Keywords企业社会责任; 财务业绩; 高管薪酬激励; 利益相关者
Corporate Social Responsibility; Financial Performance; Executive Compensation Incentive; Stakeholder
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Abstract将提高社会责任履行度作为增强企业竞争力、实现可持续发展的战略选择，并将其引入、融合到战略决策和日常治理之中正成为许多企业努力探索的方向。恰当地履行社会责任能使企业获得更多的无形社会资本，实现利益相关者价值最大化。两权分离产生代理问题，企业股东与高管之间利益出现不一致，薪酬激励成为解决该问题的有效方法之一。为引导高管履行社会责任从而提升企业价值，可以考虑通过薪酬契约来激励高管。因此，本文致力于研究社会责任履行与高管薪酬的关联，这关系到如何引导高管决策朝有利于公司和社会公众的方向发展，兼顾各方利益平衡，同时，能促进公司治理结构的完善和水平的提升，有利于我国资本市场的健康发展。 本文首先对高管薪酬和社会责任的本质、特点和维度等进行分析，并从理论上构建高管薪酬、财务业绩与企业社会责任之间的逻辑框架，探求社会责任对高管薪酬的作用机理。其次，回顾我国转轨经济中政府对薪酬管理制度的相关规范，以各界对企业社会责任履行的高度关注为背景，在评述既有文献的基础上，倚靠理论提出若干推论。然后，以财务业绩为桥梁，实证检验我国上市公司高管薪酬与社会责任履行度之间的联系；最后通过案例从反面分析研究社会责任未得到积极履行的经济后果及对高管薪酬造成的影响。 通过实证分析与案例分析，本文发现：在我国上市公司中，包括总资产报酬率和TQ值等在内的财务业绩与高管薪酬正相关。总体上看，企业社会责任履行度与高管薪酬正相关；其中，企业对人力资本利益相关者的责任履行度与高管薪酬正相关；企业对除人力资本利益相关者之外的其他利益相关者的责任履行越好，则企业获利能力越强，财务业绩也就越好，高管薪酬越高。反之，如果利益相关者之间契约关系被打破则引发社会责任问题，那么，财务业绩会受到破坏，高管利益也会受损。因此，董事会设计合理薪酬考核指标，处理好高管薪酬与社会责任的关系，可引导高管采取提高社会责任履行的行为。 本文主要贡献有：尝试在理论上分析了社会责任和高管薪酬之间的作用机理，丰富了企业社会责任领域、高管薪酬领域尤其是二者交叉领域的研究成果；拓展了高管薪酬的影响因素研究；探索了社会责任履行指标的计算方法；首次研究了社会责任履行、财务业绩和高管薪酬之间的关联。对这些问题的研究可以为社会责任履行度对高管薪酬的影响提供经验证据，为引导高管去促进企业承担社会责任提供理论基础与政策借鉴。
Enhancing performance of corporate social responsibility (CSR) as strategic choices to strengthen competitive power and realize sustainable development, and simultaneously introducing and integrating CSR into strategic decision and government become directions which enterprises explore diligently. Fulfilling CSR appropriately makes enterprise obtain more invisible social capitals and realizes stakeholders’ value maximization. Two-areas of competence-separated brings agency problem, which makes shareholders’ benefit inconsistently with executives’, salary incentive is one of efficacious devices. For guiding executive to fulfill CSR thus promote enterprise value, salary incentive should be considered. Therefore, this dissertation is committed to research the connection between CSR and executive compensation, which relates to how to guide executive’s decision-making to development direction in favor of corporate and social public, take all quarters’ benefit into account balanced, meaning while to promote consummation of corporate governance structure and healthy development of capital market in China. This dissertation firstly analyzes executive compensation and CSR’s essence, characteristics and dimension, and then theoretically constructs logic frame among executive compensation, financial performance and CSR for seeking CSR’s acting mechanism to compensation. Secondly,this dissertation reviews related regulates from China government on executive compensation system in transition economy, and in the context of highly watch from various circles to CSR performance, basing on the commentary to existed literature proposes certain deductions by leaning on theory. Lastly the relationship among China listed company executive compensation,financial performance and CSR is empirically tested, and from the opposite side case study analyze economic consequences of improperly fulfills CSR and influence to executive compensation. From empirical test and case study, this dissertation finds that: in China, the financial performance including ROA and Tobin’s Q etc. positively correlates with executive compensation. In general,the CSR performance positively correlates with executive compensation, among which the CSR performance on human capital stakeholder positively correlates with executive compensation, the better CSR fulfillment on other stakeholder except the human capital stakeholder, the stronger the profitability of whole corporate and the financial performance endurance, the higher executive compensation. Otherwise, broken contractual relationships among stakeholders cause CSR problem, which destruct financial performance and influence top management team’s benefit. Therefore, board of directors’ rational designing compensation assessment target and properly processing relationships between compensation and CSR might make CSR guide executive’s behavior. This dissertation’s main contributions lie in content. On research questions and conclusions, this paper firstly tries to establish a theoretical mechanism for CSR acting on executive compensation, which enriches research results on CSR, executive compensation and particularly the overlapping fields; secondly, this paper expands the research on influence factor for executive compensation; thirdly, this paper explores computational method of CSR fulfillment target; lastly but not the least, this paper is the first one that analyzes the relationships among CSR fulfillment, financial performance and executive compensation. Researching on these issues could provide evidence for CSR’s impacts on executive compensation and theoretical basis and implications for guide executives to promote CSR.