高管团队内部薪酬差距对企业竞争力的影响——基于锦标赛视角下的实证研究

The Influence of Internal Compensation Gap among Senior Executives on the Competitiveness of Firms——An Empirical Study Based on the Tournament Theory

以2013~2015年间沪深A股全部上市公司作为研究样本,基于锦标赛视角对高管团队内部薪酬差距与企业竞争力之间的关系进行研究。结果表明,高管薪酬差距对企业竞争力提升有显著的正向影响。管理者权力削弱了高管薪酬差距与企业竞争力之间的正相关性。国有产权性质对短期薪酬差距与企业竞争力的正向关系起到负向调节影响,对长期薪酬差距与企业竞争力的关系无显著调节作用。这些结论有助于丰富高管薪酬差距、企业竞争力的相关文献。

Abstract：By taking all the A- share listed companies of Shanghai and Shenzhen from 2013 to 2015 as the research samples, the paper studies the relationship between internal compensation gap among senior executives and the competitiveness of firms based on the Tournament Theory. The results show that the internal compensation gap among senior executives has significant posi- tive impact on improving the competitiveness of firms. Managerial power weakens the positive cor- relation between executive compensation gap and firm competitiveness. The nature of state - owned property rights has a negative impact on the positive relationship between the short term compensa- tion gap and the competitiveness of firms, but it has no significant moderating effect on the relationship between the long - term compensation gap and the competitiveness of firms. The conclusions can help to enrich the related literatures on executive compensation gap and firm competitiveness. Key words： Compensation Gap among Senior Executives ; Competitiveness of Firms ; Tournament Theory; Power of Managers