基于增加价值的高管货币薪酬体系研究
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摘要
高级管理人员(以下简称“高管”)是企业的一种稀缺资源,利用薪酬手段对高管实施激励和约束是目前公司治理领域的研究热点之一。高管薪酬体系的变革虽已取得一定成效,但仍存在诸如不同行业薪酬差距过大、薪酬决定和调节机制错位、薪酬结构偏短期化等问题。针对以上问题,论文将增加价值引入高管货币薪酬体系,从职位分析、职位评价以及薪酬调查出发,结合基于增加价值的企业绩效评价,构建了具有内部一致性、外部竞争性以及激励性的高管货币薪酬体系。
论文首先以货币薪酬体系发展状况为研究背景,在综述国内外有关高管薪酬的研究成果基础上提出构建基于增加价值的高管货币薪酬体系问题。其次,详细阐述了增加价值与薪酬体系理论,作为论文展开现状分析和货币薪酬体系设计的理论基础。再次,从横向和纵向两个角度分别对中国制造业上市公司增加价值分配现状以及高管薪酬现状进行了分析,为构建基于增加价值的高管货币薪酬体系提供现实依据。最后,在借鉴日本、美国和德国薪酬体系经验的基础上提出货币薪酬体系设计的原则,构建基于增加价值的制造业上市公司高管货币薪酬体系,并以H公司作为案例,一方面检验该薪酬体系的科学性,另一方面根据绩效评价结果分析H公司在职工、股东、债权人等方面存在的问题并提出适度提高职工收入、重视企业文化建设、提高资本利用率、重视应收账款控制以及加强对或有事项和担保事项的关注等对策建议。
论文所设计的基于增加价值的高管货币薪酬体系为制造业企业确定高管人员的基本工资和绩效工资提供了参考。它不仅有效解决了薪酬决定和调节机制错位问题,而且还克服了传统绩效考核指标存在的不足,优化了绩效评价方法。
Senior executives are the most precious scarce resources in enterprises. Encourage and restrict senior executives by means of salary system is the research hotspot in corporate governance field. Although the reform of senior executives' monetary salary system has realized some achievements, there are still many problems existing, for example, the salary gap is too large in different industries, the determination mechanism and adjustment mechanism of salary are dislocated, salary structure lean to be short-sighted and so on. In order to construct the senior executives'monetary salary system, which possesses internal consistency and external competitiveness as well as incentive effect, the value added theory is introduced into the dissertation. The senior executives'monetary salary system includes four aspects such as position analysis and appraisal, salary investigation and performance evaluation.
The dissertation firstly explored the research background of monetary salary system and reviewed the literature of senior executives'salary both at home and abroad. On the base of exploration and summarization, the problem of senior executives' monetary salary system was put forward. Then, the dissertation discussed the theory of value added and salary system. They were the theoretical foundation of status analysis and process design. Thirdly, the dissertation analyzed listed manufacturing enterprises'present situation of value added distribution and senior executives'salary from the point of view of vertical analysis and transverse comparability. They were realistic basis of senior executives'monetary salary system based on value added. At last, the senior executives'monetary salary system based on value added, which abide by the design principles, was constructed. By combining actual cases of H Limited Company, the dissertation tested the scientific of senior executives'monetary salary system and analyzed the problems that exist in H Limited Company from the aspect of employees, shareholders and creditors according to evaluation result. To solve these problems, the dissertation put forward some policy suggestions such as increase employees'income moderately, pay attention to the construction of enterprise culture, enhance the productivity of capital, pay attention to the control of accounts receivable, strengthen concern about contingent and guarantee items and so on.
The senior executives' monetary salary system based on value added provides reference for the determination of basic wage and merit pay in listed manufacturing enterprises. It not only effectively solves the problem existing in determination and regulation mechanism of senior executives'monetary salary, but also makes up the lack of traditional performance appraisal index system. And furthermore it optimizes the performance appraisal method.
