高管薪酬、产权性质与企业社会责任

Executive Compensation,Property Rights and Corporate Social Responsibility

本文以我国沪深主板市场2007-2015年A股上市公司为样本,分析了高管薪酬与企业社会责任间的相关性,研究表明,上市企业高管薪酬与企业社会责任具有反向相关性,即企业支付给高管的薪酬越高,其对主要利益相关方履行社会责任水平就越低,进一步研究发现,在企业最终控制人为国有企业的上市公司中,高管薪酬与企业社会责任间的反向关系表现得更为显著。这一结论无论是通过以行业高管薪酬中位数为工具的两阶段二乘法(2SLS)检验,还是采用其他替代变量检验,仍显著成立。

This paper analyzes the correlation between executive compensation and corporate social responsibility from 2007 to 2015 A shares listed in Shanghai and Shenzhen main board market. The empirical test finds that the compensation of executives of listed companies has a reverse correlation with corporate social responsibility. That is, the higher the salary of the company is, the higher the salary of the executive is, and it performs the community to the main stakeholders. The lower the level of the responsibility,the further research shows that the reverse relationship between executive compensation and corporate social responsibility is more significant in the listed companies which are ultimately controlled by the state-owned enterprises. This conclusion is still significant,whether through the two phase two multiplication(2SLS) test of the median of the industry executives, or the use of other alternative variables.