高管薪酬差距与风险承担——基于中国上市银行的经验证据

Executive Compensation Gap and Risk Taking:Empirical evidence based on Chinese Listed Commercial Bank

薪酬差距某种程度上体现了收入分配的公平程度,是影响高管管理行为的重要因素,进而会对风险承担产生影响。本文采用中国上市银行2005-2019年的非平衡面板数据,对高管薪酬差距与风险承担两者之间的关系展开研究。研究发现,我国上市银行高管内部薪酬差距与风险承担存在正相关关系,而且相对于高管与员工间薪酬差距而言,高管团队内部薪酬差距对风险承担具有更强的正向激励作用;高管外部薪酬差距越大,其风险承担也越高。进一步研究发现,高管是否持股对于薪酬差距和风险承担的关系具有正向调节作用。本文从高管薪酬差距这一视角深化了以往仅从高管货币薪酬角度解释银行风险承担的研究,进而为我国商业银行高管薪酬制度的设计提供相应的政策建议。

To some extent,the compensation gap reflects the fairness of income distribution,and is an important factor that affects the management behavior of executives,and then has an impact on risk-taking.This paper studies the relationship between executive compensation gap and risk taking by using unbalanced panel data of Chinese listed commercial banks from 2005 to 2019.The study found that there is a positive correlation between the compensation gap and the risk-taking within the executive team and executives-employees,and the compensation gap within the executive team has a strong positive incentive effect on risk-taking;the greater the external compensation gap of executives,the greater the level of risk-taking,that is,the external compensation gap is positively correlated with risk-taking.Further research shows that whether executives hold shares has a positive moderating effect on the relationship between compensation gap and risk-taking.