现明显。与中、西部地区相比，东部沿海地区高管薪酬差距相对较大，市场化程度较高的地方，高管薪酬差距较大。（2）民营企业高管薪酬差距影响因素方面。扩大管理层规模、管理层权力，增加对核心职位的竞争人数，设立薪酬委员会均对扩大民营企业高管薪酬差距有积极作用；独立董事制度在一定程度上限制了高管薪酬差距的扩大；领薪董事的比例和监事会的规模变动对民营企业高管薪酬差距变化无明显影响；股权过于集中和高管拥有较高的持股比例会缩小高管货币薪酬差距。（3）高管薪酬差距与企业价值之间存在正相关关系，验证了锦标赛理论更适合解释民营企业高管薪酬差距的激励作用。在进一步研究和稳健性检验基础上又得出：民营企业高管薪酬差距与企业价值之间存在稳定的斜率为正的线性关系且不随环境发生改变。高管薪酬差距在对企业财务价值和企业市场价值影响方面存在一定的权重，即扩大高管薪酬差距时，相比企业财务价值而言，企业市场价值的增加更敏感一些。（4）管理者权力对高管薪酬差距的激励效果有正向的促进作用。同时，高管薪酬差距与企业财务价值之间的敏感度并不会随着管理者权力的扩大有所改变，而高管薪酬差距与企业市场价值之间的敏感度会随着管理者权力的扩大逐渐增加。在经济学上表现为，由于管理者权力的促进作用，企业财务价值的提高是沿着企业生产率线作平行式的上升运动，而企业市场价值的提高则呈现出递增式的上升运动轨迹。本文可能的创新之处有：（1）分析视角深入化。在传统研究“薪酬——价值”的基础上，把视角移到薪酬资源的内部配置角度；提出适当扩大高管薪酬差距，优化权力配置以提高企业价值。（2）在研究方法上，采用比较静态分析和动态分析相结合，运用经济学分析工具，准确的模拟了高管薪酬差距影响企业价值的变化过程，丰富了薪酬激励问题的研究方法。（3）将理论分析与实证分析相融合，更细致的剖析了高管薪酬差距在影响企业财务价值、市场价值上存在的差异，研究逻辑更为严谨。（4）在本文研究结论的基础上，结合当前我国民营企业的实际，提出四个“是否有利于”的薪酬差距判断标准和优化权力配置等政策措施，以更高效的发挥高管薪酬差距在提高企业价值方面的激励作用。鉴于作者知识广度和知识深度方面的约束，本文还存在诸多不足之处，例如衡量指标的不完全性、样本容量、分析工具的局限性等有待完善。此外，文章最后主要从三个方面提出了后续研究方向。首先，未来薪酬差距研究中，一项最迫切的任务是开发出度量薪酬差距的准确方法，并尝试结合基尼系数和洛伦茨曲线等经济学分析工具全方面研究高管薪酬差距。其次，未来研究中需要优先考虑的事项是要更多的了解不同类型的薪酬差距可能产生的员工态度，在注重薪酬激励结果研究的同时更要注重薪酬的激励过程研究。最后，研究企业价值在注重价值输出的同时也应注重创造价值的成本投入，扩大高管薪酬差距与代理成本之间关系如何也是学术研究领域需要关注的问题。更多还原

【Abstract】 As the decision-makers and direct agents of corporate, top managements generallycontrol the allocation of resources of the corporate and the importance of HR capacity isincreasingly high. Senior executives, who generally are rare, irreplaceable andhighly-valued, play a crucial role business development of corporate and are core strengthfor the corporate to maintain sustainable competitiveness. Due to close relationshipbetween the pricing of top managements and firm value, intense studies have beenconducted on pay allocation of top managements in local international academic circle.Currently, pay incentive is recognized as an effective solution for agent problem betweenshareholders and the executives. Pay gap among top managements is fundamentally thereallocation of pay resources, suggesting the degree of pay incentive. Relying on optimalcontract theory and pay gap theory, the correlation and mechanism between pay gap of topmanagements and firm value of private listed companies have been discussed withtournament theory and behavior theory under the special economic circumstance withChinese characteristics. Additionally, dynamic characteristics, influencing factors andincentive results of pay gap of senior executives of private listed companies were as wellanalyzed. The changing pattern of pay gap incentive of Senior executives of privatecompanies was concluded on basis of internal right optimization and optimal allocation ofprivate companies. This study would provide a sample, both empirically and theoretically,for management practice and using pay gap incentive of Chinese private companies.From the published studies on pay gap theories about how pay gap influence firmvalue, it can be concluded there are three patterns exist among different companies. Firstly,immense pay gap could increase firm value; secondly, significant pay gap demonstrates nogood for firm value; and thirdly, dynamic mechanism exit between pay gap and firm value:the firm value increases with the pay gap grow bigger while pay gap grows immensely thefirm value would decrease, suggesting pour U relationship. In China, companies are divided into two categories: state-owned companies and non-state-owned companiesaccording to the nature of property right and the companies differ greatly in terms of HRcapacity management, resource allocation, company operating, company governance andpay allocation, etc. As a result, the problem of relationship between pay gap and firm valueis definitely more complicated and special. Mechanism of how pay gap of topmanagements influence firm value was specially emphasized in this study so as toconstruct the pay gap incentive system proper exclusively for Chinese private companies.The major achievement of the study is that a model concerning how pay gap of seniorexecutives influence firm value was constructed using researching methods bothempirically and theoretically. Main conclusion conducted from the study include:(1) thepay level of top managements climbed significantly and the pay gap between differentindustries grew steadily. In contrast with the Middle and West area, pay gap is bigger inthe East and coast areas and same conclusion made in highly marketization.