企业薪酬差距对股价同步性影响的实证研究

An Empirical Study on the Effect of Firm’s Compensation Gap on Stock Price Synchronization

股价同步性反映了股票价格对公司内在价值的甄别和筛选,股价同步性越高意味着股票价格机制配置资源的效率越低。因此,如何降低股价同步性是具有理论意义和实践价值的重要问题。本文以2013-2017年间我国非金融类上市公司作为样本,考察了企业薪酬差距对股价同步性的影响。实证研究显示：企业薪酬差距与股价同步性显著负相关,表明企业薪酬差距能够发挥锦标赛激励作用,降低股价同步性,提高资本市场股票价格配置资源的效率。本文研究结论为股价同步性和企业薪酬差距研究增添新的知识,同时为优化企业薪酬设计给出了对策建议。

The synchronization of stock prices reflects the discrimination and screening of the company＇s intrinsic value by stock prices. The higher the stock price synchronization, the lower the efficiency of the stock price mechanism＇s allocation of resources. Therefore, how to reduce stock price synchronization is an important issue with theoretical significance and practical value. This article takes a sample of China＇s non-financial listed companies during 2013-2017, and examines the influence of the company＇s pay gap on the synchronization of stock prices. Empirical research shows that： the company＇s pay gap is significantly and negatively correlated with stock price synchronization, which shows that the company＇s pay gap can play the role of tournament incentives, reduce stock price synchronization, and increase the efficiency of resource allocation in the capital market. The conclusion of this paper adds new knowledge for the study of stock price synchronization and the company＇s salary gap, and at the same time gives suggestions for optimizing corporate salary design.