Employee Compensation?Production Efficiency And Enterprise

In recent years,China's economy has developed rapidly and the total economic volume has grown rapidly.However,the growth rate of employee income is much lower than that of economic development.There are some phenomena such as low employee salary and slow growth rate of employee salary.As an important human capital,enterprise employees are the source of enterprise productivity and value creator.According to the theory of efficiency wage,paying higher salary level for employees can improve their working enthusiasm and enthusiasm.The production efficiency of enterprises is the long-term basis of their profitability.Therefore,this paper expects to examine the relationship between the salary level of employees and the value of enterprises,and to examine whether production efficiency plays a connecting role in the relationship.Based on the review and theoretical analysis of relevant literature,this paper chooses relevant data of all manufacturing A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2010 to 2017 as research samples to study the impact of employee compensation on the enterprise value of manufacturing listed companies,and to examine whether production efficiency plays a role in the relationship between employee compensation and enterprise value.We draw the following main conclusions:employee compensation is positively correlated with enterprise value,employee compensation is positively correlated with enterprise production efficiency,production efficiency is positively correlated with enterprise value,and production efficiency plays a role in the relationship between employee compensation and enterprise value.After distinguishing the nature of enterprise property rights,in the regression of employee compensation and enterprise value in state-owned enterprises,the coefficient of employee compensation is positive,but the coefficient is not significant,indicating that for state-owned enterprises,the incentive effect of employees'salary is not obvious,and the regression results of non-state-owned enterprises are consistent with the whole sample.After dividing the whole sample into first-tier city enterprises and non-first-tier city entelrprises,it is found that the correlation between employee compensation and enterprise value is relatively high in non-first-tier city enterprises,while the effect of continuing to raise employee compensation in first-tier enterprises is not significant.