公司治理结构、企业业绩与高管薪酬粘性关系研究——以沪深A股制造业上市公司为例

摘要

以2012—2015年沪深两市A股制造业上市公司为研究对象,检验制造业企业高管薪酬粘性的存在,同时从公司治理结构要素切入,考察其如何影响上市公司高管薪酬粘性.实证结果显示,我国制造业高管薪酬与企业业绩的正相关关系显著,且薪酬具有显著的粘性特征;把公司治理结构因素的影响考虑进去,发现董事会独立性越高,高管薪酬粘性越小,董事会、监事会规模越大,高管薪酬粘性越大.因此,股权制衡度对高管薪酬粘性的作用不明显.%This paper examines the existence of salary stickiness of executives in manufacturing enterprises in Shanghai and Shenzhen during 2012—2015,as well as the impact of corporate governance structural factors on the paycheck of listed companies.The empirical re-sults show that China's manufacturing executive pay displays a significant positive correlation with the performance of enterprises and a significant sticky characteristic.Taking the respect of corporate governance structure into consideration,the higher the independence of the board,the weaker the pay stickness of executives.The smaller the size of the board of directors or supervisors,the stronger the pay stick-ness.The effect of equity balance on executive pay viscosity is not obvious.