薪酬参照落差、环境不确定性与企业战略调整

Compensation Reference Gap,Environmental Uncertainty and Corporate Strategy Adjustment

基于2007—2016年间中国沪深两市A股上市公司的数据,实证研究了薪酬参照落差对企业战略调整的影响,以及环境不确定性对二者关系的调节作用。结果显示:薪酬参照落差越大,CEO进行企业战略调整的程度越大;环境不确定性强化了薪酬参照落差对企业战略调整的正向影响。进一步研究发现,对于存在业绩期望落差、年龄较轻以及任期较长等情况的CEO而言,环境不确定性对薪酬参照落差与战略调整之间关系的正向调节作用更为显著。本文不仅丰富了企业战略调整动因的研究,还为微观层面的薪酬激励与宏观层面的外部环境应对提供了决策参考。

Based on the 2007-2016 data of Chinese A-share listed companies,this paper empirically studies the impact of the compensation reference gap on corporate strategic adjustment and the adjustment effect of environmental uncertainty on the relationship between the two.The result show that the greater the compensation reference gap,the greater the degree of CEO’s corporate strategy adjustment.The environmental uncertainty strengthens the positive impact of the compensation reference gap on the strategic adjustment of the enterprise.Further research has found that for CEOs with performance expectations gap,younger age and longer tenure,environmental uncertainty has a more significant positive adjustment effect on the relationship between the salary reference gap and strategic adjustments.This paper not only enriches the research of enterprise strategic adjustment’s motivation,but also provides decision-making reference for micro-level compensation incentive and macro-level external environment response.