经济问题
經濟問題
경제문제
On Economic Problems
2014年
10期
57~61
,共null页
公司治理 薪酬结构 薪酬粘性 股权激励强度
公司治理 薪酬結構 薪酬粘性 股權激勵彊度
공사치리 신수결구 신수점성 고권격려강도
corporate governance; compensation structure ; compensation stickiness; intensity of equity incentive
随着我国股权激励制度的建立和逐步完善,如何合理制定薪酬契约以激励高层管理者值得关注.以2006～2012年沪深A股国有上市公司为样本对薪酬结构和粘性的关系进行探讨,研究发现：虽然国有上市公司高管权益报酬已初具规模,但仍存在薪酬粘性现象,并且代表薪酬结构的股权激励强度与粘性存在区间效应,股权激励强度处在（0,0.45]时,粘性不存在,无股权激励或强度大于0.45时会产生粘性,同时验证了粘性对企业未来业绩有不利影响.基于上述结果,最后提出了相应的对策建议,以促进我国国有上市公司未来业绩提升.
隨著我國股權激勵製度的建立和逐步完善,如何閤理製定薪酬契約以激勵高層管理者值得關註.以2006～2012年滬深A股國有上市公司為樣本對薪酬結構和粘性的關繫進行探討,研究髮現：雖然國有上市公司高管權益報酬已初具規模,但仍存在薪酬粘性現象,併且代錶薪酬結構的股權激勵彊度與粘性存在區間效應,股權激勵彊度處在（0,0.45]時,粘性不存在,無股權激勵或彊度大于0.45時會產生粘性,同時驗證瞭粘性對企業未來業績有不利影響.基于上述結果,最後提齣瞭相應的對策建議,以促進我國國有上市公司未來業績提升.
수착아국고권격려제도적건립화축보완선,여하합리제정신수계약이격려고층관리자치득관주.이2006～2012년호심A고국유상시공사위양본대신수결구화점성적관계진행탐토,연구발현：수연국유상시공사고관권익보수이초구규모,단잉존재신수점성현상,병차대표신수결구적고권격려강도여점성존재구간효응,고권격려강도처재（0,0.45]시,점성불존재,무고권격려혹강도대우0.45시회산생점성,동시험증료점성대기업미래업적유불리영향.기우상술결과,최후제출료상응적대책건의,이촉진아국국유상시공사미래업적제승.
With the establishment and development of Chinese stock incentive system, how to make reasonable compensation contracts deserves concentration. The paper takes A - share state - owned listed companies from 2006 to 2012 as the sample and investigate the relationship between compensation structure and stickiness. The result shows that compensation stickiness still exists even though equity -based awards has taken shape, and it suggests that there is a range effect between the intensity of equity incentive and stickiness. That is, if the intensity is within （0,0.45 ], stickiness does not exist. Conversely, it will engender stickiness. Meanwhile the stickiness proves to have a side effect on future performance. Based on the conclusions above, some suggestions are accordingly put forward to boost future performance.
