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本文选取了中国沪市、深市 A 股上市的制造行业公司在
2012-2015 年间的数据进行实证研究与分析，并引进企业生命周期，
运用现金流符号法对样本企业进行生命周期划分，探讨高管-员工薪
酬差距与企业绩效的具体关系。本文选择归纳总结法、定量与定性分
析相结合的方法及实证分析法，研究结果显示我国 A 股上市的制造业
公司高管-员工薪酬差距对企业绩效有正面效应，即薪酬差距越大企
业绩效就越高，这与锦标赛理论相一致。本文还验证了在成长期和成
熟期的企业高管-员工薪酬差距对公司绩效呈现正相关，衰退期企业
薪酬差距对企业绩效呈现负相关。本文针对研究的局限提出了以下两
点建议：一、建立合理的薪酬激励战略。二、考虑不同企业生命周期
的特征，结合企业实际情况制定出相合适的薪酬差距
本文研究在理论上丰富了薪酬差距与企业绩效关系的相关理论，
完善了我国薪酬绩效理论，具有较高的理论研究价值。在实践上，本
文从企业生命周期视角展开，将我国 A 股制造业上市公司划分为生命
周期阶段的各个阶段，为高管-员工薪酬差距对企业绩效激励效能发
挥提供广阔的空间，对公司制定薪酬战略具有实践指导作用。本文不
再仅局限于高管内部之间的薪酬差距，而是研究高管和普通员工间的III
薪酬差距，引入了企业生命周期理论，不再局限于以往的薪酬差距与
企业绩效的静态分析，丰富了薪酬差距的动态分析。把定性和定量相
结合的方法对企业进行生命周期的划分，不再只用单一的方法区分企
业处于不同生命周期阶段，探讨行为理论和锦标赛理论对制造业上市
企业的适用性
关键词：企业生命周期；高管-员工薪酬差距；企业绩效；IV
AN EMPIRICAL STUDY ON THE RELATIONSHIP
BETWEEN EXECUTIVES-EMPLOYEES PAY GAP AND
FIRM PERFORMANCE BASED ON ENTERPRISE LIFE
CYCLE
Abstract：With the development of China&39;s economy, the gap between
the senior executives and the ordinary employees are getting more and
more, and it gradually becomes one of the hot topics for scholars in the
word. The more compensation gap don’t only affect the working
relationship between executives and ordinary employees,but also reduce
ordinary employees productivity, even affect the economic performance
of the entire enterprise. The pay gap related literatures are very limited,
especially the research about empirical and staff of the pay gap aspects
are more scarce and the research views are different.
This paper chooses the data of companies which come China&39;s
Shanghai Stock Market and Shenzhen of A-share listed to carry out
empirical research and analysis in 2012-2015, and introduces the
enterprise life cycle, and uses the cash flow symbol method to analyze the
life cycle of the sample enterprises,and research the specific relationship
between executives - employees compensation gap and firm performance.
This paper chooses the method of combining the summary method, the
quantitative and the qualitative analysis method and the empirical
analysis method. The research results show that the salary gap of the
manufacturing company listed on the A-share listed company has a
positive effect on the performance of the firm, that is, the bigger the
salary gap. The higher the the match, which is consistent with the theory
of the tournament. This paper also validates that the salary gap betweenV
employees and employees in the growing and mature period is positively
correlated with the performance of the firm,but recession enterprises pay
gap performance is negatively related to the enterprise.This paper puts
forward the following two suggestions for the limitation of the research:
First, establish a reasonable salary incentive strategy. Second, consider
the characteristics of different enterprise life cycle, combined with the
actual situation of enterprises to develop a suitable salary gap.
Research significance: In theory, the empirical study of this paper
enriches the relationship between executives-employees pay gap and
firm&39;s performance, and promotes the improvement of compensation
performance theory in our country.The study has high theoretical research
value. In practice, this paper starts from the perspective of enterprise life
cycle, and divides the listed companies of A-share manufacturing industry
into the stages of the life cycle. It provides a broad space for the
performance of the executives-employees pay gap, The development of
pay strategy has a practical role in guiding.The innovation of this paper is
that this paper is not only limited to the pay gap between executives, but
also research salary gap between executives and employees , and the
introduction of corporate life Cycle theory .This study is no longer
limited to the static analysis which were coming the previous salary gap
and enterprise performance, enriched the dynamic analysis of the pay
gap.The application of qualitative andquantitative methods for division of
life cycle, are no longer using only a single method to distinguish
between different stages of life cycle and to explore the theory of
behavior and the theory of which theory is more suited to the
manufacturing industry .To verify the enterprise life cycle, the region of
the enterprise have the moderating effect on the relationship between the
salary gap and the enterprisen performance.VI
Keywords: enterprise life cycle executives-employees compensation
gap enterprise performance目 录
摘要......I
AbstractIII
第 1 章 绪 论.........1
1.1 研究背景.......1
1.2 研究意义.......2
1.2.1 理论研究意义...........2
1.2.2 实践研究意义...........2
1.3 文献综述.......2
1.3.1 薪酬差距和企业绩效的国内外研究综述.2
1.3.2 企业的生命周期文献综述.6
1.4 研究思路及框架.8
1.4.1 研究思路...8
1.4.2 研究框架...8
1.5 研究方法 ...........9
1.6 可能创新点....10
第 2 章 相关概念和理论基础.......11
2.1 相关概念的界定11
2.1.1 高层管理团队与公司普通员工........11
2.1.2 薪酬差距..12
2.1.3 公司绩效..12
2.2 高管-员工薪酬差距和企业绩效的相关理论.12
2.2.1 锦标赛理论12
2.2.2 行为理论..132.3 生命周期相关理论..........15
2.3.1 生命周期阶段划分方法的概述........15
2.3.2 不同生命周期阶段的企业现金流组合的特征........16
第 3 章 研究设计.....19
3.1 研究假设......19
3.1.1 薪酬差距对绩效影响的研究假设......19
3.1.2 各个生命周期阶段的研究假设........19
3.2 薪酬差距对绩效影响的模型构造..........21
3.3 样本选择.....
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