摘要
针对高管薪酬决定的现有研究停留在单一层面和对高管的人力资本关注不足的问题,本文获取了2007-2009年在深沪两地上市公司的17368个高管个体样本与对应的1923个组织样本,通过构建跨层次模型(HLM)研究发现,在个体层面上,高管人力资本与高管薪酬之间存在显著正相关关系;在组织层面,公司绩效、公司规模、董事会规模、独立董事比例与高管薪酬之间存在显著正相关,监事会规模、无形资产比例与高管薪酬之间存在显著负相关;个体层面因素解释高管薪酬的总变异与组织因素解释高管薪酬的总变异接近相等。依据国有股比例分类,本文通过构建HLM发现,当国有股比例在50%以上时,公司规模、董事会规模、独立董事比例、无形资产比例(负向)与高管薪酬之间存在显著相关关系,而公司绩效与高管薪酬之间关系不显著。
Because executives nest in organization,executive compensation is decided by hierarchical variables,determining of executive compensation is hierarchical problem essentially.Traditional researches on determining executive compensation focus on a single level,and pays little attention to human capital of executive,the study collects 17368 executive samples and their 1923 organization samples of listed companies in Shanghai and Shenzhen for the period（2007-2009）,and presents Hierarchical Linear Model（HLM）.The results show that there are significant positive correla-tion between human capital of executive and executive compensation at the level of individual;At the level of organization,there are significant positive correlation between corporation performance,corporation scale,director board scale,outside director rate and executive compensation,there are significant negative correlation between supervisory board scale,intangible asset rate and executive compensation.Total variation of executive compensation explained by individual factors is almost equal to total variation explained by organization factors.Because regulation of compensation focuses on state-owned listed companies,according to proportion of state-owned shareholding,the study presents HLM to further test hypotheses,and finds some different results.There are significant positive correlation between corporation scale,director board scale,outside director rate and executive compensation,there is significant negative correlation between intangible asset rate and executive compensation,but there is not significant correlation between corporation performance and executive compensation.Our efforts contribute to deepen traditional researches in the following ways： First,we comprehensively measure human capital of executive;Second,traditional researches on determining executive compensation made use of regression method,we utilize Hierarchical Linear Model to test hypotheses at the different level;Third,our models separate effect size at the level
出处
《南开管理评论》
CSSCI
北大核心
2011年第3期122-131,160,共11页
Nankai Business Review
基金
广东省哲学社会科学基金项目(GD10YGL11)
广东省教学科学规划基金(2010TJK371)资助
关键词
人力资本
组织因素
高管薪酬
跨层次模型(HLM)
Human Capital
Organization Factors
Executive Compensation
Hierarchical Linear Model
