制造业企业内部薪酬差距与企业绩效的关系研究

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浙江财经学院硕士学位伦文

摘要

近二十年来，我国上市公司的薪酬问题已成为研究者研究的热点问题，薪酬

问题直接关系着公司高管以及职工工作的积极性，进而会对整个公司的绩效产生

影响。从已有的文献可以得出，关于薪酬差距与企业绩效关系的研究不是很多，

且主要集中研究高管薪酬差距与公司绩效关系，对薪酬差距的影响因素以及高管

和职工之间的薪酬差距与企业绩效关系的研究较少。在研究对象的选择上，大都

以深沪两市全部上市公司作为对象，较少研究者根据性质不同对企业进行细分，

也较少对行业进行细分，考虑到不同行业在治理机制、薪酬体系以及人力资源安

排方面存在差异性，这种差异可能对薪酬水平、员工的激励程度以及企业绩效产

生影响，同时，基于制造业在我国经济发展中占有重要作用，而我国制造业的薪

酬差距较大（大于 20 倍），因此，以制造业为样本，研究制造业企业内部薪酬差

距的影响因素以及薪酬差距和绩效的关系，对于优化管理层权利、改革收入分配

结构、提高员工满意度和企业绩效水平有着重要意义，更有利于我国经济的发展。

可能创新之处有：（1）已有文献多数研究的是高管团队内的薪酬差距与企业

绩效的关系，本文的薪酬差距包括高管团队之间以及高管与职工之间的薪酬差距。

（2）本文摆脱了只在单一理论下研究薪酬差距与企业绩效关系的模式，将锦标赛

理论和行为理论两个看似对立的理论相结合，并用数据证明了薪酬差距与企业绩

效的关系需要这两个理论的支持。

在研究方法上使用规范研究和实证研究相结合，静态分析和动态分析相结合。

以制造业上市公司为研究对象，根据最终产权类别的不同，分为国有企业和非国

有企业，因为两种企业由于产权性质的不同，在人力资源管理、企业运营、公司

治理以及薪酬体系设置等重大方面都存在较大的差异，使得薪酬差距有一定差异。

根据所选样本的区域不同，分为沿海地区企业和非沿海地区企业，不同的地区经

济发展水平及消费水平存在较大差异，薪酬水平将会有一定的差异，进而导致薪

酬差距有一定的差异。

同时，研究了管理层权利（董事长和总经理的兼任情况）和股权结构（国有

股比例）对薪酬差距的影响，为了排除其他因素的影响，文中加入了企业规模、

资产负债率、上一年的企业绩效以及企业的成长性进行控制。又进一步分析了薪

酬差距对企业绩效的影响，并加入资产负债率、高管人数、企业性质以及股权集

中度进行控制。

研究结论主要有：（1）我国制造业上市公司的薪酬水平较往年普遍提高，高

浙江财经学院硕士学位伦文

管之间的薪酬差距以及高管与职工之间的薪酬差距呈现出普遍上升的趋势。沿海

地区和非沿海地区相比较，沿海地区的薪酬差距较大；国有企业和非国有企业比

较，非国有企业的薪酬差距较大。（2）在薪酬差距的影响因素方面。管理层的权

利集中度对薪酬差距的拉大有一定的积极作用；国有股比例的大小，对薪酬差距

的拉大有一定的消极作用。（3）薪酬差距与企业绩效之间存在正相关关系，验证

了锦标赛理论较适合我国的上市公司，同时也验证了薪酬差距与企业绩效存在区

间效应，一定范围内的薪酬差距不利于企业绩效的提高，即不只是锦标赛理论适

合我国的上市公司，行为理论也适合我国的上市公司，只是在不同的情况下不同

的理论起主导作用。

针对研究结果，提出的建议为：建立健全市场化的经理人员选聘制度及进一

步完善公司治理机制；合理安排薪酬差距，加强对高管和职工薪酬激励的制约；

优化管理层权利。

关键词：制造业；高管激励；职工激励；企业绩效；薪酬差距

浙江财经学院硕士学位伦文

III

Abstract

In the past twenty years, the problem of salary of China's listed Corporation has

became hotspot of all types of researches because salary is directly related to the

company executives and employees' working enthusiasm, so as to the entire firm

performance. From the existing literature reviews we can see that there are not a lot of

studies about the compensation gap impact on enterprise performance, and they are

mainly concentrate on the research about the influence between executive pay gap and

firm performance. There are few studies about the influencing factors of compensation

gap and the influence of pay gap between executives and workers to firm performance.

