地理位置影响公司高管薪酬吗?——来自中国上市公司的经验证据

Does geographical location affect executive compensation?——Empirical evidence from listed companies in China

以五个国家级中心城市和六个国家区域中心城市的概念,将上市公司注册地与中心城市之间的距离作为地理位置的替代变量,研究地理位置是否会影响公司高管薪酬。地理位置对高管薪酬的影响方式主要有两种,一种方式是公司总部、各类中介机构和管理人员大多位于中心城市,促进了行政人力资本的聚集,从而增加中心城市企业的高管薪酬;另一种方式是公司在制定高管薪酬政策时,会参考其周围企业,这使得高管薪酬受到该地区其他公司的影响。研究发现,在控制其他变量下,注册地址为中心城市的上市公司,其总经理薪酬显著高于其他地区的总经理薪酬,注册地址越接近中心城市,总经理的薪水越高。

Based on the concepts of five national central cities and six national regional central cities,the distance between the place of incorporation of a listed company and the central city is used as a substitute for geographical location.Study whether geographical location affects executive compensation.There are two main ways in which geographical location affects executive compensation.One is the headquarters of the company.Most of the intermediary organizations and managers are located in central cities,which promotes the accumulation of administrative human capital.In order to increase the executive compensation of enterprises in central cities;Another way is for companies to refer to their surrounding companies when making executive pay policies,which makes executive pay subject to the influence of other companies in the region.It is found that under the control of other variables,the salary of the general manager of the listed company with registered address as the central city is significantly higher than that of the general manager in other regions.The closer the registered address is to the central city,the higher the salary of the general manager is.