CEO海外经历、企业国际化与薪酬溢价

CEO’s Overseas Experience,Corporate Internationalization and Compensation Premium

随着全球化进程的不断推进,具有海外背景的CEO在企业国际化进程中发挥着重要作用,其薪酬溢价成为社会普遍关注的问题。基于我国A股上市公司2012年到2018年的数据,研究了CEO海外经历与其薪酬溢价的关系。研究发现:与没有海外经历的CEO相比,拥有海外国籍或有在海外工作经历的CEO获得的薪酬更高。在使用PSM的方法后,研究发现拥有海外背景的CEO能获得薪酬溢价的渠道具有特殊性,即CEO本身的管理水平并不能解释这种溢价的产生,但是CEO在国外获得的技能专长以及CEO具有的海外社交网络可以对这种溢价做出解释,这进一步强化了文章的结论。

With the continuous advancement of globalization,CEOs with overseas background play an important role in the process of corporate internationalization,and their compensation premium has become a common concern of the society.Based on the data of China’s A-share listed companies from 2012 to 2018,the relationship between CEOs’overseas experience and their compensation premiums was studied.The study finds that CEOs with overseas nationality or working experience abroad received higher salaries than CEOs without overseas experience.After using the PSM method,it finds that the channels through which CEOs with overseas background obtain compensation premium have particularity,that is,the CEO’s own management level cannot explain the generation of premium,but the skills and expertise obtained by CEOs abroad and the overseas social networks possessed by CEOs can explain it,which further strengthens the findings of the paper.