薪酬差距与盈余管理

Dispersion in Compensation and Earnings Management

薪酬差距是薪酬系统设计与管理中的重要议题,也是解决代理问题的激励领域的研究热点。选取2004～2010年上市公司为样本,为薪酬差距与业绩及盈余管理之间的关系提供经验证据。研究表明,薪酬差距与企业业绩之间存在倒"U"型关系,在薪酬差距较小时,企业业绩随着高管与员工之间与薪酬差距的增加而增长,当薪酬差距到达一定程度时,企业业绩随着薪酬差距的增加而降低;薪酬差距与盈余管理之间存在着正相关关系,高管通过可操控盈余修正业绩,扩大薪酬差距。

Pay dispersion is an important issue in compensation literature, which is used to resolve agency problems. This study is not only an examination of the relationship between pay dispersion and corporation performance, but a direct test of the relationship between pay gap and earnings management. Findings suggest it is not absolutely cor- rect that more diffused pay gap are positively related to performance, but it is a inverted U - shaped relationship be- tween pay gap and corporate performance. This paper contributes to compensation literature through examining the relationship between pay gap and earnings management. We find pay gap are positively related to accruals and man- agers more likely manipulate earnings to improve their compensations, thus expanding pay gap.