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论文编号：	603
作者编号：	2120062047
上传时间：	2008/6/20 0:37:11
中文题目：	多元化战略与高管团队薪酬差异的
英文题目：	A Match Relationship Study of
指导老师：	薛有志 教授
中文关键字：	多元化战略;高管团队;薪酬差异;<
英文关键字：	Diversification;Top Management
中文摘要：	关于高管薪酬的研究一直以来是管理学学者研究的重点领域。相关研究中，有将高管薪酬水平作为企业绩效的因变量，研究其对高管的激励效果；也有研究影响高管薪酬水平的因素；还有从组织与战略匹配的角度，研究高管团队薪酬的设计与公司战略之间的关系。 近年来，关于薪酬战略与企业战略的匹配也是国内外学者研究的一个热点。但是其关于薪酬这一块的实证研究并没有深入细化，一方面可能是当时的信息披露不够很难获得相关的数据，另一方面因为数据收集工作的繁琐性，因此，本研究的切入点是，分析多元化战略与高管团队薪酬差异之间的相互关系，试图构建匹配模型，进而研究其二者匹配关系对公司绩效的影响。 本研究以中国沪深两市上市公司为样本，从上市公司公布的年报中截取2006年公司的薪酬样本数据、公司经营的多元化数据和公司绩效数据，进行实证分析。研究得出：对我国上市的数据检验结果表明，多元化折扣的解释力要强于多元化溢价，即多元化程度越高，企业绩效越差；多元化程度与公司高管薪酬差异成正相关关系（通过5％双尾检验），即多元化程度越高，高管团队薪酬差异越大；本研究通过对于公司多元化战略与高管团队薪酬差异的匹配模式构建，并进行匹配组与不匹配组的对比分析，发现进行各匹配模式的公司绩效显著的不同，但是同时发现匹配组公司的绩效并不优于不匹配公司的绩效；在进行了样本进一步筛选和分组优化后，发现匹配组绩效要优于不匹配组。 此外研究还发现高管团队绝对薪酬差距与公司绩效正相关，变异系数与公司绩效负相关，而且都通过1％显著性检验，说明要适当拉开CEO与其他非高管之间薪酬差距，同时保持非高管团队之间薪酬的公平性，同时解释了薪酬差异的两种相对理论锦标赛理论和行为理论。 本研究的结果也支持了本研究的假设，即高管团队薪酬差异要与具体的企业多元化战略相匹配，这对于实施多元化或者专业化公司的高管薪酬设置都具有一定的指导意义。
英文摘要：	Salary of top managers has always been a very important topic in Management area. Some researches used it as a dependent variable of corporate operations to estimate the effects of financing incentives, some researches analyze the factors that influence top managers’ salary, and some focus on the relation between top managers’salary and organizations’strategies. In recent years, many researches form outside the country focus on the relation between salary of top managers and corporate strategies. However, studies on top managers’salary are not thorough and specified for mainly tow reasons: on one hand, the declaration of the information is not usually in time which makes collecting job hard to realize; on the other hand, the collecting job itself is quite cockamamie. Therefore, in this thesis, we are trying to set up a model to analyze the relation between diversification strategy and the differences of top managers’salary, and do further researches on corporate operations based on this model. We collected relative data form annual financial statement of companies listed in Shanghai and Shenzhen exchanges in year 2006, and analyzed it by empirical methods. We found out that: diversification discount can explain data better than diversification economics, which is the higher the degree of diversification the poorer the performance of the corporations. There is a positive relation between diversification and differences in salary within top management team (at the significant level of 5%, two tails); the higher degree of diversification the greater differences in salary occurred within TMT. What’s more, we divided our sample into subgroups by considering whether the choice of diversification matches the choice of salary system. We compared them, and found out that differences of performance existed among those subgroups, there’s no evidence showed that the performance of the “matched companies” was better than companies that didn’t mach. However after filtering the data and dividing them into varieties of strategic subgroups, the performance of the “matched companies” was better than companies that didn’t mach. The absolute value of differences in salary is positively related to corporate performance, the coefficient of variation is inversely affects corporate performance. Mean while it can explain two theories of salary differences: Behavior theory and Competitor theory. The hypotheses of the thesis are supported by evidence, that is: the choice of salary differences in TMT must mach specific strategies of specific enterprises. It is meaningful for those companies pursuing diversification or specialization strategies to choose salary proposals
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