高管薪酬差距与研发投入

Pay Gap within Executive Team and R&D Investment

本文利用2007~2015年我国A股上市公司数据,研究高管团队薪酬差距对企业研发投入的影响。本文发现,CEO与其他高管的薪酬差距越大,企业研发投入越多。上述结果在控制内生性问题后仍然稳健,从而有力支撑了锦标赛理论。进一步研究发现,只有在股权集中度较低、公司成长性较高以及CEO为内部继任的样本中,高管团队薪酬差距才能有效激发企业投入研发。本文认为我国上市公司需要从长远发展角度考虑,构建更加有效的薪酬激励机制,以增强企业创新能力。

This paper studies the effect of pay gap within executive team on R&D investment using the data of A-share listed companies in China from 2007 to 2015.The results show that,the greater the pay gap between CEO and other executives is,the more R&D a company invest.The results are still robust after controlling endogenous problems,all of which supporting the tournament theory.Further studies show that the positive effect of pay gap only exists in companies of low concentration of equity,high growth and those whose CEO is the internal successor.This paper argues that China s listed companies need to consider from the perspective of long-term development,i.e.to build a more effective incentive mechanism,and to enhance the ability of innovation.