论文首先以货币薪酬体系发展状况为研究背景,在综述国内外有关高管薪酬的研究成果基础上提出构建基于增加价值的高管货币薪酬体系问题。其次,详细阐述了增加价值与薪酬体系理论,作为论文展开现状分析和货币薪酬体系设计的理论基础。再次,从横向和纵向两个角度分别对中国制造业上市公司增加价值分配现状以及高管薪酬现状进行了分析,为构建基于增加价值的高管货币薪酬体系提供现实依据。最后,在借鉴日本、美国和德国薪酬体系经验的基础上提出货币薪酬体系设计的原则,构建基于增加价值的制造业上市公司高管货币薪酬体系,并以H公司作为案例,一方面检验该薪酬体系的科学性,另一方面根据绩效评价结果分析H公司在职工、股东、债权人等方面存在的问题并提出适度提高职工收入、重视企业文化建设、提高资本利用率、重视应收账款控制以及加强对或有事项和担保事项的关注等对策建议。
论文所设计的基于增加价值的高管货币薪酬体系为制造业企业确定高管人员的基本工资和绩效工资提供了参考。它不仅有效解决了薪酬决定和调节机制错位问题,而且还克服了传统绩效考核指标存在的不足,优化了绩效评价方法。
Senior executives are the most precious scarce resources in enterprises. Encourage and restrict senior executives by means of salary system is the research hotspot in corporate governance field. Although the reform of senior executives' monetary salary system has realized some achievements, there are still many problems existing, for example, the salary gap is too large in different industries, the determination mechanism and adjustment mechanism of salary are dislocated, salary structure lean to be short-sighted and so on. In order to construct the senior executives'monetary salary system, which possesses internal consistency and external competitiveness as well as incentive effect, the value added theory is introduced into the dissertation. The senior executives'monetary salary system includes four aspects such as position analysis and appraisal, salary investigation and performance evaluation.
The dissertation firstly explored the research background of monetary salary system and reviewed the literature of senior executives'salary both at home and abroad. On the base of exploration and summarization, the problem of senior executives' monetary salary system was put forward. Then, the dissertation discussed the theory of value added and salary system. They were the theoretical foundation of status analysis and process design. Thirdly, the dissertation analyzed listed manufacturing enterprises'present situation of value added distribution and senior executives'salary from the point of view of vertical analysis and transverse comparability. They were realistic basis of senior executives'monetary salary system based on value added. At last, the senior executives'monetary salary system based on value added, which abide by the design principles, was constructed. By combining actual cases of H Limited Company, the dissertation tested the scientific of senior executives'monetary salary system and analyzed the problems that exist in H Limited Company from the aspect of employees, shareholders and creditors according to evaluation result. To solve these problems, the dissertation put forward some policy suggestions such as increase employees'income moderately, pay attention to the construction of enterprise culture, enhance the productivity of capital, pay attention to the control of accounts receivable, strengthen concern about contingent and guarantee items and so on.
The senior executives' monetary salary system based on value added provides reference for the determination of basic wage and merit pay in listed manufacturing enterprises. It not only effectively solves the problem existing in determination and regulation mechanism of senior executives'monetary salary, but also makes up the lack of traditional performance appraisal index system. And furthermore it optimizes the performance appraisal method.
引文
[1]沈志渔.中国制造业国有企业的现状与发展[J].新视野,2003,(4)：21-23.
[2]刘金.TY公司薪酬体系研究与设计[D].西北工业大学硕士学位论文,2007,4-6.
[3]苟开红.中国农业上市公司高管薪酬的实证研究[J].安徽农业科学,2005,33(2)：340-341.
[4]张正堂.企业内部薪酬差距对组织未来绩效影响的实证研究[J].会计研究,2008,(9)：81-87.
[5]吴娜娜,相朝辉.高管薪酬六大怪现状[J].中国牧业通讯,2003,(8B)：14-16.
[6]邱小平.企业货币性薪酬体系建设[M].北京：中国劳动社会保障出版社,2005：211-221.
[7]Figge,F.,Hahn,T.,2004. Sustainable Value Added-Measuring Corporate Contributions to Sustainability beyond Eco-efficiency.Ecological Economics 48(2),173-187.
[8]王大威,吴胜涛.中国企业高管薪酬变革之路[J].上海国资,2009,(5)：42-43.
