高管团队内薪酬差距、风险与公司业绩——基于锦标赛理论的实证研究

Top Executives′Pay Gap,Risk and Companies Performance——An Empirical Study Under the Tournament Theory

本文从公司所面对的风险入手,以我国2001～2009年上市公司为样本,研究了风险对高管团队内未来薪酬差距的影响,以及风险与高管团队内薪酬差距的交互作用对未来公司业绩的影响。研究发现,从薪酬差距的设定角度来看,风险对公司高管团队内未来薪酬差距有正向影响。这表明,当面对较高风险时,公司会扩大高管团队内未来薪酬差距。但从薪酬差距对业绩的激励作用角度看,在风险从极低到极高不断增加的过程中,高管团队内薪酬差距扩大对公司未来业绩会产生先抑制后促进的作用。

Using the panel data of Chinese listed firms during 2001 -2009, this paper makes an empirical test on the relationship between risk and future top executives＇pay gap and the incentive effect of top executives＇pay gap under risk. The results show that risk level has positive relation with top executives＇future pay gap, which means when facing high risk level companies will raise top executives＇future pay gap. But when risk rise from very low to very high, the rising of top executives＇pay gap will decrease companies＇ performance in the first stage then improve it in the second stage.