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随着上市公司自1998年开始披露上市公司高级管理人员薪酬以来,人们注意到许多难以理解的现象,比如连年亏损公司的高级管理人员却获得了相对丰厚的报酬。本文通过对我国上市公司进行实证研究表明,高管薪酬增长率与公司业绩增长之间并不存在相关关系。薪酬差距与公司绩效之间呈显著正相关关系,符合锦标赛理论的预期,说明适当拉大员工薪酬差距具有一定的激励作用。国有股比例不同的公司的激励作用也不同。
As listed companies have been disclosing the remuneration of senior executives of listed companies since 1998, many people have noticed many phenomena that are hard to understand, such as the relatively high remuneration paid to the senior managers who have been losing money in the company for years. The empirical study of listed companies in China shows that there is no correlation between the growth rate of executive pay and the growth of corporate performance. There is a significant positive correlation between the pay gap and corporate performance, which is in line with the expectation of the tournament theory. It shows that there is a certain incentive effect for widening the pay gap appropriately. Incentives for companies with different proportions of state-owned shares are also different.