商业研究

商业研究

• 经营管理 • 上一篇    下一篇

企业内部薪酬差距、股权激励与全要素生产率

杨竹清1,2， 陆松开3   

  1. （1.暨南大学 统计学博士后流动站，广州 510632； 2．江门融和农村商业银行博士后创新实践基地，广东 江门 529000； 3．暨南大学 管理学院，广州 510632)
  • 收稿日期:2017-09-28 出版日期:2018-02-22
  • 作者简介:杨竹清（1982-），男，湖南邵阳人，暨南大学统计学博士后流动站与江门融和农村商业银行博士后创新实践基地联合培养博士后，金融学博士，研究方向：公司金融与普惠金融；陆松开（1975-），男，广东肇庆人，暨南大学管理学院博士研究生，研究方向：技术创新。

The Enterprise Internal Pay Gap, Equity Incentives and Total Factor Productivity

YANG Zhu-qing1,2,LU Song-kai3   

  1. (1. Postdoctoral Research Station of Statistics, Jinan University, Guangzhou 510632,China; 2. Postdoctoral Innovation Practice Base, Jiangmen Ronghe Rural Commercial Bank, Jiangmen 529000, China;3. School of Management, Jinan University, Guangzhou 510632, China)
  • Received:2017-09-28 Online:2018-02-22

摘要： 企业内部的薪酬差距对员工的激励效果、从而对企业TFP提升的效应，在不同产权性质、规模的企业中，不同员工（高管与高管、高管与员工）之间，不同的薪酬差异程度下，表现不尽相同。本文以2008-2015年我国A股上市公司为对象进行实证研究发现：企业高管之间薪酬差距、高管与员工间薪酬绝对差距与企业TFP显著正相关，但高管与员工间薪酬的相对差距与TFP显著负相关，并存在“倒U型”关系；股权激励的实施可以显著提升企业TFP，而且在非国有、低内部薪酬差距以及高市场化程度地区的企业中股权激励的效应更好；相比限制性股票，期权作为激励工具对TFP的促进更为明显。因此，针对企业产权性质、规模的不同，企业内部高管间分工的不同（价值创造贡献不同），企业内部薪酬差距应做不同的管理：国有企业凸显公平、私有企业追求效率，二者都要体现出核心高管的能力和价值。

关键词: 薪酬差距, 股权激励, 全要素生产率

Abstract: The incentive effect of internal pay gap on employees and thus on the promotion of TFP in the performance of different employees (executives and executives, executives and employees) and different remuneration differences among enterprises of different nature and scales is different. The empirical research on the A-share listed companies in China from 2008 to 2015 shows that there is a significant positive correlation between the pay gap among senior executives, and the absolute wage gap between senior executives and employees with TFP, however, there is significantly negatively correlation between relative pay gap between senior executives and employees with TFP, and there is “inverted U-shaped” relationship; the implementation of equity incentive can significantly improve the TFP of enterprises, and the effect of the equity incentive is better in non-state-owned, low internal remuneration gap and high market-oriented enterprises; in contrast to restricted stocks, the promotion of options as a motivational tool for TFP is even more pronounced. Therefore, in view of the different nature of enterprise property, the different scales and the different divisions of labor among senior executives in the enterprise (the contribution of value creation is different), the internal pay gap should be managed differently: the state-owned enterprises should be fair and the private enterprises pursue efficiency, but both of them should reflect the core executives of ability and value.

Key words: pay gap, equity incentive, total factor productivity