On the research object selection, most researchers choose all of the listed companies in

Shenzhen and Shanghai stock exchange as research objects, they have not subdivided

these companies according to different enterprises. Considering different industries

may exist differences in management mechanism, salary system and human resources

arrangement, which might have impact on the compensation level, staff incentive

degree and enterprise performance, this paper intends to select one industry to analysis.

Based on the important role of manufacturing industry in the development of our

national economy, and big salary gap of China's manufacturing industry (more than 20

times), there is an important meaning for optimizing the management right, reforming

the income distribution structure and more advantageous to improve employee

satisfaction and enterprise performance by researching influential factors to internal

salary gap in manufacturing industry and the relationship about the salary gap and

enterprise performance .

Innovations of the thesis are as follows: firstly, most of the existing studies

researched the relationship between the TMT pay gap and corporate performance,

remuneration in this paper includes not only TMT salary gap, but also gap between

executives' team and non-executive team. Secondly, we get rid of the mode to study the

relationship between pay gap and corporate performance in a single theory, combine

the Behavioral theory and the Championship theory, which seeming opposite, together,

and use data to prove that the relationship between pay gap and corporate performance

requires the support of the two theories.

In the research method, we use normative research method and empirical research

method, combining static analysis and dynamic analysis, take manufacturing listed

浙江财经学院硕士学位伦文

companies as the research object. Companies can be divided into state-owned

enterprises and non-state-owned enterprises according to the final property category’s

difference, because there may be some larger differences in human resource

management, enterprise operation ,corporate governance and salary system .Settings of

two kinds of enterprise derive from the different nature of property rights , which

making the gap between their pay have certain differences. According to the different

regions, the selected samples can be divided into coastal areas enterprises and

non-coastal areas enterprises. Regional differences may lead to economic development

level’s difference, and the level of consumption is put in bigger difference, so as to

salary level, which led to the salary gap have certain differences.

At the same time, the paper also studies the management rights (chairman of the

board and the general manager's concurrently) and equity structure (proportion of

state-owned shares and ownership concentration)’s affects to the salary gap. In order to

eliminate effects of other factors, enterprise scale, asset-liability ratio, enterprise

performance of the previous year and enterprise growth were added to this paper to

control. And this paper further analyses the influence of salary gap to enterprise

performance, and join the scale of the enterprise, asset liability ratio, the number of

executives, enterprise property and ownership concentration to control.

The conclusions of this study are: (1) The remuneration level of listed companies in

China's manufacturing industry is improving in recent years, the pay gap between

executives and the pay gap between executives and workers showing a general trend of

increasing overall. When coastal and non-coastal areas are compared, the coastal areas

get higher; when state-owned enterprises and non-state-owned enterprises are

compared, non-state-owned enterprises get higher. (2)Influence factors on pay gap.

Management right concentration plays a positive role in pulling the pay gap greater;

Stock equities’ excessively concentrated and a disproportionately large share of

state-owned shares pay certain negative effects.(3) There is a positive correlation

between pay gap and corporate performance, verified that the Championship theory is

more suitable for China's listed companies, also verified that the pay gap and corporate

performance exists range effect ，the pay gap is not conducive to business

performance’s improve within a certain range. So that not only the Championship

theory but also the behavior theory suit for China's listed companies, and different

theories play a leading role in different cases.

浙江财经学院硕士学位伦文

According to the results of the study, this paper puts forward the following

suggestions:

Establish a market manager personnel hiring system and optimize corporate

governance mechanism; Reasonably arrange salary gap to improve the enterprise

performance, strengthen restriction to the executives and staff salary incentive;

Optimize management rights

Keywords: Manufacturing industry; Executives incentive; Staff incentive; Enterprise

performance; Salary gap

浙江财经学院硕士学位伦文

第1章绪论 .......................................................................................................... 1

1.1 选题背景及意义...................................................................................................... 1

1.2 研究目的、思路与研究方法.................................................................................. 2

1.3 研究框架和内容安排.............................................................................................. 3

1.4 可能的创新之处...................................................................................................... 4

第2章相关理论和文献回顾 ..................................................................................... 6

2.1 关键概念的界定...................................................................................................... 6

2.2 薪酬的相关理论...................................................................................................... 9

2.3 薪酬差距的相关理论............................................................................................ 10

2.4 薪酬差距与企业绩效关系的相关理论................................................................ 13

