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本文以2007~2015年我国A股上市公司为研究样本,检验了不同类型机构投资者持股比例对于职工薪酬业绩敏感性的影响。参考前人的研究办法,本文将机构投资者划分为压力敏感型和压力抵制型机构投资者。研究结果表明,压力抵制型机构投资者可以提高职工薪酬的业绩敏感性,降低职工薪酬的业绩粘性。压力敏感型机构投资者则降低了职工薪酬的业绩敏感性,增强了职工薪酬的业绩粘性。
This article takes the sample of A-share listed companies in China from 2007 to 2015 as a research sample, and examines the effects of different types of institutional investors’ shareholdings on the employee compensation performance sensitivity. With reference to previous research methods, this article classifies institutional investors as pressure-sensitive and pressure-resistant institutional investors. The results of the study indicate that pressure-resistant institutional investors can improve the performance sensitivity of employee compensation and reduce the stickiness of employee compensation. Pressure-sensitive institutional investors reduced the performance sensitivity of employee compensation and enhanced the stickiness of employee compensation.