王新红 白倩

摘 要：企業的薪酬和股权激励机制是留住企业优秀高级管理人才的关键，民企与国企在属性上存在差距，那么在高管薪酬和股权激励是否存在差异，值得研究。本文以我国A股上市公司2013—2018年的数据为样本，以国有企业和民营企业为研究对象，对其高管薪酬和股权激励的现状进行分析，运用比较分析的方法研究国企与民企在高管薪酬和股权激励方面的差异。研究得到，在高管薪酬方面，国企高管前3名薪酬均值高于民营企业;无论是国企还是民企，金融、保险行业高管薪酬最高，农、林、牧、渔业最低;东部发达地区高于落后地区;资产规模大的企业高于资产规模小的企业。在股权激励方面，无论是国企还是民企在股权激励标的物的选择上偏好一致，都喜好用限制性股票和股票期权;实施股权激励的企业在地区上大都分布于东部经济发达地区;在行业上大都分布于信息技术产业等新兴行业;国企股权激励的比例整体低于民企股权激励的比例。

关键词：国有企业;民营企业;高管薪酬;股权激励

中图分类号：F 272.92

文献标识码：A   文章编号：1672-7312（2021）01-0085-10

A Comparative Study of Executive Compensation and Equity Incentives in State-owned and Private Enterprises

——A Case Study of A-share Listed Companies in China

WANG Xinhong，BAI Qian

（College of Management，Xian University of Science and Technology，Xian 710054，China）

Abstract：The key to retaining outstanding senior management talents is the compensation and equity incentive mechanism of enterprises.There is a gap between private and state-owned enterprises in terms of attributes，so it is worth studying whether there is a difference between executive compensation and equity incentive.This paper takes the data of Chinas A-share listed companies from 2013 to 2018 as samples，takes state-owned enterprises and private enterprises as the research objects，analyzes the current situation of their executive compensation and equity incentive，and uses comparative analysis to study the differences between state-owned enterprises and private enterprises in executive compensation and equity incentive.The research shows that in terms of executive compensation，the average salary of the top three executives of state-owned enterprises is higher than that of private enterprises.In both state-owned and private enterprises，financial and insurance industries have the highest executive compensation，while agriculture，forestry，animal husbandry and fishery have the lowest.Developed areas in the east are higher than backward areas;Enterprises with large assets are higher than those with small assets.In the aspect of equity incentive，both state-owned enterprises and private enterprises prefer to use restricted stock and stock option in the choice of equity incentive objects.The enterprises implementing equity incentive are mostly distributed in the eastern economic developed regions.In the industry，they are mostly distributed in emerging industries such as information technology industry.The proportion of equity incentive of state-owned enterprises is lower than that of private enterprises.In terms of equity incentive，both state-owned enterprises and private enterprises prefer to choose the subject matter of equity incentive.Most of the enterprises that implement equity incentive are distributed in the eastern economically developed areas;Most of them are distributed in emerging industries such as information technology industry;The proportion of equity incentive in state-owned enterprises is lower than that in private enterprises.

4）国企高管前3名薪酬增长率与其利润增长无关;民企高管前3名薪酬增长率与其利润增长一致，二者基本呈同步上升趋势。从2013—2018年，国企高管前3名薪酬均值增长率呈现上升趋势，从4.68%上升至13.06%，但其利润增长率在2014和2015年却为负数，由此说明，国企高管前3名薪酬的提高不一定是企业利润的上升所造成的。……