高管内外部薪酬差距与企业绩效关系的经验研究

本文实证研究了高管内外部薪酬差距与企业绩效的关系,并检验了行业竞争、管理层权力在二者关系中的调节作用。结果发现:高管内外部薪酬差距均与企业绩效呈倒U型关系,即内外部薪酬差距对企业绩效的影响是先促进后抑制;当企业处于竞争性行业时行业时,内外部薪酬差距与企业绩效的正相关程度增强度增强,说明行业竞争提高了薪酬差距的激励效果;但随着管理层权力的增大,内外部薪酬差距与企业绩效的正相关程度减弱,说明管理层权力抑制了薪酬差距的激励效果果。

Using industry competition and managerial power as moderator variables, the paper makes an empirical research on the relationship between executive＇ s internal and external pay gaps and firm performances. The results indicate that both internal and external pay gaps have inverted U -shaped relations with firm performance, that is, pay gaps would improve firm performance in the first stage, and then reduce it in the second stage. In competition industry, whether internal or external pay gap has more positive effects on finn performance, and however, with the increase of managerial power, the positive relation between internal or external pay gap and firm performance would be decreased.