高管薪酬与银行流动性创造的关系研究——基于中国银行业的经验证据

The Relationship between Executive Salary and Banks’ Liquidity Creation——Empirical Evidence from Chinese Banks

本文基于中国银行业2013-2017年面板数据验证了高管薪酬及其延期支付与银行流动性创造之间的关系。实证结果表明:高管薪酬水平与银行流动性创造及表内、表外流动性创造均呈正U型关系;在高薪酬银行中,延期支付高管薪酬与总流动性创造、表内流动性创造之间呈显著负相关关系,与表外流动性创造正相关;在低薪酬银行中,延期支付高管薪酬与银行流动性创造之间并无显著关系。因此,商业银行应将流动性创造纳入高管薪酬设计框架,以提升其经营质效水平。同时,监管部门应加强对延付高管薪酬的监管力度,并就高管薪酬水平差异进行精准监管,提高监管效率。

Based on panel data of Chinese banks from 2013 to 2017,the paper analyzes the influence of executive salary and its deferred payment on banks’liquidity creation.The results show that executive salary has U shape relationship with banks’liquidity creation,on-sheet and off-sheet liquidity.In high-salary banks,deferred executive compensation has significantly negative effect on the whole liquidity creation and on-sheet liquidity creation,while it has positive influence on off-sheet liquidity creation.In low-salary banks,the relationship between deferred executive salary and liquidity creation is not significant.Therefore,commercial banks should put liquidity creation into the framework of executive salary in order to improve banks’operation quality and efficiency.Meanwhile,supervision department should strengthen supervision power on deferred payment and implement precise supervision based on the difference of executive salary to improve supervision efficiency.