上市公司内外治理机制如何影响高管-员工薪酬差距?

本文从公司治理角度出发实证检验公司内外治理机制对高管-员工薪酬差距的影响,得到以下研究结论:(1)基于全样本的研究发现:公司内部独立董事比例和两职兼任与高管-员工薪酬差距正相关,第一大股东持股比例、 董事会规模、 监事会规模等与薪酬差距负相关;公司外部产品市场竞争与薪酬差距负相关,"限薪令"、"八项规定"等管制政策因素与薪酬差距正相关.(2)基于产权性质差异的研究发现:两职兼任与董事会规模扩大会进一步拉开民营企业的高管-员工薪酬差距,但对国有企业、 中央企业、 非中央企业的高管-员工薪酬差距并无明显作用.(3)基于高管-员工薪酬差距区间效应的研究发现:在全样本、 民营企业、 非中央企业三个样本中,公司内部部分治理机制会受薪酬差距区间效应的影响而发挥不同的治理作用,但产品市场竞争和管制政策因素始终分别发挥着缩小和扩大薪酬差距的作用.本文结论厘清了公司内外治理机制影响高管-员工薪酬差距的作用方向,能够为企业如何缓解内部薪酬矛盾提供一定的借鉴参考.     

谁才是企业创新的真正主体:高管人员还是核心员工

如何优化人力资本激励制度以提高企业的创新能力已成为公司治理领域的热点话题之一.本文关注2006-2015年实施核心员工持股计划和股权激励计划的A股非金融类上市公司,通过对比核心员工持股与高管人员股权激励,试图回答这两种激励机制谁才是企业创新激励效应的主体.研究发现:核心员工持股显著提高了企业的创新能力;核心员工持股的创新激励效应显著高于高管人员的股权激励;相较于高管人员股权激励,核心员工持股通过缩小核心员工与高管人员之间的薪酬差距,降低了高管人员与核心员工之间的代理成本,提高了企业的创新能力.上述研究不仅有助于从理论上寻找企业创新能力的源泉,也为我国混合所有制企业推广实施核心员工持股计划的激励制度改革提供了理论依据和政策参考.     

有效激励还是以权谋私:超额高管薪酬与股价崩盘风险——基于不同产权性质的实证研究

近年来中国上市公司的高管高薪引起社会的广泛关注.本文搜集了2010~2014年中国A股上市公司前三名高管的薪酬水平,考察高管的超额薪酬与股价崩盘风险的相关关系,分析不同产权性质下高管高薪的激励效果.研究发现:国有上市公司的高管超额薪酬与股价崩盘风险正相关,证明国企中高管高薪的自利性,但该现象仅在地方国企显著;民营上市公司的高管薪酬相对国企而言更具激励性,但激励效果十分有限;超额高管薪酬与股价崩盘风险的关系受产权性质的影响,证明不同产权性质的企业在高管激励方面存在明显差异.本文为不同产权性质上市公司的高管薪酬制度建设提供了理论依据,并同时反映了基于激励动机的股价崩盘效应.     

高管薪酬差距、产权性质与企业绩效的研究——以安徽上市公司为例

以安徽省上市公司2015-2019年的样本数据进行实证研究发现,高管薪酬差距与企业绩效之间呈现出显著正向相关关系,考虑产权性质这一调节变量之后,研究发现,国有企业高管团队内部薪酬差距较之民营企业激励效果更好,国有企业高管薪酬差距与企业绩效间呈现出更强的相关关系。     

高管薪酬激励是否影响企业绩效

本文从高管薪酬的角度,在分析高管薪酬与企业绩效的统一框架下,基于产权的性质,收集了2006年~2016年国有和民营企业的面板数据,并对高管薪酬激励与企业绩效之间的关系进行了实证检验。发现高管薪酬激励对企业绩效有显著的促进作用,国有企业的作用比民营企业更加显著。进一步研究发现,在国有企业中,股权集中度对企业高管薪酬激励与企业绩效有显著负向调节作用,而对民营企业没有显著影响。     

