民营企业社会责任、高管薪酬与企业产出绩效——基于企业实际决策者视角的理论与实证分析

Private Firm CSR,Executive Compensation and Firm Output Performance:Theoretical and Empirical Analysis from the Perspective of the Enterprise's Actual Decision Maker

文章在对中国民营企业履行社会责任的现状及存在的问题进行评析的基础上,基于企业实际决策者视角构建委托代理框架下关于民营企业社会责任投资、高管薪酬与企业产出绩效的理论模型,进而采用2009-2014年中国民营上市公司面板数据对理论命题进行了实证检验。实证结果表明:1.高管薪酬与企业产出绩效显著正相关;2.民营企业社会责任与企业产出绩效呈现"倒U型"关系;3.民营企业社会责任投资会显著降低高管薪酬业绩敏感性。本研究深化了对我国民营企业履行社会责任的认识,对进一步研究企业社会责任的履行动力具有一定的参考价值,同时对于企业高管薪酬契约设计亦有一定的借鉴意义。

Based on the analysis of Chinese private enterprises＇ fulfillment of corporate social responsibility,this paper first constructs a theoretical model under the principal-agent framework on CSR,executive compensation and enterprise output performance from the perspective of a firm＇s actual decision maker. Then it employs the 2009—2014 panel data of private listed companies to empirically test the theoretical propositions. The empirical results show that： 1. executive compensation is sig-nificantly and positively correlated with firm output performance; 2. the relationship between private enterprise corporate social responsibility and firm output performance presents＂inverted U-shape＂; 3. private enterprise CSR investment will significantly reduce the executive pay-performance sensitivity. This paper raises our awareness of private enterprises＇ fulfilling corporate social responsibility,and is of good reference value for the further research on the motivation of private enterprises CSR fulfillment; and at the meantime,it is also a help for corporate executive compensation contract design.