高管晋升锦标赛激励与企业全要素生产率

Tournament Motivation for Executives’Promotion and Total Factor Productivity

全要素生产率上升是实现高质量发展的动力,如何提高全要素生产率成为企业治理的关键问题。基于此,本文利用2010~2019年中国A股制造业上市公司数据,以薪酬差距度量高管晋升锦标赛激励,将企业全要素生产率作为高管业绩指标,探索高管晋升锦标赛激励机制对企业全要素生产率的影响。研究发现,高管晋升锦标赛激励有利于提高企业全要素生产率。进一步研究发现,在企业高管晋升概率越高的情况下,锦标赛激励效应越明显,对全要素生产率提高的作用越显著;内部晋升的高管比外部聘用的高管更能彰显锦标赛激励的作用,越能促进企业全要素生产率的提高。在内生性和稳健性检验之后,该结论依然成立。本文研究拓展了高管晋升锦标赛激励的治理效应研究,对提升企业全要素生产率与实现高质量发展具有重要意义。

The increasement of total factor productivity is the driving force to achieve high-quality development.So how to improve total factor productivity has become the key issue of corporate governance.Based on that,this paper uses the data of China A-share listed manufacturing companies from 2010 to 2019 to measure the tournament motivation for executives’promotion by salary gap.The paper takes the enterprise total factor productivity as the performance index of executives,and explores the influence of tournament motivation mechanism for executives’promotion on the total factor productivity of enterprises.The results show that:the tournament motivation for executives promotion is beneficial to improve the total factor productivity of enterprises.Further research finds that:the higher the promotion probability of executives,the more obvious the effect of tournament motivation,the more significant the effect on the total factor productivity;the more obvious the internal promotion can show the role of tournament motivation than external employment,the more can promote the increasement of total factor productivity.After the test of endogenesis and robustness,the conclusion is still valid.The research of this paper expands the governance effect researches of the tournament motivation for executives’promotion,which is of great significance to the promotion of the total factor productivity and the realization of highquality development.