경영진 내 임금격차와 기업성과의 관련성
The Relationship Between Vertical Pay Disparity Within Management And Corporate Performance
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초록
· 연구 주제: 중국개혁개방 이후 경제발전에 따른 사람들의 인식 변화로 인해 현재 중국기업에서는 토너먼트이론의 긍정적인 영향이 행위이론의 부정적인 영향을 초과할 것으로 판단된다. 이에 본 연구는 현재 중국기업의 경영진 내 수직적 임금격차와 기업성과와의 관련성을 재확인하고, , CEO 변경 전⋅후를 비교시 어떤 차이가 있는지를 검증하고자 한다. · 연구 배경: 1998년도부터 중국상장기업에서 경영진의 임금이 의무공시되면서 경영진의 임금과 기업성과의 관련성에 관한 연구가 활발히 이루어지기 시작하였다. 그 중에서 기업 경영진 내에서의 임금격차가 기업성과에 어떠한 영향을 미치는지에 대한 연구는 주요한 연구주제 중 하나로 부상하였고 다수의 연구가 선행된 바 있다(Zhang 2007; Liu 2013; Jin 2017). 그러나 선행연구는 토너먼트이론과 행위이론에 의한 상충된 결과가 혼재되어 있고, 지금까지도 통일된 결론을 도출하지 못하고 있다. · 선행연구와의 차이점: 임금과 기업성과에 중요한 영향을 미치는 승진과 관련한 선행연구는 토너먼트이론의 핵심요소인 승진에 대한 실증적 증거를 다수 제시한다(Lv et al. 2018; Liu 2019). 그러나 CEO의 교체전⋅후 비교를 바탕으로 기업성과를 연구 한 논문은 아주 미미하다. · 연구방법: 본 연구는 2016년부터 2020년까지 중국 A마켓에 상장된 기업중에서 ST에 속하지 않고 비금융업인 기업을 대상으로 분석을 수행하였다. 경영진 내 임금격차 변수는 고급관리인원 상위 3명과 나머지의 임금평균 차이로 추출하고 중국의 기업성과는 총자산이익률을 이용하여 분석을 실시한다. · 연구결과: 분석한 결과, 첫째, 경영진 내 임금격차와 기업성과는 유의한 양(+)의 관련성을 나타내였다. 둘째, 경영진 내 임금격차와 기업성과의 관련성은 CEO교체후가 전보다 유의한 음(-)의 관련성을 보였다. · 공헌점 및 기대효과: 본 연구는 선행연구를 확장하여 현재 중국상장기업의 경영진 내 임금격차와 기업성과의 관련성을 재확인하고, 경영진 내 임금격차와 기업성과에 CEO교체가 어떤 영향을 미치는지를 실증적으로 검증하였다는 점에서 의의가 있다.
Abstract
· Research topics: It is expected that the positive impact on the theory of competition will exceed the negative impact on the behavioral theory of Chinese companies due to changes in the public's perception of economic development after China's reform and opening. Therefore, this study reaffirms the vertical wage gap relationship between Chinese corporate management and corporate performance, and verifies the difference between before and after CEO replacement. · Research background: Since 1998, the relationship between management wages and corporate performance has been actively progressed as a major research topic, and many studies have been conducted (Jang 2007; Liu 2013; Jin 2017). In previous studies, conflicting results based on tournament theory and behavioral theory are mixed, and even now, no unified conclusion has been drawn. · Differences from prior research: Previous studies related to promotion, which have an important effect on wages and corporate performance, present a number of empirical evidence.S (Lv et al.) for promotion, a key element of tournament theory. 2018; Liu 2019), however, there are very few papers that study corporate performance based on comparison before and after CEO replacement. · Research method: This study analyzed companies listed on the A market in China from 2016 to 202.0. The management wage gap variable, which is not part of ST and is a non-financial business, is extracted as the difference between the top three senior managers and the remaining wage average, and China's corporate performance is analyzed using the total asset return. · Research results: As a result of the analysis, first, a significant positive (+) relationship between wages was found. Second, the wage gap between management and corporate performance after the CEO replacement showed a significant negative (-) relationship between management and corporate performance. · Contribution points and expected effects: This study is meaningful in that it reaffirmed the relationship between the wage gap and corporate performance by expanding existing studies. It empirically verified how the listing of Chinese companies and the replacement of CEOs affect the wage gap and corporate performance.
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