导　　师： 梁彤缨

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 高管薪酬作为解决代理问题的重要方式之一受到国内外学术界的广泛关注。不过，国内外学者研究高管薪酬水平的居多，而涉猎高管团队内部薪酬差距的相对较少，尤其是对中国上市公司高管团队内部薪酬差距问题的探讨还处于起步阶段。因此，对中国上市公司高管团队内部薪酬差距问题展开研究不仅十分必要，而且具有重要的理论与实践意义。 高管团队内部薪酬差距的影响因素以及与公司绩效的关系是学术界以及实务界关注的重点。本文选取中国A股市场408家上市公司2005-2010年的面板数据，结合中国国情，采用规范与实证相结合的方法进行研究。本文首先验证高管团队内部薪酬差距的存在性；然后探讨管理层权力（董事长与总经理两职合一、执行董事比例、股权集中度）以及股权性质对高管团队内部薪酬差距的影响；最后从内生性的视角，通过建立联立方程，并运用二阶段最小二乘法（2SLS）研究内部薪酬差距与公司绩效的关系，以及在不同薪酬水平作用下内部薪酬差距对公司绩效的影响。 本文得出的主要结论是：（1）中国上市公司高管团队内部薪酬差距在经济学和统计学意义上是客观存在的；（2）董事长与总经理两职合一与高管团队内部薪酬差距存在显著正向关系，而执行董事比例、股权集中度、以及国有控股性质与高管团队内部薪酬差距存在显著负向关系；（3）高管团队内部薪酬差距的拉大能够有效提升公司绩效，因此，锦标赛理论获得支持；（4）高管团队内部薪酬差距与公司绩效的关系会受到薪酬水平的影响。当高管薪酬不能满足高管人员的经济需求时，高管团队内部薪酬差距对公司绩效产生负向影响；当高管薪酬能够保障高管人员的经济需求时，高管团队内部薪酬差距对公司绩效产生正向影响，并且内部薪酬差距的激励强度随着薪酬水平的提升而呈现显著地边际递增效应。最后，本文提出了建立完善的经理人选聘机制，因地制宜设计高管团队薪酬激励制度，以及改善公司治理结构等政策建议。 As an important way to solve the agency problem, executive compensation has been thefocus of scholars from home and abroad. A lot of domestic and foreign scholars have studiedthe level of executive compensation, while the studies related to the pay gap are rarely saw,especially the study of China's listed companies is still in its infancy. Therefore, this study onthe pay gap within the executive team is not only necessary, but also has important theoreticaland practical significance. The influencing factors within the executive team pay gap and its relationship with thecompany's performance are the focus of attention by the theorists and practitioners. This paperselects the panel data of A-share listed408companies from2005to2010in China, andcombines with actual situation in China, utilizes a combination of normative and empiricalresearch methods to explore the executive team pay gap. First, this paper verifies theexistence within the executive team pay gap. Then, we explore the impact of managementpowers and the nature of equity on the executive team pay gap. At last, undertakes theperspective of endogenous, we explore the relationship between the internal pay gap andcorporate performance as well as the role of the different pay levels of the companyperformance through the establishment of simultaneous equations and the use of two-stageleast squares method. The main conclusions of this paper are:/(1/) the pay gap within the top management teamof China's listed companies is an objective reality in the sense of Economics and Statistics;/(2/)With the internal pay gap, two roles in one show a significantly positive relationship, whilethe proportion of executive directors, ownership concentration and the existence ofstate-owned holding show a significantly negative relationship;/(3/) the widening of the topmanagement team pay gap can effectively enhance the company's performance, whichsupports the Championships Theory;/(4/) the relationship between the top management teampay gap and firm performance is influenced by pay levels. If top management pay cannotmeet the economic needs of top managements, the internal pay gap will produce a negativeimpact on the firm performance, otherwise it will have a positive impact. Moreover, the internal pay gap excitation strength will show a significant marginal increment in effect as thelevel of remuneration enhances. At last, this paper suggests that companies should establish aperfect manager hiring mechanism, and set the remuneration the incentive system suited tolocal conditions, as well as to improve the corporate governance structure.

关 键 词： 高管团队 薪酬水平 内部薪酬差距 影响因素 公司绩效

分 类 号： [F272.5 F272.92]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]