企业国际化程度对公司治理结构的影响研究——基于不同所有权性质与行业的分析

本文以2009—2014年有海外收入的非金融类上市公司为样本,检验国际化程度对公司治理结构的影响,并进一步检验不同所有权性质和不同行业企业国际化程度对公司治理结构影响的差异。结果表明:不区分所有权性质和行业时,国际化程度与董事长总经理两职合一、高管股权激励显著正相关;区分所有权性质后,国际化程度对非国有性质企业董事长总经理两职合一、高管股权激励影响显著;对国有性质企业董事长总经理两职设置不产生显著影响,但对其高管薪酬激励影响显著;分行业来看,国际化程度能促进技术密集型企业董事长总经理两职合一,并强化了资本密集型和技术密集型企业的高管股权激励和薪酬激励,但与劳动密集型企业高管薪酬激励显著负相关。     

制度环境特征、薪酬差距与创新能力研究--基于高新技术企业的研究

高新技术企业是我国科技创新的一个“主战场”,创新离不开高管主导与推动,与员工支持也密切相关。那么高管-员工薪酬差距对高新技术企业创新能力有什么影响,现以2012-2020年A股高新技术企业上市公司为样本,研究了高管-员工薪酬差距对创新能力影响,其中创新能力分为创新投入、创新质量与创新数量三个维度。实证检验发现,高管-员工薪酬差距会促进创新能力的提升,符合锦标赛理论预期;进一步研究发现,国有企业产权性质、环境不确定性与产品市场竞争均会削弱薪酬差距与创新能力的相关关系。     

我国创业板上市公司高管薪酬影响因素研究

高管薪酬激励是公司治理中解决委托代理问题的重要途径。上市公司高管薪酬问题一直备受各方关注。分析了创业板上市公司高管薪酬的影响因素,以2010年创业板上市公司相关数据作为样本,并就这些因素与高管薪酬的关系进行了实证研究。研究结果表明,企业绩效、企业规模、股权集中度、高管学历、地区和行业因素对创业板上市公司高管薪酬有显著影响,而董事会规模对高管薪酬的影响并不显著。     

国企民营化与高管的薪酬业绩敏感性——基于我国上市公司民营化样本实践的检验

对国企民营化改革效果的期望中,理性的受让方势必要求企业的高管薪酬契约更加有效,进而有助于提升企业业绩。本文以2003-2014年我国上市公司数据为样本,采用双重差分的方法考察国企民营化对高管薪酬激励有效性的影响。国企民营化显著提高了高管的薪酬,但降低了高管的薪酬业绩敏感性。进一步研究发现,按照民营化程度分组,在高管变更与民营化后不存在国有股权的样本中,高管薪酬业绩敏感性显著下降;依据国企民营化后的公司治理结构分析,在国企民营化后的股权制衡低与不存在机构投资者样本中,高管薪酬业绩敏感性显著下降。研究表明,提升企业高管薪酬激励的有效性,并非民营化简单地一改就灵,不同的公司治理、企业规模、民营化的程度等,都对其有影响。所以,国企民化改革需要把握好节奏和程度,要重视适度保留和发挥国有股权成分的治理作用。另外,研究结论的拓展反思,对国有企业现行的高管薪酬制度的管理与改革有启示意义。     

高管团队背景特征、薪酬激励与内部控制有效性

本文以2011年A股1507家上市公司为研究对象,实证检验了高管团队背景特征、薪酬激励与内部控制有效性之间的关系.高管背景特征方面,高管团队规模与内部控制有效性呈反向关系,女性高管人数的提高会促进内部控制有效性的提升,高管年龄多样化会提高内部控制有效性.薪酬激励方面,直接薪酬和持股水平与内部控制有效性均显著正相关.本文丰富了高管特征与内部控制有效性的研究成果,对内部控制的建设具有一定的启示意义.     

Universal Coverage, Pinpoint Illustration and Profound Impact HTC 2008 Intermedia Recommendation and Introduction Meeting

Holding 88 percent of train media resources across China, based on "Time Cube", on the 2008 Intermedia Recommendation and Introduction Meeting on December 19, 2007, HTC announced its high-profile strategy of tour marketing and tapping the immeasurable potentials on the train. Meanwhile, HTC officially launched its brand new product Olympic Train on the meeting, providing a fabulous platform for all the brands that are prepared to do a smart marketing on the occasion of 2008 Olympic Games.     

