【摘要】：人才是公司在激烈的市場(chǎng)競(jìng)爭(zhēng)中生存和發(fā)展的根本,而完善健全的薪酬制度是激勵(lì)、吸引、發(fā)展人才的有力工具。公司內(nèi)部薪酬設(shè)計(jì)的問題從20世紀(jì)80年代起就是人力資源管理中備受關(guān)注的重點(diǎn)問題。薪酬設(shè)計(jì)存在幾個(gè)焦點(diǎn)問題：薪酬水平、薪酬結(jié)構(gòu)和薪酬體系等。與薪酬水平和薪酬體系相比較,薪酬結(jié)構(gòu)的設(shè)計(jì)對(duì)于公司的影響可能更為重要,因?yàn)楣緝?nèi)部薪酬差距直接影響員工的工作情緒,進(jìn)而影響到整個(gè)公司的績(jī)效,從另一個(gè)角度來(lái)看,公司的薪酬差距對(duì)企業(yè)文化的建設(shè)也有著微妙的影響。那么公司內(nèi)部薪酬差距與公司績(jī)效之間是否存在什么樣的相關(guān)關(guān)系,現(xiàn)階段我國(guó)上市公司高管內(nèi)部薪酬是否合理,高管與員工間薪酬差距是否適當(dāng),這些問題都值得我們?nèi)パ芯亢吞剿鳌?本文在現(xiàn)有研究的基礎(chǔ)上,收集我國(guó)深市A股主板上市公司數(shù)據(jù),采用多元回歸分析方法,探討公司內(nèi)部薪酬差距和公司績(jī)效之間的關(guān)系,為提高我國(guó)上市公司的績(jī)效提供一定的理論依據(jù)。具體內(nèi)容為： 1、介紹我國(guó)上市公司薪酬設(shè)計(jì)問題的現(xiàn)狀并討論研究公司內(nèi)部薪酬差距激勵(lì)效應(yīng)的重要性。提出從兩個(gè)角度研究公司內(nèi)部薪酬差距對(duì)公司績(jī)效影響的設(shè)想,即高管團(tuán)隊(duì)內(nèi)部薪酬差距角度和高管團(tuán)隊(duì)與普通員工之間的薪酬差距角度。根據(jù)現(xiàn)有的文獻(xiàn),對(duì)本文所要研究的對(duì)象高管團(tuán)隊(duì)、普通員工、薪酬差距等概念進(jìn)行了界定,指出本文擬采用的研究方法,概括本文的研究意義和創(chuàng)新點(diǎn)。 2、在薪酬差距相關(guān)理論的基礎(chǔ)上,總結(jié)了目前國(guó)內(nèi)外文獻(xiàn)對(duì)薪酬差距激勵(lì)效應(yīng)的研究結(jié)論,發(fā)現(xiàn)我國(guó)學(xué)者的研究要比國(guó)外晚十幾年,得出的結(jié)論并不一致,而且關(guān)于公司整體薪酬差距對(duì)于公司績(jī)效影響的研究相對(duì)較少,例如高管團(tuán)隊(duì)與普通員工之間的薪酬差距。另外,現(xiàn)有的研究也較少涉及薪酬差距的應(yīng)用環(huán)境問題,因此本文將對(duì)薪酬差距的應(yīng)用環(huán)境進(jìn)行探索,提出具有實(shí)踐意義的建議。 3、基于前期的研究,借鑒國(guó)內(nèi)外學(xué)者的成果和實(shí)踐經(jīng)驗(yàn),結(jié)合我國(guó)上市公司信息披露特點(diǎn)和調(diào)研的實(shí)際可操作性,本文選取總資產(chǎn)收益率ROA、每股收益EPS作為因變量,選取高管人員貨幣薪酬絕對(duì)差距、員工整體貨幣薪酬絕對(duì)差距為自變量,考查薪酬差距對(duì)公司績(jī)效的影響。研究模型還包含五個(gè)控制變量變量,即公司規(guī)模、股權(quán)集中度、資產(chǎn)負(fù)債率、行業(yè)、地區(qū)。 4、考慮到公司經(jīng)營(yíng)環(huán)境對(duì)薪酬差距激勵(lì)效應(yīng)的影響,本文引入?yún)f(xié)作需求的概念,并從多元化程度和技術(shù)復(fù)雜度兩個(gè)方面刻畫公司員工的協(xié)作需求。為了檢驗(yàn)它們對(duì)公司內(nèi)部薪酬差距激勵(lì)效應(yīng)的調(diào)節(jié)作用,本文構(gòu)建了兩個(gè)模型分別檢驗(yàn)公司的多元化戰(zhàn)略程度和技術(shù)復(fù)雜度對(duì)于高管人員薪酬差距與公司當(dāng)期績(jī)效的關(guān)系是否起調(diào)節(jié)作用、技術(shù)復(fù)雜度對(duì)于員工整體薪酬差距與公司當(dāng)期績(jī)效的關(guān)系是否起調(diào)節(jié)作用。 