文档介绍：
员工薪酬与企业价值创造关系实证研究#
杨春清1,朱卫东2**
(1. 合肥工业大学管理学院;
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2. 合肥工业大学,经济学院)
摘要:文章基于深沪两市 2003—2010 年 1023 家上市公司共 7161 个观察数据,研究了我国
上市公司职工薪酬与企业价值创造(附加价值)之间的关系。首先对样本企业按绩效高低不
同进行分组,然后分别对两组样本进行统计描述及回归对比分析。从两组样本的员工所得率
与资本增值率方差分析结果看,两组样本之间显著不同,而从模型分析发现:(1)高绩效
组企业中薪酬与企业绩效存在显著的正相关关系,而对比组则无这样的关系;(2)高绩效
组企业薪酬对绩效的弹性为 %,而对比组则无。统计分析还发现:高绩效组企业的企业
平均薪酬、平均附加价值、员工所得率与资本增值率都明显高于对比组企业,说明企业的高
薪酬与高绩效之间具有紧密联系的特征。
关键词:附加价值;员工薪酬;价值创造;薪酬绩效弹性
中图分类号:
empirical research on relations between employee
compensation and firm performance
Yang Chunqing1, Zhu Weidong2
(1. school of management, Hefei university of technology;
2. school of economy, Hefei university of technology)
Abstract: The article research on relations between pensation and firm performance
of China pany based on the 7161 observation data of 1023 panies of
Shenzhen and Shanghai stock exchange. First we separate the panies into two groups,
then statistical interpretation and regression analysis on two groups respectively. Seeing from the
result of variance analysis of the two groups of staff e rate and Capital appreciation rate,
there are significantly different between two samples. Seeing from analysis result of the model,
the paper found: (1) It’s positive correlation between staff pensation and firm’s
performance, while there is no this relation in low performance group. (2) The elastic of staff
compensation to firm’s performance of high performance group is %, while there is no the
relation in low performance. Otherwise, the paper also found: High performance firm’s average
compensation, average added value, staff e rate, and capital increment rate is higher than
low group. So we can see closely connection between high payment and high performance in firm.
Key words: Added value;pensation;Value creation;Salary- performance elastic
0 引言
在知识经济背景下,人力资本是财富创造的重要因素,对于企业来说,人力资本包括管
理层和普通员工(Becker & Murphy, 1992)。人力资本激励是企业管理领域的重要问题之一,
但现有研究更多的集中于管理层激励问题,对普通员工的激励问题关注不多。在