摘要
笔者利用2005年～2010年我国上市公司数据,实证检验了高管团队内外部薪酬差距对公司未来绩效的影响。结果发现,上市公司高管团队内外部薪酬差距均与公司未来绩效呈倒U型关系,即无论是高管团队内部薪酬差距还是外部薪酬差距,均是先促进公司未来绩效的提高,但当薪酬差距超过一定程度时,则会阻碍公司未来绩效的提高。上述研究结论对于改进我国上市公司高管薪酬结构具有重要启示。
This paper examines the effect of TMT＇ s pay gap on firm perforrnance by analzing data of China＇ s listed firms during 2005 - 2010. The empirical results show that there is an inverse U shape relationship between TMT＇ s inside/outside pay gap and firm per- formance. Specifically, both TMT＇ s inside and outside pay gap has a positive effect on firm performance before TMT＇ s inside/outside pay gap reach a cut point. After this cut point, both TMT＇s inside and outside pay gap has a negative effect on firm performance.
出处
《经济经纬》
CSSCI
北大核心
2013年第1期104-108,共5页
Economic Survey
基金
国家自然科学基金项目(71173165)
中国博士后基金项目(2011M500117)
关键词
高管团队
薪酬差距
公司未来绩效
上市公司
Top Management Team
Pay Gap
Firm Future Performance
Listed Company