5、論文提出四個(gè)薪酬差距激勵(lì)效應(yīng)的假設(shè),包括有關(guān)薪酬差距對(duì)公司績(jī)效影響的兩個(gè)假設(shè)、有關(guān)協(xié)作需求對(duì)薪酬差距激勵(lì)效應(yīng)的調(diào)節(jié)作用的兩個(gè)假設(shè)。根據(jù)研究假設(shè),構(gòu)建了四個(gè)模型,選取我國(guó)深市A股主板上市公司2010年的數(shù)據(jù)進(jìn)行研究,分析公司內(nèi)部薪酬差距(包括高管人員薪酬差距、員工整體薪酬差距)對(duì)公司當(dāng)期績(jī)效的影響以及多元化程度和技術(shù)復(fù)雜度這兩個(gè)變量的調(diào)節(jié)作用。通過(guò)Excel和SPSS17.0等統(tǒng)計(jì)軟件對(duì)收集到的數(shù)據(jù)進(jìn)行描述性統(tǒng)計(jì)、相關(guān)分析和線性回歸等分析。 通過(guò)分析,本文得出以下結(jié)論： 1、高管人員薪酬差距對(duì)公司當(dāng)期績(jī)效起促進(jìn)作用,大的薪酬差距有利于公司績(jī)效的提高,應(yīng)保持高管團(tuán)隊(duì)成員間適度的薪酬差距。這—結(jié)果與錦標(biāo)賽理論一致。 2、員工整體薪酬差距對(duì)公司當(dāng)期績(jī)效同樣起到促進(jìn)作用,即員工整體較大的薪酬差距有利于公司當(dāng)期績(jī)效的提高。這說(shuō)明在高管團(tuán)隊(duì)與普通員工之間,行為理論所認(rèn)為的薪酬差距帶來(lái)的負(fù)面影響并沒有超出其帶來(lái)的激勵(lì)效應(yīng),薪酬差距不但沒有影響到員工的工作積極性,反正起到了激勵(lì)作用,提高了公司的績(jī)效。 3、隨著中國(guó)市場(chǎng)經(jīng)濟(jì)的不斷發(fā)展,人們的競(jìng)爭(zhēng)意識(shí)不斷加強(qiáng)。研究發(fā)現(xiàn),錦標(biāo)賽理論比行為理論更符合現(xiàn)代企業(yè)的實(shí)際情況。在監(jiān)督成本高昂的情況下,公司一般更愿意采用擴(kuò)大薪酬差距的方式去激勵(lì)公司員工,強(qiáng)調(diào)團(tuán)隊(duì)成員之間的競(jìng)爭(zhēng)以選拔出最優(yōu)秀的人才使公司最終受益,而強(qiáng)調(diào)通過(guò)團(tuán)隊(duì)成員之間的公平來(lái)促進(jìn)成員之間的協(xié)調(diào)合作則難以促進(jìn)公司整體績(jī)效的提高。 4、通過(guò)對(duì)公司多元化程度和技術(shù)復(fù)雜度這兩個(gè)變量對(duì)于薪酬差距與公司績(jī)效的關(guān)系所起的調(diào)節(jié)作用進(jìn)行研究,本文發(fā)現(xiàn)上市公司多元化戰(zhàn)略的實(shí)行程度較高,將會(huì)減少高管人員薪酬差距對(duì)于公司績(jī)效的正向影響;公司經(jīng)營(yíng)范圍所需的技術(shù)復(fù)雜度較大時(shí)也將會(huì)減少公司內(nèi)部薪酬差距對(duì)公司績(jī)效的正向影響。說(shuō)明協(xié)作需求會(huì)減弱較大的薪酬差距的激勵(lì)效應(yīng),因此應(yīng)當(dāng)根據(jù)公司的具體情況,采取適當(dāng)薪酬激勵(lì)方式使公司的所有員工相互協(xié)作,將過(guò)大的薪酬差距對(duì)公司績(jī)效的負(fù)面影響降到最低。 5、薪酬差距的設(shè)計(jì)具有高度的復(fù)雜性,應(yīng)當(dāng)充分關(guān)注不同的環(huán)境因素和公司狀況對(duì)于薪酬差距的影響,薪酬差距激勵(lì)方法的使用不能盲目,應(yīng)當(dāng)針對(duì)不同的公司治理因素等恰當(dāng)?shù)膽?yīng)用,這樣才能充分發(fā)揮薪酬差距對(duì)于提高公司績(jī)效所發(fā)揮的積極效果,避免薪酬政策出現(xiàn)失誤給公司績(jī)效所帶來(lái)的損失。 本文研究的主要?jiǎng)?chuàng)新點(diǎn)有： 1、現(xiàn)有研究大都集中在高管薪酬體系與公司績(jī)效的關(guān)系以及影響高管人員薪酬差距的因素方面,因此本文從激勵(lì)效應(yīng)的角度分析高管人員內(nèi)部薪酬差距及高管人員與員工整體薪酬差距對(duì)公司績(jī)效的影響,具有一定的創(chuàng)新性。 2、現(xiàn)有研究沒有考慮到公司經(jīng)營(yíng)環(huán)境的影響,事實(shí)上,薪酬差距激勵(lì)效應(yīng)的發(fā)揮取決于公司內(nèi)部治理結(jié)構(gòu)和外部市場(chǎng)環(huán)境的共同影響。因此,本文引入?yún)f(xié)作需求的概念,通過(guò)多元化程度和技術(shù)復(fù)雜度對(duì)薪酬差距的調(diào)節(jié)作用驗(yàn)證,考察公司經(jīng)營(yíng)環(huán)境對(duì)薪酬差距的影響,具有較強(qiáng)的創(chuàng)新性。
[Abstract]:Talents are the basis for the survival and development of the company in the fierce market competition, and a sound salary system is a powerful tool to encourage, attract and develop talents. Level, salary structure and salary system. Compared with salary level and salary system, the design of salary structure may be more important to the company, because the salary gap within the company directly affects the work mood of employees, and then affects the performance of the whole company. From another point of view, the salary gap between the company and the corporate culture. The construction of internalization also has subtle effects. So, whether there is any correlation between the internal pay gap and corporate performance, whether the internal pay of the top executives of Listed Companies in China is reasonable, and whether the pay gap between the top executives and employees is appropriate, these problems are worth studying and exploring.
Based on the existing research, this paper collects the data of listed companies on the A-share motherboard of Shenzhen Stock Exchange, and uses multiple regression analysis method to explore the relationship between internal pay gap and corporate performance, so as to provide a theoretical basis for improving the performance of Listed Companies in China.
1. Introduce the current situation of the salary design of Listed Companies in China and discuss the importance of studying the incentive effect of the salary gap within the company. According to the existing literature, this paper defines the concepts of executive team, ordinary staff, pay gap and so on, points out the research methods to be adopted in this paper, summarizes the significance and innovation of this study.
