本文基于锦标赛理论、行为理论和企业成长理论框架，采用 352 家家族企
业 2011-2015 年度的面板数据，通过构建门限面板模型考察了家族企业内外部薪
酬差距对于企业成长性的影响，并对其相应的影响机理展开了理论分析。研究表
明：（1）家族企业高管团队内部薪酬差距对于其企业成长性没有显著影响。家
族企业作为以血缘关系和宗族信任为纽带构成的利益共同体，家族成员和高管人
员的目标函数相对一致，相较于管理层内部的竞争，家族成员和高管团队中的团
结与信任往往显得更为重要；（2）家族企业内部薪酬差距对企业成长性的影响
主要反映在高管与普通员工之间的薪酬差距上，家族企业中高管与普通员工之间
的薪酬差距对于企业成长性的提高具有显著的正向作用，但并不是简单的线性关
系，而是存在倒 U 型关系，即存在较为明显的区间效应，门限面板回归的结果
表明高管与普通员工之间的相对薪酬差距应保持在 16.966 倍至 23.382 倍之间；
（3）家族企业高管的外部薪酬差距对于企业成长性的正向作用十分显著，其作
用效果要强于内部薪酬差距对企业成长性的影响。这说明家族企业不仅应重视企
业内部薪酬体系的设计，还应注重高级管理人员行业薪酬水平的动态调整，保证
企业薪酬的内部公平性与外部竞争性。II
本文从家族企业视角考察了企业内外部薪酬差距对企业成长性的影响及其
内在机理，是对已有研究的拓展和丰富，本文的研究为家族企业的薪酬制度设计
提供了理论支持，具有较为重要的学术价值。针对家族企业内部治理和薪酬管理
中所存在的一些问题和本文的研究结论，本文就家族企业内部治理、薪酬体系设
计以及职业经理人市场流动机制的建立等提出了相应的政策建议，从而有利于提
高家族企业的治理水平和成长能力，能够为家族企业的管理实践提供一定借鉴
关键词： 家族企业；薪酬差距；外部薪酬差距；企业成长；门限面板模型III
Abstract
Since the Reform and Opening up, the level of residents&39; income in China has
been increasing steadily. But with the development of market economy and economic
system reform, under the guidance of the principleFocus on the efficiency and care
about the fairness, the pay gap within the enterprise continues to expand, whether it
is between the enterprise internal management or management personnel and the
general staff salary gap was gradually widening trend. It is undeniable that the more
reasonable internal pay gap in enterprises can effectively encourage enterprise
managers and ordinary employees to improve their work enthusiasm, and to stimulate
the growth of enterprises. However, many studies have indicated that the high pay gap
is likely to cause the negative emotion and the aversion to the low income staff, which
is not conducive to the unity and cooperation of the members of the organization, and
damage the cohesion of the enterprise. At present, how to promote the reform of the
income distribution system, enhance the role of consumer demand in economic
growth, reduce the income gap has become the focus of public opinion. Enterprise
income distribution reform is the basic work of the whole social distribution system
reform, and it is the key and difficult point of the reform of income distribution.
Reasonable enterprise internal pay gap is not only related to the business performance
and corporate growth, but also related to the fairness and justice in whole society. On
the other hand, in the last thirty years, family enterprises in our country has
experienced a very rapid development process, the problems in corporate governance
and pay management is more prominent because of the particularity of the family
business. Therefore, this paper takes the family enterprise as the research object, and
systematically examines the internal and external compensation gap in family
enterprise on the impact of growth. It is of important practical significance to explore
the fairness and rationality about the pay gap and its influence on the growth of
enterprises.
In this paper, based on the tournament theory、behavior theory and enterprise
growth theory ， we adopted annual panel data including 352 family enterprises
in2011-2015, to examine the family enterprise internal and external compensation gap
for the influence of enterprise growth、influence mechanism and the corresponding
theoretical analysis by constructing the relevant empirical model（threshold panelIV
model ） . The research shows that: (1) the internal compensation gap of top
management team has no significant effects on the growth of the enterprise. The
family business is a community of interests, which is formed by the blood relationship
and the trust of the clan, the objective function of family members and executives is
relatively consistent, compared to the internal management of the competition, unity
and trust of family members and executives often appear more important. (2)the pay
gap within the family enterprise of influence on enterprise growth mainly reflects in
the pay gap between executives and ordinary employees, the salary gap between
executives and ordinary employees in family enterprises has significant positive
effects on the growth of enterprises increased, but it is not a simple linear relationship,
but an inverse U type relationship. That is, there is an obvious interval effect.The
result of threshold panel model shows that the relative pay gap between executives
and ordinary employees should be maintained between 16.966 and 23.382 times. (3)
the external compensation gap between family business executives is very significant
to the growth of the enterprise. Its effects are even greater than the gap between
management and employees. It shows that family business should not only pay
attention to the design of internal salary system, but also the dynamic adjustment of
the senior management industry salary level.
This paper examines the salary gap between internal and external enterprise
influence on enterprise growth and its intrinsic mechanism from the family enterprise
perspective. It is a expand and enrich on the existing research, this study provides
theoretical support for the design of salary system of family enterprises, it has
important academic value. Focusing on some problems existing in family enterprise
internal governance and in compensation management, as well as the conclusions of
the study, this paper puts forward some policy suggestions on the flow mechanism of
internal governance and compensation system of family enterprise design and
occupation manager market establishment, which helps to improve the family
enterprises governance level and growth capacity，and it provides a certain reference
to the management practice of family enterprises.
Keywords: Family enterprises；Pay gap ；External pay gap；Enterprise growth；
Threshold panel modelV
目 录
摘要.........I
ABSTRACT.....III
第 1 章 导论......1
1.1 研究背景与意义. 1
1.1.1 研究背景.....
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