高管薪酬激励对企业绩效的影响研究——基于政府补助的调节效应与门槛效应分析

Research on the Influence of Key Executive Compensation Incentive on Enterprise Performance-Analysis of Moderating Effect and Threshold Effect Based on Government Subsidy

以2018—2022年我国深证A股软件和信息技术服务业的上市公司数据为研究样本,采用基准模型、调节效应和门槛效应模型,实证检验高管薪酬激励、政府补助对企业绩效的影响,以及政府补助对高管薪酬激励影响企业绩效的调节效应与门槛效应。结果表明:第一,高管薪酬激励和政府补助均对企业绩效具有正向促进作用,且在1%水平上显著;第二,引入政府补助变量后,发现其在高管薪酬激励与企业绩效的关系中起负向调节作用,且相关性显著;第三,相比于国有企业,这种负向调节作用只有在民营企业才显著;第四,以政府补助为门槛变量,政府补助存在双重门槛效应,当政府补助小于第二个门槛值15.921时,高管薪酬激励对企业绩效产生促进作用,且相关性显著。因此,政府应加强对资金使用动向的监管,同时企业需优化内部结构治理,完善高管薪酬激励制度,以期为相关行业提升企业绩效提供一定的借鉴参考。

Taking the listed companies in Shenzhen A-share software and information technology service industry in China from 2018 to 2022 as research samples,this paper adopts benchmark model,moderating effect and threshold effect model to empirically test the influence of executive compensation incentive and government subsidy on enterprise performance,and the moderating effect and the threshold effect of government subsidy on key executive compensation incentive that affects enterprise performance.The results show that:First,executive compensation incentive and government subsidy have a positive effect on enterprise performance,and the level of 1%is significant.Second,after the introduction of government subsidy variable,the variable has a negative moderating effect on the relationship between executive compensation incentive and enterprise performance,and the correlation is significant.Third,compared with state-owned enterprises,this negative moderating effect is only significant in private enterprises.Fourth,taking government subsidy as the threshold variable,government subsidy has a double threshold effect.When government subsidy is less than the second threshold value of 15.921,executive compensation incentive has a promoting effect on enterprise performance with significant correlation.Therefore,the government should strengthen the supervision of the use of funds,while enterprises need to optimize the internal structure governance,improve the executive compensation incentive system,and provide reference for other industries to improve enterprise performance.