CAJ | 학술논문

人力资本是公司创新的源泉，治理结构是公司利益合理分配的保证。对沪深两市2007-2011年52家能源类上市公司面板数据的实证研究发现：人力资本上，员工人数与高管-员工薪酬差距显著正相关，高管人数、企业接受高等教育员工比例呈现行业异质性；治理结构上，董事会规模与高管-员工薪酬差距负相关，两职合一、独立董事制度无显著影响。基于人力资本、治理结构视角，对能源类上市公司薪酬差距的实证研究将为上市公司的薪酬设计和员工管理提供有效指导。
인력자본시공사창신적원천，치리결구시공사이익합리분배적보증。대호심량시2007-2011년52가능원류상시공사면판수거적실증연구발현：인력자본상，원공인수여고관-원공신수차거현저정상관，고관인수、기업접수고등교육원공비례정현행업이질성；치리결구상，동사회규모여고관-원공신수차거부상관，량직합일、독립동사제도무현저영향。기우인력자본、치리결구시각，대능원류상시공사신수차거적실증연구장위상시공사적신수설계화원공관리제공유효지도。
Human capital is the source of corporate innovation ,and governance structure is a guarantee of a company's reasonable distribution of interests .An empirical study was done based on panel data of 52 listed energy companies over the period of 2007 -2011 ,focusing on the characteristics of human capital , corporate governance structure and the relationship of executive-employee emolument gap .T he results in-dicate that the number of employees has significant positive correlation with the emolument gap ,but the coefficients of the number of top management and employees with higher education are significantly differ-ent for different industries .Governance structures symbolized by independent director system and CEO du-ality do not effectively reduce internal pay gap ;the number of board of directors and executive-employee e-molument gap are negatively correlated .An analysis of energy listed companies from the perspective of hu-man capital ,governance structure will give insight to emolument design and staff management .