刘萍 范祥玉

摘 要：高管薪酬对企业来说是一把双刃剑，一方面会增加企业的成本支出，降低企业利润;另一方面又有助于提高高管的工作热情，增加企业的经济效益。以先进制造业上市公司作为研究对象，选取150家企业2015—2018年的数据作为研究样本，采用多元线性回归分析方法，对高管薪酬占应付职工薪酬比重与财务绩效之间的关系进行研究。研究结果表明：先进制造业上市公司高管薪酬占应付职工薪酬比重与企业财务绩效之间存在“倒U型”关系，但不同规模、不同负债水平的企业“倒U型”拐点也会存在差异。研究结论旨在为企业确定合理的高管薪酬占比，发挥高管薪酬在企业财务绩效提升中的作用提供理论依据。

关 键 词：先进制造业;高管薪酬;财务绩效

DOI：10.16315/j.stm.2020.04.013

中图分类号： F275

文獻标志码： A

Research on the impact of executive compensation on financial performance of listed companies in advanced manufacturing industry

LIU Ping， FAN Xiangyu

（School of Economics and Management，Harbin University of Science and Technology，Harbin 150040，China）

Abstract：Executive compensation is a doubleedged sword to the enterprise， it will increase the cost of the enterprise on the one hand， reduce the profit of the enterprise， but at the same time help to improve the enthusiasm of the executive， increase the economic benefits of the enterprise. Using the data of 150 companies from 2015 to 2018 as the research sample， this paper adopts the multiregression analysis method. This paper studies the relationship between executive compensation and financial performance. The results show that there is an inverted Ushaped relationship between the proportion of executive compensation in the compensation of employees and the financial performance of the listed companies in advanced manufacturing industry. However， there are also differences in the turning point of inverted Ushape among enterprises of different sizes and different levels of debt. The purpose of this study is to determine the reasonable proportion of executive compensation for enterprises， and to maximize the positive energy of executive compensation in the promotion of corporate financial performance.

Keywords：advanced manufacturing; executive compensation; financial performance

随着经济全球化的不断发展，我国经济体系在世界经济体系中的作用日益受到全球的关注，这对我国的经济发展提出了更高的要求。制造业在经济体系中一直占有举足轻重的地位，先进制造业更是重中之重，是国家综合国力和核心竞争力的代表，更是未来世界经济发展的主导力量。由于国内外经济形势复杂且时刻变动，推动先进制造业发展的任务也变得更加紧迫，注重先进制造业的发展问题，建设制造强国，提升我国的综合实力已迫在眉睫。

近十年来，中国经济进入了新的发展阶段，先进制造业的发展也呈现出新的模式。发展先进制造业，资源及技术的投入首当其冲，而科学的管理模式更是重中之重。……