高管薪酬契约参照效应对公司股价同步性的影响

Research on the Influence of Executives’Compensation Contract Reference Effect on the Corporation Stock Price Synchronicity

基于沪深A股2008~2019年上市公司数据,探讨高管薪酬契约参照效应对公司股价同步性的影响。研究表明,高管薪酬契约参照效应越强,其公司股价同步性越高,且上述影响主要存在于垂直参照和水平参照维度。作用机制显示,高管薪酬契约参照效应通过影响公司信息透明度进而作用于公司股价同步性。进一步研究发现,高管薪酬垂直参照效应的影响整体高于水平参照效应;此外,机构投资者持股、审计质量、企业内部控制及高管晋升预期能够显著缓解上述影响。经济后果检验发现,高管薪酬契约参照效应对公司股价同步性的影响,还会进一步导致公司权益资本成本上升和市场价值下降。

Based on the data of listed companies in Shanghai and Shenzhen A shares from 2008 to 2019,this study explores the influence of executives’compensation contract reference on the corporation’s stock price synchronicity.The results show that when the reference effect of executive compensation contracts is stronger,the company’s stock price synchronization is higher.The above effects mainly exist in vertical reference and horizontal reference dimensions.The mechanism of action shows that the contract reference effect of executives’compensation affects the stock price synchrony of the corporation by affecting the information transparency of the corporation.Further research finds that the influence of executive compensation vertical reference is stronger than that of horizontal reference;In addition,institutional investor shareholding,audit quality,corporate internal controls,and executive promotion expectations can significantly inhibit the above influence.The economic consequence test finds that the influence of executive compensation contract reference on stock price synchronicity will further increase the corporation’s cost of equity capital and the decline of market value.