城市规模与高管工资溢价区域差异分析

Analysis on the Regional Differences of City Size and Senior Executive Salary Premium

利用2008—2017年中国A股上市公司和地级市层面数据,采用回归模型进行实证分析并作检验后发现:①高管薪酬显著地受相邻地区同行薪酬的正向影响,但更多地还是由公司情况及高管自身水平决定;②城市规模和城市的集聚经济正相关,集聚经济对高技能劳动力的工资水平有促进作用,形成工资溢价,不同城市规模产生的集聚经济效应是产生工资溢价的主要原因;③不同规模城市等级对高管薪酬的影响呈现差异化特征,因为不同城市厂商的生产率水平不同,大城市能够为高技能劳动力提供更好的学习机会,表现为水平效应和增长效应;④房屋价格对工资有正向影响,人均绿地面积的提高及城市居住环境的改善,会使工资水平有所上升,但超大城市可能因其生活成本及房价过高等因素的影响对高管薪酬正向影响相对减弱。

This paper uses data from China’s A-share listed companies and prefecture-level cities from 2008 to2017, uses regression models to conduct empirical analysis and tests. It is found that executive compensation is significantly affected by peer compensation in neighboring regions. However, it is more determined by the company’s situation and the senior management’s own level;the size of the city is positively related to the agglomeration economy of the city. The agglomeration economy promotes the wage level of high-skilled labor and forms a wage premium. Agglomeration economies generated by different city sizes Effects are the main cause of wage premiums;there is a significant difference in the impact of different levels of city grades on executive compensation, because different cities have different levels of productivity, and large cities can provide better learning opportunities for high-skilled labor. Level and growth effects. In addition, housing prices have a positive effect on wages. The increase in per capital green space and the improvement of urban living conditions will increase wage levels. However, large cities may have positive effects on executive compensation due to factors such as high living costs and high housing prices. The relative impact is relatively weakened.