科研管理

科研管理 ›› 2007, Vol. 28 ›› Issue (4): 126-133.

• 论文 • 上一篇    下一篇

上市高新企业高管薪酬及其效应的实证研究

方阳春1,2, 姚先国1, 赖普清3   

  1. 1. 浙江大学,公共管理学院,浙江,杭州,310027;
    2. 浙江工业大学,政治与公共管理学院,浙江,杭州,310023;
    3. 浙江大学,经济学院,浙江,杭州,310027
  • 收稿日期:2005-11-29 出版日期:2007-07-24 发布日期:2011-05-16
  • 作者简介:方阳春(1974-),女(汉),浙江浦江人,浙江工业大学政治与公共管理学院讲师,博士,研究方向:人力资源管理。
    姚先国(1953-),男(汉),湖南华容人,浙江大学经济学院教授,博士生导师,研究方向:劳动经济学、政治经济学。
    赖普清(1973-),男(汉),江西赣县人,浙江大学经济学院博士生,研究方向:劳动经济学。
  • 基金资助:

    国家自然科学基金重点课题:中国人力资本投资与劳动力市场管理研究(项目编号:70233003,时间2003.1-2006.12)。

A study on the top management compensation in listedhigh-tech companies and its effectiveness

Fang Yangchun1,2, Yao Xianguo1, Lai Puqing3   

  1. 1. College of Public Administration, Zhejiang University, Hangzhou 310027, China;
    2. School of Politics and Public Administration, Zhejiang University of Technology, Hangzhou 310023, China;
    3. Colleg of Economics, Zhejiang University, Hanghou 310027, China
  • Received:2005-11-29 Online:2007-07-24 Published:2011-05-16

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摘要： 高新企业是人力资本密集型企业,薪酬是发挥其人力资本优势的主要激励手段,高管人员的薪酬是公司治理机制的核心内容之一。本研究对上市高新产业企业的高管的薪酬进行了实证研究,发现对上市高新产业企业高管的薪酬水平有显著影响的因素是公司的规模、业绩、公司所处的经济区域以及公司的最大股东的持股比例,其中,公司的规模对高管的薪酬的影响最大。对高管的持股比例有显著影响的因素是公司的规模、业绩及公司的最大股东的持股比例。独立董事在董事会所占的比例、监事会规模并不影响高管的薪酬。高管的薪酬和公司的业绩显著正相关,高管的薪酬水平、持股比例和高管的薪酬差距明显影响着公司的业绩。本研究证实了高新企业高管薪酬的效应,建议对高新企业高管人员实行以市场为导向、以公司的业绩为驱动的薪酬制度,在规范的基础上大力推行股票期权计划,适当提高高管团队的薪酬差距,进一步完善高新企业的治理结构。

关键词: 高新企业, 高管薪酬, 效应, 实证研究

Abstract: High technology companies are human capital concentrated; the compensation is the main incentive tool to gain human capital advantage. Top management compensation is also the main content of the company governance mechanism. The top management compensation in listed high technology companies and its effectiveness is analyzed empirically. The study reveals that the main factors which determine top management compensation are firm size,firm performance, economic area that firm locates at, and stock percentage of the maximal shareholder. The firm size is the biggest factor. The main factors which significantly affect percentage of stock holding by top management are firm size,firm performance, and stock percentage of the maximal shareholder. The outside director percentage of directorate and the size of intendancy committee do not affect top management compensation in statistics. Top management compensation is positively related to firm performance. Top management compensation,percentage stock ownership and compensation gap among top managements notably influence firm performance. It is also shown that the top management compensation mechanism is effective in the degree. And listed high-tech companies should build up a market-oriented, performance-driven compensation system, carry out equity incentive system, increase compensation gap, and strengthen company governance mechanism.

Key words: high-techn firm, top management compensation, effectiveness, empirical research

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