高管薪酬差距对企业金融化的影响研究

Research on the Influence of Executive Pay Gap on Enterprise Financialization

基于薪酬契约的管理层权力理论,利用2010—2019年中国沪深A股非金融类上市公司数据,实证研究高管薪酬差距对企业金融化的影响。研究发现,高管薪酬差距显著提高了企业金融化水平;稳健性检验表明结论依然成立。影响机制检验表明,高管薪酬差距通过提高CEO过度自信进而提高企业金融化水平;异质性检验表明,在股东监督力度较弱和CEO具有金融背景的企业中,高管薪酬差距对企业金融化的促进作用更强。

Based on management power theory of pay contract,Shanghai and Shenzhen A-share non-financial listed companies from 2010 to 2019 were selected as example to empirically study the impact of executive pay gap on corporate financialization.It is found that the executive pay gap significantly improves the level of corporate financialization;and after the robustness test,the conclusion still holds.The influence mechanism test shows that the executive pay gap can improve the level of enterprise financialization by improving the overconfidence of CEO;The heterogeneity test shows that in enterprises with weak shareholder supervision and ceos with financial background,executive compensation gap plays a stronger role in promoting corporate financialization.