高管权力、内部控制、高管薪酬与企业绩效——一种有中介的调节作用模型

Executive Power,Internal Control and Executive Compensation:An Intermediary Regulation Model

以沪深两市2007—2017年A股上市公司为研究样本,探究了高管权力、内部控制、高管薪酬和企业绩效四者关系的传导机制。研究发现:内部控制质量越高,高管权力对企业绩效的负相关性越显著;内部控制质量越低,高管权力与高管薪酬正相关性越显著;高管权力与内部控制的交互作用与企业绩效显著正相关;高管薪酬在高管权力与内部控制的交互作用对企业绩效显著正向影响中起到中介传导作用。

By taking the 2007-2017A-share listed companies in Shanghai and Shenzhen stock markets as a research sample,this study explores the transmission mechanism of the relationship between executive power,internal control,executive compensation and corporate performance,and has the following findings:1)the higher the quality of internal control,the more significant the negative correlation between executive power and firm performance;2)the lower the quality of internal control,the more positive the correlation between executive power and executive compensation;3)the interaction between executive power and internal control significantly positively correlated with corporate performance;4)executive compensation plays an intermediary role in the significant positive impact of the interaction between executive power and internal control on firm performance.