Market presence in China strengthened Network growth and Dual-Chinese-Hub Strategy More frequet Flyer Benefit——Air China and shanhai Airlines Join Star Alliance

In the end of 2007, Air China Limited (hereinafter "Air China") and Shanghai Airlines, formally joined Star Alliance at a ceremony held in the new Terminal Three at Beijing Capital International Airport. With the addition of the two Chinese airlines, Star Alliance now has 19 member carriers operating 17,000 daily flights to 897 destinations in 160 countries.     

Brown＇s Blossom in Britain-China

The overall strategic relationship between U.K. and China is ＂better than ever＂, China- Britain relations have maintained good momentum, with increased high-level exchanges and the reinforcement of strategic mutual trust, with more room for growth in the future.     

Challenge and Opportunity Go Hand in Hand——What Global Economic Agitation Brings to the China's Economy?

Domino effects of the global finance agitation As the origin of the subprime crisis,US financial institutions lost USS45 billion last year,accounted for over half of the total US,EU & Japan loss.Since January 15th,Chtigroup released its financial statement of the 4th quarter,showing a net deficit of USS9.83 billion,which marked the hisoric high of its quarterly deficit.     

A World of Love 2008 Music Grand Ceremony

Under the guidance of the theme slogan of the 29th Olympic Games - One World One Dream, with dream, love and dedication as its theme, the 2008 Music Grand Ceremony ＆ 1000 People Charity Concert on 100 days cotmtdown to Paralympic Gamesis officiaily launched on December 22, 2007. The 2008 Music Grand Ceremony is sponsored by China Disabled Persons＇ Federation, and co-hosted by National Paralympic Committee of China,     

China''''s National Oil Reserve Center was Born

Aseries of events that occurred in October 2007, are rewriting the history of China's energy industry: November 3 an Energy Law Committee asked the public for suggestions on improvements; forty top experts came together to form the National Energy Expert Advisory Committee on November 6; and the National Oil Reserve Center (NORC)became the nerve centre of oil reserves on November 18. Yet, behind the progress of these recent activities remains the fact that international oil prices still hover around a very high price of US$ 90/barrel, and China's oil imports are close to accounting for half of its total oil reserves.     

MUYANG GROUP

With its headquarters in the historic city of Yangzhou,Jiangsu Muyang Group Co.,Ltd has since its founding in 1967 grown into a well-known group corporation whose activities cover research ＆ development,project design,manufacturing,installation and services in a multitude of industries including feed machinery and engineering,storage engineering,grain machinery and engineering,environmental protection,conveying equipment and automatic control systems.     

2007 China Harbor Ten People

2007 China Harbor Ten People elected the entrepreneurs who contributed a lot to port economy and enterprises this year trough their talent management.These ten people embody their social responsibility,professional skills,creative ability,and charming personality.Bearing full confidence in China＇s port economy,the port entrepreneurs are brave enough to explore a brand new area,so as to promote harbor economic development. At the very beginning of 2008,China Shipping Website,Dalian Maritime University,and China Port and Shipping In- stitute jointly select the 2007 China Harbor Ten People,demonstrate port entrepreneurs＇ stunning minds,disclose their secrets to success,and providing abundant experiences to others in harbor development.The top ten people are various excellence during the ups and downs harbor development.     

Sony Style in China

Since the normalization of the diplomatic ties between China and ） Japan, the bilateral economic relations have deepened continually. According to the statistic of Japan, China passed U.S. to become Japan＇s top trade partner as well as is the second largest export market for Japan and is the largest import resource for Japan. Japan companies such as Mitsui, Sumitomo, Sony and Panasonic, have set the subsidiaries in China and explored their scales. This year 2008 marks the 30th anniversary of the signing of the ChinaJapan Treaty of Peace and Friendship.     

China''''s Stock Market Wave

The annual meeting of the World Economy Forum was held in Davos,a little town in Switzerland,on January 23rd to the 27th this year,with the theme"the Power fo Collaborative Innovation",over 2500 celebrates from ture political and cconomic circles of more than 80 countries and challengred logether to talk about the future of the global economy in 2008,A Forum for the problems and challenges that face whole world,some of the keywords which drew attention during the event were:the U.S.subprime mortgage crisis,soaring energy prices,the economic slowdown in the U.S.ermerging economic bodies,authority funds and the general unpredictable nature of the global economy.