互补或替代? 经理薪酬与外部审计治理效用关系研究

Complementary or Substitution? Research on the Relationship between Executive Compensation and Governance Utility of External Audit

已有文献表明,经理薪酬激励与外部审计都会影响企业价值;但经理薪酬作为一种激励机制、外部审计作为一种监督机制,它们在影响企业价值时存在什么关系,尽管已有文献在理论上提及,但缺乏实证方面的证据。本文以沪深两市2005-2009年间的A股上市公司作为研究样本,通过实证研究发现,经理薪酬与外部审计对企业价值都有正向影响,而且经理薪酬与外部审计在影响企业价值时具有显著的替代关系;同时,这一关系受到经理人力资本密度和企业性质的显著影响。

Existing literatures indicated that both executive compensation incentives and external audit affect enterprise value.Executive compensation and external audit are regarded as an incentive mechanism and a monitoring mechanism respectively.Although the relationship between them while affecting enterprise value was theoretically mentioned by preceding literatures,there is a paucity of empirical evidence about this issue.Based on a sample of Shanghai and Shenzhen A-share listed companies from 2005-2009,empirical study finds that both executive compensation and external audit have positive effect on enterprise value,there is a significant alternative relationship between them when they affect enterprise value,and that the density of manager human capital and the firm nature have significantly impacts on the alternative relationship.