经济政策不确定性对企业高管在职消费水平的影响研究

Research on the Impact of Economic Policy Uncertainty on Corporate Executives Perquisite Consumption Level

选取2008-2019年中国非金融上市企业高管在职消费数据,对经济政策不确定性影响高管在职消费水平的具体作用机制及其经济后果进行研究。研究的结果表明:经济政策不确定性越高,高管在职消费水平越高;经济政策不确定性通过增加信息不对称程度而提高高管在职消费水平;区分外部信息环境质量的好坏后可知,企业所在的外部环境信息质量越好越有助于缓解经济政策不确定性对高管在职消费水平升高造成的影响;从经济后果看,因经济政策不确定性而增加的高管在职消费水平会造成企业业绩的降低。

This paper has selected the high-ranking executives perquisite consumption in the non-financial listed companies ranging from 2008 to 2019 to study the specific mechanism and economic consequences of economic policy uncertainty affecting the level of perquisite consumption.The results show that:The higher the uncertainty of economic policy is,the higher the level of perquisite consumption will become;The uncertainty of economic policy increases the level of perquisite consumption by increasing the degree of information asymmetry;As for the quality of the external information environment,the higher the environment quality of the company’s location is,the more helpful it is to alleviate the increase in perquisite consumption caused by economic policy uncertainty;From the perspective of economic consequences,the increase in perquisite consumption level due to this uncertainty will reduce business performance.