普通员工薪酬、公司规模与成长性——来自中国上市公司面板数据的经验证据

现有研究忽略了企业内持股最少的普通员工的薪酬激励对企业成长的作用。本文围绕我国上市公司普通员工薪酬激励对成长性的影响以及公司规模、公司治理等因素在其中作用等问题,设计了度量普通员工薪酬、成长性等变量的新指标,采用面板数据回归方法,对2001—2009年沪深1 209个上市公司普通员工薪酬、公司规模与成长性间的关系进行了实证研究。结果表明:普通员工薪酬、国有股和法人股比例对成长性有显著正影响;管理层薪酬与成长性呈显著的倒U型关系,公司规模、托宾Q值与成长性存在显著的U型关系;管理层持股、独董比例对成长性有不太显著的正影响;董事会规模与公司成长性呈不很显著的倒U型关系。

Ordinary employees’ salaries,corporate size and growth:Evidence from the panel data of Chinese listed firms

Existing studies neglected the salary incentives of ordinary staff which have the least shareholding of the company in the role of the Companies Growth.This paper focuses on those questions including what was the influence of the ordinary employee earning on the Growth of the Chinese Listed Company and what functions did the factors of Corporate Size and Corporate Governance play and other issues.Based on the sample of 1 209 listed companies in China stock market from 2001 to 2009,designing some new indexes for those variable including the Ordinary Employees Salaries,Growth and so on,the empirical research on the relationship of three that including the Ordinary Employees Salaries,Corporate Size and Growth by panel data regression method shows that: Those variables including the Ordinary Employees Salaries,the Proportion of State-owned Shares and Legal Person Shares has significant positive influence on Growth;However,Executive Compensation has inverted u-shaped and the other two factors of Corporate Size and Tobin Q has u-shaped conspicuous relationship with Growth;the Percentage of Managerial Ownership and Independent Directors has not significant positive influence on Growth;Number of Directors has not so notable inverted u-shaped relationship with Growth.