上市家族企业CEO年龄与薪酬关系实证研究

An Empirical Study on the Relationship between CEO Age and Compensation in Listed Family Firms

以2008~2018年中国上市家族企业为样本,结合社会情绪选择理论和社会情感财富理论,从个人和家族两个层面,实证检验了家族企业CEO年龄与其薪酬之间的关系。研究结果发现,随着CEO年龄的增长,个人薪酬呈现先升后降的倒U型特征,同时企业业绩却恰恰相反而呈正U型,反映出CEO随年龄增长带来的关注点变化使其从约束型社会情感财富向延伸型社会情感财富转变。基于高管年龄异质性的研究对于提高中国家族企业公司治理水平具有借鉴意义。

This paper empirically tested the relationship between CEO's age and salary in family enterprises from the perspective of individuals and families,based on the data of listed family enterprises in China from 2008 to 2018,and combined with the SST and the SEW.The results of the study show that,with the growth of CEO's age,personal compensation presents the inverted U-shaped feature of first rising and then falling,while corporate performance is on the contrary and positive U-shaped,reflecting the change of CEO's focus with the growth of age,which makes it change from the constrained socioemotional wealth to the extended socioemotional wealth.Based on the age heterogeneity of executives,the research can be used for reference to improve the level of corporate governance in Chinese family enterprises.