关键高管薪酬差距、环境规制与企业创新——基于煤炭上市公司数据

Pay gap, environmental regulation and enterprise innovation:a research based on the listed coal companies

煤炭工业是我国的重要基础产业,在其转型发展过程中,建立适当的薪酬分配制度是提升治理有效性并推动创新发展的重要方式,关键高管薪酬差距对煤炭企业创新行为所产生的影响值得深入研究。基于社会比较理论,以2011—2020年A股煤炭上市公司为样本,检验了CEO与关键下属高管间薪酬差距对企业创新的影响,并探讨了环境规制对二者的调节效应。结果表明:煤炭企业CEO与关键下属高管间的薪酬差距越大,企业进行创新的可能性就越小,验证了社会比较理论在我国煤炭企业中的适用性;且该薪酬差距对企业创新的抑制作用会随煤炭企业受到环境规制的强度增加而减弱。进一步发现,与煤炭企业CEO和其他所有高管间薪酬差距相比,CEO与关键下属高管间的薪酬差距对企业创新的作用效果更明显。

Coal industry are an important basic industry in China. In the process of their transformation and development, establishing an appropriate compensation distribution system is an important way to improve the effectiveness of governance and promote innovative development. The impact of key executive compensation gap on the innovation behavior of coal enterprises deserves further study. Based on the social comparison theory, taking A-share coal listed companies from 2011 to 2020 as samples to examine the impact of the compensation gap between CEO and key subordinate executives on enterprise innovation and discuss the moderating effect of environmental regulation on them. The results show that the larger the salary gap between the CEO and key subordinate executives of coal enterprises, the smaller the possibility of enterprise innovation, which verifies the applicability of social comparison theory in China’ s coal enterprises.And the restraining effect of wage gap on innovation will weaken with the increase of environmental regulation intensity of coal enterprises.It is further found that compared with the compensation gap between the CEO and all other executives in coal enterprises, the compensation gap between the CEO and key subordinate executives has a more obvious effect on enterprise innovation.