摘要
高管薪酬受到同水平公司的显著影响。本文基于中国A股上市公司2009-2012年的高管薪酬数据探究了同水平公司标杆效应对高管薪酬变化的影响。实证结果证实,那些t-1年前三名高管薪酬总额低于行业中位值的高管,相比于那些高于中位值的高管,在t年更容易增加高管薪酬,且增加的幅度更大。"同水平公司标杆效应"对高管薪酬的影响比公司绩效对高管薪酬的影响更大。另外,规模更大、绩效更好、行业竞争越激烈的公司以及非国有企业的高管薪酬更有可能受到同水平公司的影响,而公司治理变量与这种效应的相关性较小。
Top executive compensation can be affected significantly by peer group pay. This paper investigates the impact of peer effects on the change in top executive compensation based on empirical evidence from 2009-2012 China＇s A Share listed companies. Empirical results show that if the top three executives＇ compensation was lower than the peer group median level in year t-l, the level of pay would increase by 196 00 yuan in year t. The impact of peer effects on the change in top executive compensation is more than the impact of company size and performance. Furthermore, bigger size, better performance, more competitive industry environment and non-state ownership increase the likelihood of peer effects, while corporate governance variables do not.
出处
《上海管理科学》
2014年第6期72-77,共6页
Shanghai Management Science
关键词
高管薪酬
同水平公司
标杆效应
Executive Compensation
Peer Group
Benchmarking Theory
