| 高管薪酬差距、产品市场竞争与投资效率 |
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| 引用本文： | 吕洋洋,卿松.高管薪酬差距、产品市场竞争与投资效率[J].安顺学院学报,2020(2):109-114,129. |
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| 作者姓名： | 吕洋洋 卿松 |
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| 作者单位： | 集美大学财经学院 |
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| 基金项目： | 福建省社科基地重大项目“福建省县级财政绩效评价指标体系与方法研究”(项目编号:FJ2015JDZ046)。 |
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| 摘 要： | 以我国沪深两市A股上市公司中非金融业企业2013年-2017年相关数据为研究样本,分析高管薪酬差距、产品市场竞争与投资效率之间的关系。研究发现:高管薪酬差距的扩大加剧了企业的非效率投资;产品市场竞争程度的提高可以有效地缓解企业的非效率投资问题,从而提升公司的投资效率;同时,产品市场竞争也能够削弱高管薪酬差距与非效率投资之间的正相关关系,能发挥积极的外部治理作用。
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| 关 键 词： | 高管薪酬差距 产品市场竞争 投资效率 |
Research on Executive Compensation Gap,Product Market Competition and Investment Efficiency |
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| LYU Yangyang,QING Song.Research on Executive Compensation Gap,Product Market Competition and Investment Efficiency[J].Journal of Anshun College,2020(2):109-114,129. |
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| Authors: | LYU Yangyang QING Song |
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| Institution: | (College of Finance and Economics,Jimei University,Xiamen 361021,Fujian,China) |
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| Abstract: | Based on the 2013-2017 data of non-financial enterprises in Shanghai and Shenzhen A-share listed companies,the paper analyzes the relationship between executive compensation gap,product market competition and investment efficiency.The study finds that the expansion of the executive pay gap has intensified the non-efficiency investment of enterprises;the improvement of the competition in the product market can effectively alleviate the inefficient investment of enterprises,thereby improving the investment efficiency of the company;at the same time,the competition in the product market can also weaken the positive correlation between the pay gap and non-efficiency investment and can play a positive external governance role. |
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| Keywords: | executive pay gap product market competition investment efficiency |
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