(2) Pay gap oftop managements of private companies could be influenced by both internal and externalfactors. Diverse measures such as increase of management staff and exaggeration of theirpower, growing of the competition for core positions and founding of pay committee willresult in positive effects on pay gap. And independent director system, somehow, couldprevent the growing pay gap of top managements while the ration of paying directors andsupervision committee generate insignificant influence on pay gap of Senior executives.On the contrary, too intensive shares and high-ration of shares by senior executives woulddecrease the pay gap.(3) The positive relationship observed between pay gap of seniorexecutives and firm companies testified that the tournament theory is more effective insupporting the hypotheses that senior executives would be motivated by pay gap. Fromfurther studies and additional tests, it was concluded that steadily linear relation withpositive slope exit between pay gap of executives and firm value. In details, pay gapgenerates far more influence on firm market value than that on firm financial value whilethe gap enlarges.(4) The managerial power of company governance was demonstratedpositively enhancing the incentive effects of pay gap. Meanwhile, with the increase ofmanagerial power of company governance, the relation between pay gap and firm financialvalue maintain the existing level while the relation between pay gap and firm market valuechanges significantly, in accordance with increasing moving pattern. Innovative conclusions made by the study can be listed as followings:(1) conductingdeep analysis: transferring traditional study on pay-performance to internal resourcesallocation and creatively proposed to enlarge pay gap and optimize power allocation toincrease firm value.(2) in terms of researching methods, economic analyzing tools, bothstatically and dynamically, were fully applied in forecasting the influence of pay gap onfirm value, which greatly enriched the researching ways in studying pay incentive system.(3) based on theoretic and empirical analysis, the study elaborately analyzed the influenceof pay gap on firm financial value and market value.(4) based on the conclusions made ofthe study, in addition to current situations of Chinese private companies, the authorproposed four measures on charging standards of pay gap and right allocation so as to fullyincreased the firm value by pay gap incentive system.Because of some objective factors such as shortage of measuring factors, samplecontent and limitedness of analyzing tools, the study still need further study on pay gap. Atthe end of the study, three suggestions have been proposed for further studies: firstly, oneof the urgent tasks for studying pay gap is to developing accurate method for measuringpay gap and fully analyzing pay gap in accordance with Lorenz curve and Gini coefficient.Secondly, an important priority for further study concerning pay gap is the attitude of staffresulted from different pattern and degree pay gap, particularly that on value of behavior.Last but not at least, emphasis should as well stressed on input of creating value same as onvalue output in terms of studies on firm value. In addition, the agency cost relationbetween enlarging of pay gap of executives and firm governance and shareholders shouldbe also studied elaborately in future.更多还原