导　　师： 肖继辉

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 近年来，随着我国资本市场的快速发展，上市公司的数量和规模不断扩大，上市公司薪酬也在快速增长，且增长的趋势与公司业绩相脱离。我国上市公司薪酬尤其是高管薪酬出现了逐年持续增长的现象，针对高管以及员工薪酬所出现的该种棘轮效应，本文进行了具体的研究分析，并对其可能的影响因素进行了实证检验。选取的样本为2007到2011年我国制造业上市公司。首先对样本公司的薪酬与业绩情况进行统计分析，以验证薪酬棘轮效应的存在。然后从行业棘轮效应以及运气薪酬两个角度对薪酬棘轮效应的影响进行了实证检验。 结果发现，无论是高管薪酬棘轮效应还是员工薪酬棘轮效应，均受到行业薪酬棘轮效应的正向影响，即行业薪酬棘轮效应会促进公司高管以及员工薪酬棘轮效应的产生；同时，运气薪酬与棘轮效应反向相关，业绩大于行业基准业绩的公司，其薪酬棘轮效应不如业绩小于行业基准的公司明显。另外，本文也加入代理变量变量、高管自利变量以及公司治理变量的影响，进一步检验棘轮效应的影响机制。结果发现，代理变量对棘轮效应的产生无显著影响；高管自利变量以及公司治理特征会对高管薪酬棘轮效应产生一定程度的影响，而对员工薪酬棘轮效应无显著影响。 Recent years, with the rapid development of China's capital market, the number and size ofthe listed company continue to expanding, the listed company's compensation is also growingrapidly without following the performance. Specific analysis for executives of listed companiesin China as well as staff salaries showing a ratchet effect phenomenon, and its influencing factorswere studied. Articles2007to2011, China's manufacturing industry listed companies as sampleswere analyzed from the perspectives of industry benchmarks and luck remuneration generationof the ratchet effect. It was found that executive pay ratcheting or staff salaries ratchet effect, aresubject to the positive influence of the industry benchmark, the industry benchmark will promotethe generation of ratchet effect; at the same time, luck remuneration inhibits the generation of theratchet effect. The company whose performance is greater than the industry average performanceof the company, the extent of their remuneration ratchet effect below the lower performance ofthe company. Agency costs variables, the impact of executive self-interest variable and corporategovernance variables are analyzed for further study of the mechanism of the ratchet effect. It wasfound that agency costs having no significant effect on the generation of the ratchet effect;executives’ self-interest and corporate governance variables will affect the ratchet effect at acertain extent.

关 键 词： 薪酬 棘轮效应 行业棘轮效应 运气薪酬

分 类 号： [F832.51 F272.92]

领　　域： [经济管理] [经济管理] [经济管理]