[9]Jensen,M., Meckling,W.,1976.Theory of the Firm:Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics 3,305-360.
[10]Ross,S.,1973.The Economics Theory of Agency:the Principals Problem. American Economic Review 63,134-139.
[11]Lazear,P.E.,Rosen,S.,1981.Rank-Order Tournaments as Optimum Labor Contracts. Journal of Political Economy 89(5),841-864.
[12]Grossman,J.S.,Hart,D.O.,1983.An analysis of the Principal-agent Problem. Econometrica 51(1),7-45.
[13]Holmstrom,B.,Milgrom,P.,1991.Multitask Principle-agent Analyses:Incentive Contract, Asset Ownership,and Job Design.Journal of Law, Economics, and Organization 7,24-52.
[14]Daily,C.M.,Johnson,J.L.,1998.Compensation Committee Composition as a Determinant of CEO Compensation. Academy of Management Journal 41,209-220.
[15]Conyon,J.M., Peck,I.S.,1998.Board Control, Remuneration Committees, and Top Management Compensation.The Academy of Management Journal 41(2),146-157.
[16]Veliyath,R.,1999.Top Management Compensation and Shareholder Returns: Unravelling Different Models of the Relationship. Journal of Management Studies (1),123-141.
[17]王凌云,张龙.国外薪酬研究述评[J].商业经济与管理,2006,(2)：35-36.
[18]Nohel,T.,Todd,S.,2005.Compensation for Managers with Career concerns:the Role of Stock Options in optimal Contracts. Journal of Corporate Finance (11),229-251.
[19]Balkin,D.,Swift,M.,2006.Top Management Team Compensation in High-growth Technology Ventures,Human Resource Management Review 16(1),1-11.
[20]Dutta,S.,2008.Managerial Expertise, Private Information, and Pay-performance Sensitivity, Management Science 54(3),429-442.
[21]李增泉.激励机制与企业绩效：一项基于上市公司的实证研究[J].会计研究,2000,(1)：24-30.
[22]陈志广.高级管理人员报酬的实证研究[J].当代经济科学,2002,24(5)：58-63.
[23]张俊瑞,赵进文,张建.高级管理层激励与上市公司经营绩效相关性的实证分析[J].会计研究,2003,(9)：29-34.
[24]胡婉丽,汤书昆,肖向兵.上市公司高管薪酬和企业业绩关系研究[J].运筹与管理,2004,13(6)：118-123.
[25]王培欣,田英辰,李锐.上市公司高管人员薪酬问题实证分析[J].管理科学,2006,(3)：59-65.
[26]陶金元.中国上市公司业绩及高管薪酬相关性分析[J].华东经济管理,2007,(5)：108-108.
[27]姚禄仕,蔡咏.中国资本市场专题研究[M].第1版.合肥：合肥工业大学出版社,2008：44-59.
[28]徐和清.高管薪酬与企业竞争力关系的实证研究——以中国上市公司为例[J].华东经济管理,2009,(9)：122-122.
[29]刘秀若.增加价值的正确理解与使用[J].现代财经,1994,(4)：28-30.
[30]熊楚熊.增值会计学[M].第一版.北京：中国财政经济出版社,1996：48-58.
[31]修丹.基于增加价值的中国企业绩效评价体系研究[D].合肥工业大学硕士学位论文,2008,8-12.
[32]李定清.增值会计探索[J].经济师,2003,(3)：193-194.
[33]金琳.增值表在中国的适用性[J].华东理工大学学报社科版,1999,(1)：37-43.
[34]Van Staden C.J.2000. The Value Added Statement:Bastion of Social Reporting or Dinosaur of Financial Reporting? (Discussion Paper Series,200.) Palmerston North, NZ:School of Accountancy, Massey University.
[35]Pong,C., Mitchell,F.,2005.Accounting for a Disappearance:A Contribution to the History of the Value Added Statement in the UK,Accounting Historians Journal 32(2),173-199.
[36]傅小琴.上市公司薪酬激励机制研究——基于EVA的研究[D].西南财经大学学术论文,2008,11-12.
