对外直接投资与高管薪酬——来自中国上市公司的证据

Outward Foreign Direct Investment and Executive Compensation——Evidence from Chinese Listed Companies

对外直接投资是企业扩张规模,实现资源优化配置的重要途径。文章以中国A股上市公司为研究对象,利用倾向得分匹配和双重差分法考察企业对外直接投资对高管薪酬的影响。研究发现:对外直接投资显著提高高管薪酬,但是促进作用存在一年滞后且作用随时间逐步衰减;市场寻求和资源寻求动机的投资更能促进高管薪酬的增长,技术寻求动机的投资对高管薪酬没有显著影响;相较于绿地投资,以跨国并购方式进入的对外直接投资更能够促进高管薪酬的增长;进一步研究发现,对外直接投资通过增加高管权力和改善企业业绩提升高管薪酬,高管薪酬对于规模指标的敏感性大于利润指标。研究结果深化和丰富了对外直接投资和高管薪酬的相关研究,并对中国企业如何更好地"走出去"提供了一定的启示。

Outward foreign direct investment is an important way for enterprises to expand their scale and optimize the allocation of resources.This paper takes Chinese A-share listed companies as the research object and applies the propensity score matching method and the difference in difference method to examine the impact of outward foreign direct investment on executive compensation.The study shows that:Outward foreign direct investment significantly raises executive compensation,but its effect lags one year and is gradually eroded over time;Market-seeking and resource-seeking investment can better promote the growth of executive compensation,but technology-seeking investment does not have a significant impact on executive compensation;Compared with the greenfield investment,cross-border mergers and acquisitions have a stronger positive effect on executive compensation;The further research finds outward foreign direct investment influences executive compensation via increasing executive power and improving corporate performance,the change of executive compensation is more sensitive to the corporate size than the corporate profit.The research of this paper deepens and enriches the relevant research on outward foreign direct investment and executive compensation,and also provide policy implications for Chinese enterprises to“go out”better.