在职消费与制造业高质量发展

Perks and High-Quality Development of Manufacturing Industry

管理层利用在职消费从事非生产性的寻租活动已对制造业企业高质量发展产生重要影响。基于2010~2019年中国资本市场A股制造业上市公司样本,实证考察在职消费如何作用于企业高质量发展。研究发现,在职消费阻碍了企业高质量发展。机制检验表明,在职消费降低了投资效率和管理效率,进而抑制了企业高质量发展。进一步研究表明,相较于非国有企业,在职消费对企业高质量发展的抑制作用在国有企业中显著增强,产品市场竞争弱化了在职消费对企业高质量发展的不利影响。企业应通过多种激励制度安排的整合协同效应满足管理层的多样化需求,促使管理层积极履行职责,加强对管理层寻租行为的监管,减少滥用在职消费的行为,为企业高质量发展提供持续性的动力。

Managers who use perks to engage in non-productive rent-seeking activities has affected high-quality development of manufacturing enterprises.Basing on the sample of China′s A-share manufacturing listed companies during 2010 ~ 2019,this article examines how perks affect high-quality development of enterprises empirically.The research finds that perks impede high-quality development of enterprises.Mechanism test shows that perks impede the high-quality development of enterprises by reducing the investment efficiency and management efficiency.Further research shows that perks of state-owned enterprises impede high-quality development of enterprises stronger than non-state-owned enterprises,and product market competition weakens the negative effect of perks on the highquality development of enterprises.This article enriches the economic consequences of perks,clarifies the mechanism of how perks affect high-quality development of enterprises and provide a new reference for promoting highquality development of enterprises.