[37]侯光明,李存金.现代管理激励与约束机制[M].北京：高等教育出版社,2002：45-52.
[38]余泽忠.绩效考核与薪酬管理[M].武汉：武汉大学出版社,2006:19-19.
[39]王化成,刘俊勇.企业业绩评价模式研究——兼论中国企业建立业绩评价系统应考虑的因素[J].管理世界,2004,(4)：82-91.
[40]AI·埃巴.2001.经济增加值：如何为股东创造财富[M].第1版.凌晓东译.北京：中信出版社,2001：58-62.
[41]乔治·T·米尔科维奇,杰里·M·纽曼.薪酬管理[M].第9版.成得礼译.北京：中国人民大学出版社,2008：283-295.
[42]宁博,雷俊杰.附加价值及其与工资的关系[J].西部财会,2004(05)：44-45.
[43]李粟.高管薪酬制度国际比较[J].财会月刊,2009,(3)：98-99.
[44]余泽忠.绩效考核与薪酬管理[M].第1版.武汉：武汉大学出版社,2006：291-309.
[45]储成祥.现代企业人力资源管理[M].第1版.北京：人民邮电出版社2003：29-46.
[46]王宗军,尹鹏,肖德云.基于B-P神经网络的公司高管人员绩效评价[J].武汉理工大学学报,151-152.
[47]杜栋,庞庆华.现代综合评价方法与案例精选[M].第1版.北京：清华大学出版社,2005,119-120.
[48]高岩,李风华.企业高层人员薪酬制度设计[J].现代企业教育,2003,(7)：43-44.
[2]刘金.TY公司薪酬体系研究与设计[D].西北工业大学硕士学位论文,2007,4-6.
[3]苟开红.中国农业上市公司高管薪酬的实证研究[J].安徽农业科学,2005,33(2)：340-341.
[4]张正堂.企业内部薪酬差距对组织未来绩效影响的实证研究[J].会计研究,2008,(9)：81-87.
[5]吴娜娜,相朝辉.高管薪酬六大怪现状[J].中国牧业通讯,2003,(8B)：14-16.
[6]邱小平.企业货币性薪酬体系建设[M].北京：中国劳动社会保障出版社,2005：211-221.
[7]Figge,F.,Hahn,T.,2004. Sustainable Value Added-Measuring Corporate Contributions to Sustainability beyond Eco-efficiency.Ecological Economics 48(2),173-187.
[8]王大威,吴胜涛.中国企业高管薪酬变革之路[J].上海国资,2009,(5)：42-43.
[9]Jensen,M., Meckling,W.,1976.Theory of the Firm:Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics 3,305-360.
[10]Ross,S.,1973.The Economics Theory of Agency:the Principals Problem. American Economic Review 63,134-139.
[11]Lazear,P.E.,Rosen,S.,1981.Rank-Order Tournaments as Optimum Labor Contracts. Journal of Political Economy 89(5),841-864.
[12]Grossman,J.S.,Hart,D.O.,1983.An analysis of the Principal-agent Problem. Econometrica 51(1),7-45.
[13]Holmstrom,B.,Milgrom,P.,1991.Multitask Principle-agent Analyses:Incentive Contract, Asset Ownership,and Job Design.Journal of Law, Economics, and Organization 7,24-52.
[14]Daily,C.M.,Johnson,J.L.,1998.Compensation Committee Composition as a Determinant of CEO Compensation. Academy of Management Journal 41,209-220.
[15]Conyon,J.M., Peck,I.S.,1998.Board Control, Remuneration Committees, and Top Management Compensation.The Academy of Management Journal 41(2),146-157.
[16]Veliyath,R.,1999.Top Management Compensation and Shareholder Returns: Unravelling Different Models of the Relationship. Journal of Management Studies (1),123-141.
[17]王凌云,张龙.国外薪酬研究述评[J].商业经济与管理,2006,(2)：35-36.
[18]Nohel,T.,Todd,S.,2005.Compensation for Managers with Career concerns:the Role of Stock Options in optimal Contracts. Journal of Corporate Finance (11),229-251.
