薪酬攀比心理对企业风险承担水平影响的实证研究

An Empirical Study on the Impact of Salary Comparison Psychology on Enterprise Risk-Taking Level

本文以2008-2015年我国沪深两市A股上市公司的数据为研究样本,实证检验高管薪酬攀比心理对企业风险承担水平的影响.研究发现:将同行业同层次高管薪酬中间值作为参照点,薪酬水平低于该参照点越多则高管薪酬攀比心理越强,企业风险承担水平亦越高,二者之间呈显著正相关关系.进一步将内部控制质量引入作为调节变量,结果显示良好的内部控制能够弱化高管薪酬攀比心理对企业风险承担水平的正向影响作用.文章联系薪酬差距水平与高管个人主观心理感受之间的关系,并将其纳入到企业风险承担水平的分析框架中,是对该领域已有研究文献的一种拓展.

This paper takes the data of A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2008 to 2015 as the research sample,and empirically tests the impact of executive compensation on the risk-taking level of enterprises.The study found that the median salary of the same level of executives in the same industry is used as a reference point.The more the salary level is lower than the reference point,the stronger the salary of the executives is,and the higher the risk tolerance of the enterprise,there is a significant positive correlation between the two.Further introducing the quality of internal control as a regulation variable,the results show that good internal control can weaken the positive impact of executive compensation on the risktaking level of enterprises.The article links the relationship between the salary level and the individual subjective psychological feelings of the executives,and incorporates it into the analytical framework of the enterprise’s risktaking level,which is an extension of the existing research literature in th is field.