内生性视角下高管层薪酬差距与公司业绩研究

利用2001~2007年深沪两市A股上市公司的面板数据,从内生性的视角研究了高管层内的薪酬差距对公司业绩的影响,验证了锦标赛理论与行为理论在我国的适用性。实证分析结果表明,薪酬差距存在内生性。在控制这种内生性后,薪酬差距对业绩的影响呈现倒U型,即薪酬差距在扩大的过程中会导致业绩先提升后下降。这是因为当薪酬差距较小时,这种差距水平给薪酬接受者带来的不公平感较小,因此金钱激励的正面作用超过了不公平感的负面影响,此时加大薪酬差距有利于业绩的提升,锦标赛理论起主导作用;但当薪酬差距达到一定水平之后,不公平感的负面影响逐渐增大,逐渐抵消了金钱激励的正面作用,此时薪酬差距对业绩的总影响表现为消极影响,行为理论起主导作用。

A Study of Top Executives Pay Gap and Firm Performance Based on Endogeneity

Using the panel data of Chinese listed firms from 2001 to 2007,this paper analyzes the incentive effects of the top executive's pay gap on firm performance based on endogeneity and tests the feasibility of tournament theory and behavior theory acting in china.Results show that there is endogeneity in top executive's pay gap,after controlling the endogeneity the performance first increases and then decreases when the pay gap keeps increasing.When pay gap is small,the feeling of unfair is slight,so the incentive of pay gap exceeds the unfair feeling and the increase of pay gap will bring better performance,therefore,the tournament theory is in control.But when the pay gap is big enough,the unfair feeling will exceeds the incentive of pay gap,so the increase of pay gap will bring worse performance,and the behavior theory is in control.