CAJ | 학술논문

本文首次运用公司未来的创值水平作为评估激励效果的指标,运用利润与现金薪酬的相关系数衡量现金激励水平,比较了权益激励、现金激励和未安排激励情况下公司的未来创值水平。实证结果表明：（1）高管的现金薪酬越高,企业的未来创值水平越高;（2）安排现金激励的公司未来创值水平比未安排激励的公司高;（3）安排权益激励的公司未来创值水平比安排现金激励和未安排激励的公司都高,这在国有上市公司中尤其显著。总体来讲,在薪酬管理实务中,安排权益激励的合约优于安排现金激励的合约,安排现金激励的合约优于未安排激励的合约,高薪的合约优于低薪的合约,高薪的管理者能够给股东创造财富。
본문수차운용공사미래적창치수평작위평고격려효과적지표,운용리윤여현금신수적상관계수형량현금격려수평,비교료권익격려、현금격려화미안배격려정황하공사적미래창치수평。실증결과표명：（1）고관적현금신수월고,기업적미래창치수평월고;（2）안배현금격려적공사미래창치수평비미안배격려적공사고;（3）안배권익격려적공사미래창치수평비안배현금격려화미안배격려적공사도고,저재국유상시공사중우기현저。총체래강,재신수관리실무중,안배권익격려적합약우우안배현금격려적합약,안배현금격려적합약우우미안배격려적합약,고신적합약우우저신적합약,고신적관리자능구급고동창조재부。
This paper suggests via theoretical analysis that good human capital management for top-managers should be high salaries and incentive arrangements. The empirical tests support this point of view based on a sample of non-financial companies listed on the Shanghai and Shenzhen Stock Exchange before 2008. The empirical results show that （1） there is positive relationship between the level of top-managers＇ pay and the level of future value-creating, （2） the sensitivity of firms＇ future value-creating to compensation for firms which have arranged cash-based incentive compensation system to top-managers is significantly higher than that for firms which do not arrange incentive compensation system to top-managers, （3） the sensitivity of future value- creating to compensation for firms which arrange equity-based incentive compensation system to top-managers is significantly higher than that for firms which only arrange cash-based incentive system to top-managers or do not arrange incentive system at all. Overall, in the practices of human capital management, the contracts with equity-based incentive are better than those with cash-based incentive, and the contracts with cash-based incentive are better than those without incentive system, contracts paid higher are better than low-paid contracts.