市场化水平、高管薪酬差距与企业未来绩效

摘要

以我国沪深两市 A 股上市公司为研究对象，将高管薪酬差距划分成内部薪酬差距和外部薪酬差距两类，分别考察了高管内外部薪酬差距与企业未来绩效的关系，并检验了市场化水平在高管内外部薪酬差距与企业未来绩效关系中的调节作用。结果发现：高管内外部薪酬差距均与企业未来绩效呈显著正相关关系，说明薪酬差距对高管具有较好的激励作用；此外，市场化水平越高的地区，高管内外部薪酬差距对企业未来绩效的正向作用越强，说明市场化水平提高了薪酬差距的激励效果。%Taking A-share listed companies in Shanghai and Shenzhen as research objectives,this paper investigates the relationship between senior executives’internal and external compensation dispersion,two categories of senior executives’compensation dispersion,and firm future performance,and then confirms the adjustment role of marketization in this relationship.The results reveal that there is a distinct positive correlation between senior executives’ internal and external compensation dispersion and firm future performance,which indicates compensation dispersion has an incentive function to senior executives.In addition,the higher of the areas’marketization,the stronger of the positive effect that senior executive’s internal and external compensation dispersion has on firm future performance,which shows marketization has stimulating influence on the increasing of compensation dispersion.