独立董事海外背景、内部薪酬差距与企业绩效

Independent Directors’ Foreign Experience,Internal Pay Gap and Performance of Enterprises

文章以我国2008-2017年间沪深A股主板1 569家上市公司为样本,运用非平衡面板数据进行回归分析,首先研究独立董事海外背景对企业内部薪酬差距的影响,结果表明企业聘用具有海外背景的独立董事显著扩大了内部薪酬差距,这种扩大作用在国有企业和东部地区企业中表现更明显。进一步研究独立董事海外背景对企业绩效的影响发现,虽然独立董事海外背景会对内部薪酬差距对企业业绩的激励作用产生一定的负向调节作用,但这种作用效果非常微弱,总体来说一方面,独立董事海外背景直接显著提高了企业以基本每股收益EPS衡量的市场绩效;另一方面,通过扩大内部薪酬差距产生的激励作用,间接提高了企业以总资产收益率ROA和基本每股收益EPS衡量的财务和市场绩效。

Based on the sample of 1569 listed companies in Shanghai and Shenzhen A-stock market from 2008 to 2017,this paper uses the unbalanced panel data to make regression analysis,studies the impact of the foreign experience of independent directors on the internal pay gap of Listed Companies at first.The results show that the foreign experience of independent directors expands the internal pay gap significantly,which is more evident in state-owned enterprises and enterprises in the eastern region.Further studies on the impact of foreign experience of independent directors on corporate performance shows that although foreign experience of independent directors has a negative moderating effect on the incentive effect of internal pay gap on corporate performance,the effect is very weak.Overall,on the one hand,foreign experience of independent directors directly improves the market performance measured by EPS.On the other hand,by expanding the incentive effect of internal pay gap,it indirectly improves the financial and market performance measured by ROA and EPS.