2.5 薪酬差距与企业绩效的相关性研究综述............................................................ 15

2.6 现有研究的评述.................................................................................................... 19

第3章薪酬差距以及企业绩效的特征 ................................................................... 21

3.1 薪酬水平的特征.................................................................................................... 21

3.2 薪酬差距的特征.................................................................................................... 26

3.3 企业绩效的特征.................................................................................................... 30

3.4 本章小结................................................................................................................ 31

第4章薪酬差距影响因素的实证研究 ................................................................... 32

4.1 研究假设的提出.................................................................................................... 32

4.2 研究设计................................................................................................................ 37

4.3 实证结果与分析.................................................................................................... 38

4.4 本章小结................................................................................................................ 45

第5章薪酬差距对企业绩效影响的实证研究 ....................................................... 46

5.1 研究假设的提出.................................................................................................... 47

5.2 研究设计................................................................................................................ 48

5.3 实证结果与分析.................................................................................................... 50

5.4 本章小结................................................................................................................ 57

第6章研究结论与启示 ........................................................................................... 58

6.1 主要研究结论及启示............................................................................................ 59

6.2 研究的不足及建议................................................................................................ 58

浙江财经学院硕士学位伦文

VII

6.3 展望........................................................................................................................ 61

参考文献 ....................................................................................................................... 62

附录一：作者在读期间发表的学术论文及参加的科研项目 ................................... 68

致谢...................................................................................................................... 69

浙江财经学院硕士学位伦文

VIII

图表目录

图1-1 本文的研究框架............................................................................... 4

图3-1 2007 年到 2011 年高管团队薪酬最小值及涨幅变化图............... 20

图3-2 2007 年到 2011 年高管团队薪酬最大值及涨幅变化图............... 21

图3-3 2007 年到 2011 年高管团队薪酬均值及涨幅变化图................... 22

图3-4 2007 年到 2011 年高管前三薪酬均值及涨幅变化图................... 22

图3-5 2007 年到 2011 年职工薪酬最大值及涨幅变化图....................... 23

图3-6 2007 年到 2011 年职工薪酬最小值及涨幅变化图 ....................... 24

图3-7 2007 年到 2011 年职工薪酬均值及涨幅变化图 ........................... 25

图3-8 2007 年到 2011 年高管与职工薪酬差距及涨幅变化图 ............... 25

图3-9 2007 年到 2011 年高管团队内薪酬差距及涨幅变化图 ............... 26

图3-10 2007 年到 2011 年不同区域间高管与职工之间薪酬差距分布情况

..................................................................................................................... 26

图3-11 2007 年到 2011 年不同区域间高管之间薪酬差距分布情况 .....27

图3-12 2007 年到 2011 年不同性质的企业高管与职工之间薪酬差距分布

情况 ............................................................................................................. 27

图3-13 2007 年到 2011 年不同性质的企业高管之间薪酬差距分布情况

..................................................................................................................... 28

图3-14 2007 年到 2011 年总资产收益率的均值及其涨幅变化图 ......... 29

图3-15 2007 年到 2011 年企业绩效与薪酬差距的变化情况 ................. 29

图4-1 管理权力构成图............................................................................. 32

表4-1 样本数据按地区分布情况表......................................................... 36

表4-2 变量汇总表..................................................................................... 38

表4-3 主要变量的描述性统计分析......................................................... 39

表4-4 主要变量的相关性分析................................................................. 40

表4-5 高管薪酬差距影响因素回归结果................................................. 42

表4-6 高管与职工之间薪酬差距影响因素回归结果.............................. 43

表5-1 主要变量定义表............................................................................. 48

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摘要：

浙江财经学院硕士学位伦文I摘要近二十年来，我国上市公司的薪酬问题已成为研究者研究的热点问题，薪酬问题直接关系着公司高管以及职工工作的积极性，进而会对整个公司的绩效产生影响。从已有的文献可以得出，关于薪酬差距与企业绩效关系的研究不是很多，且主要集中研究高管薪酬差距与公司绩效关系，对薪酬差距的影响因素以及高管和职工之间的薪酬差距与企业绩效关系的研究较少。在研究对象的选择上，大都以深沪两市全部上市公司作为对象，较少研究者根据性质不同对企业进行细分，也较少对行业进行细分，考虑到不同行业在治理机制、薪酬体系以及人力资源安排方面存在差异性，这种差异可能对薪酬水平、员工的激励程度以及企业绩效产生影响，同时，...

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