机构投资者异质性与高管薪酬差距

Institutional Investors’ Heterogeneity and Executive Compensation Gap

高管薪酬差距的影响因素是理论界和实务界关注的热点话题。本文以我国2007-2015年的A股上市公司为研究样本,考察机构投资者异质性对高管薪酬差距的影响,研究发现,机构投资者持股比例与高管薪酬差距正相关;与交易型机构股东相比,稳定型机构股东与高管薪酬差距的正向影响更加显著。进一步分析发现,高管薪酬差距与企业绩效之间正相关,这验证了本文假设的理论前提。本文的研究不仅深化了高管薪酬差距影响因素领域和异质机构投资者公司治理效应领域的研究,也为我国监管机构引导机构投资者稳定健康发展提供了有益借鉴。

The influence factor of executive compensation gap is a hot topic in academic fields. This study explores institutional investors' influence on executive compensation gap from the perspective of heterogeneity based on A-share listed companies in China between 2007 and 2015. This paper finds that institutional investors' share holding positively associate with executive compensation gap, the stable institutional investors' positive influence on executive compensation gap is more significant compared with the unstable institutional investors.In the further analysis, this paper finds a positive correlation between executive compensation gap and enterprise performance, which constructs a theoretical basis for the hypothesis of this paper. This paper also finds that the positive influence of institutional investors on executive compensation gap is only significant in private enterprises due to the implementation of executive compensation restriction in state-owned enterprises.This paper not only deepens the study on the influencing factors of executive compensation gap, but also expands the research on corporate governance effects of heterogeneous institutional investors, it also provides useful reference for China's regulatory authorities to guide the stable and healthy development of institutional investors.