[19]Balkin,D.,Swift,M.,2006.Top Management Team Compensation in High-growth Technology Ventures,Human Resource Management Review 16(1),1-11.
[20]Dutta,S.,2008.Managerial Expertise, Private Information, and Pay-performance Sensitivity, Management Science 54(3),429-442.
[21]李增泉.激励机制与企业绩效：一项基于上市公司的实证研究[J].会计研究,2000,(1)：24-30.
[22]陈志广.高级管理人员报酬的实证研究[J].当代经济科学,2002,24(5)：58-63.
[23]张俊瑞,赵进文,张建.高级管理层激励与上市公司经营绩效相关性的实证分析[J].会计研究,2003,(9)：29-34.
[24]胡婉丽,汤书昆,肖向兵.上市公司高管薪酬和企业业绩关系研究[J].运筹与管理,2004,13(6)：118-123.
[25]王培欣,田英辰,李锐.上市公司高管人员薪酬问题实证分析[J].管理科学,2006,(3)：59-65.
[26]陶金元.中国上市公司业绩及高管薪酬相关性分析[J].华东经济管理,2007,(5)：108-108.
[27]姚禄仕,蔡咏.中国资本市场专题研究[M].第1版.合肥：合肥工业大学出版社,2008：44-59.
[28]徐和清.高管薪酬与企业竞争力关系的实证研究——以中国上市公司为例[J].华东经济管理,2009,(9)：122-122.
[29]刘秀若.增加价值的正确理解与使用[J].现代财经,1994,(4)：28-30.
[30]熊楚熊.增值会计学[M].第一版.北京：中国财政经济出版社,1996：48-58.
[31]修丹.基于增加价值的中国企业绩效评价体系研究[D].合肥工业大学硕士学位论文,2008,8-12.
[32]李定清.增值会计探索[J].经济师,2003,(3)：193-194.
[33]金琳.增值表在中国的适用性[J].华东理工大学学报社科版,1999,(1)：37-43.
[34]Van Staden C.J.2000. The Value Added Statement:Bastion of Social Reporting or Dinosaur of Financial Reporting? (Discussion Paper Series,200.) Palmerston North, NZ:School of Accountancy, Massey University.
[35]Pong,C., Mitchell,F.,2005.Accounting for a Disappearance:A Contribution to the History of the Value Added Statement in the UK,Accounting Historians Journal 32(2),173-199.
[36]傅小琴.上市公司薪酬激励机制研究——基于EVA的研究[D].西南财经大学学术论文,2008,11-12.
[37]侯光明,李存金.现代管理激励与约束机制[M].北京：高等教育出版社,2002：45-52.
[38]余泽忠.绩效考核与薪酬管理[M].武汉：武汉大学出版社,2006:19-19.
[39]王化成,刘俊勇.企业业绩评价模式研究——兼论中国企业建立业绩评价系统应考虑的因素[J].管理世界,2004,(4)：82-91.
[40]AI·埃巴.2001.经济增加值：如何为股东创造财富[M].第1版.凌晓东译.北京：中信出版社,2001：58-62.
[41]乔治·T·米尔科维奇,杰里·M·纽曼.薪酬管理[M].第9版.成得礼译.北京：中国人民大学出版社,2008：283-295.
[42]宁博,雷俊杰.附加价值及其与工资的关系[J].西部财会,2004(05)：44-45.
[43]李粟.高管薪酬制度国际比较[J].财会月刊,2009,(3)：98-99.
[44]余泽忠.绩效考核与薪酬管理[M].第1版.武汉：武汉大学出版社,2006：291-309.
[45]储成祥.现代企业人力资源管理[M].第1版.北京：人民邮电出版社2003：29-46.
[46]王宗军,尹鹏,肖德云.基于B-P神经网络的公司高管人员绩效评价[J].武汉理工大学学报,151-152.
[47]杜栋,庞庆华.现代综合评价方法与案例精选[M].第1版.北京：清华大学出版社,2005,119-120.
[48]高岩,李风华.企业高层人员薪酬制度设计[J].现代企业教育,2003,(7)：43-44.
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