2. On the basis of relevant theories of pay gap, this paper summarizes the research conclusions of the incentive effect of pay gap in domestic and foreign literatures, and finds that the research of Chinese scholars is more than ten years later than that of foreign countries, and the conclusions are not consistent. Moreover, there are relatively few studies on the impact of the overall pay gap on corporate performance, such as the top management team and the top management team. In addition, the existing research is less concerned with the application environment of the pay gap, so this paper will explore the application environment of the pay gap, and put forward practical suggestions.
3. Based on the previous research, drawing on the achievements and practical experience of scholars at home and abroad, and combining the characteristics of information disclosure and the practical operability of the investigation of Listed Companies in China, this paper selects ROA and EPS as the dependent variables, selects the absolute difference of executive monetary compensation and the absolute difference of overall monetary compensation as the independent variables. The research model also contains five control variables, namely company size, ownership concentration, asset-liability ratio, industry and region.
4. Considering the influence of the company's operating environment on the incentive effect of pay gap, this paper introduces the concept of collaborative demand, and describes the collaborative demand of the company's employees from the aspects of diversification and technical complexity. Whether the degree of diversification strategy and technical complexity have moderating effect on the relationship between executive pay gap and current performance, and whether the technical complexity has moderating effect on the relationship between overall pay gap and current performance.
5. The paper puts forward four hypotheses about the incentive effect of pay gap, including two hypotheses about the effect of pay gap on corporate performance and two hypotheses about the moderating effect of collaborative demand on the incentive effect of pay gap. This paper analyzes the impact of internal pay gap (including executive pay gap and overall pay gap) on current performance of the company and the moderating effect of diversification and technical complexity. Analysis.
Through analysis, the following conclusions can be drawn:
1. The salary gap between executives promotes the current performance of the company. The large salary gap is beneficial to the improvement of the company performance. A moderate salary gap should be maintained among the members of the top management team. This result is consistent with the tournament theory.
2. The overall pay gap also promotes the current performance of the company, that is, the larger overall pay gap is conducive to the improvement of the current performance of the company. Distance not only does not affect the enthusiasm of employees, but also plays an incentive role to improve the performance of the company.
3. With the continuous development of China's market economy, people's sense of competition has been strengthened. The study found that tournament theory is more in line with the actual situation of modern enterprises than behavior theory. To select the best talent will benefit the company ultimately, but it is difficult to promote the overall performance of the company by emphasizing the fair cooperation among team members.
4. By studying the moderating effect of the two variables on the relationship between pay gap and corporate performance, we find that the implementation of diversification strategy in listed companies is higher, which will reduce the positive impact of executive pay gap on corporate performance. When the technical complexity is large, it will also reduce the positive impact of the internal pay gap on the company performance. Explain that the collaborative demand will weaken the incentive effect of the larger pay gap. Therefore, according to the specific situation of the company, we should adopt appropriate incentive incentives to make all employees of the company cooperate with each other, and the excessive pay gap will affect the company performance. The negative impact of performance is minimal.
5. The design of salary gap is highly complicated. We should pay full attention to the influence of different environmental factors and company conditions on salary gap. The use of salary gap incentive method should not be blind. We should apply different corporate governance factors properly so as to give full play to the salary gap for improving company performance. We should give full play to the positive effect and avoid the loss caused by the failure of the salary policy to the company's performance.
The main innovations of this paper are as follows:
1. Most of the existing research focuses on the relationship between executive compensation system and corporate performance, and the factors that affect executive compensation gap. Therefore, this paper analyzes the effect of internal compensation gap and the overall compensation gap between executive and employees on corporate performance from the perspective of incentive effect, which is innovative.
2. Existing studies do not take into account the impact of corporate operating environment. In fact, the incentive effect of pay gap depends on the joint influence of corporate governance structure and external market environment. The impact of the operating environment on the pay gap is relatively innovative.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F272.92;F832.51;F224

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