高管贫困经历与企业内部薪酬差距缩小:自我约束效应和移情效应的共同作用

Executive Poverty Experience and Narrowing of Internal Salary Gap in Enterprises: the Combined Effects of Self-restraint and Empathy

使用2011—2021年沪深A股上市公司相关数据,探究高管贫困经历对企业内部薪酬差距的影响。研究发现,企业管理层的贫困经历能够缩小企业内部薪酬差距。机制分析表明,总经理的贫困经历可以通过“自我约束效应”降低在职消费水平,减少管理层薪酬;董事长贫困经历具有“移情效应”,能够提高企业职工薪酬占比,但同时董事长贫困经历也会削弱企业内部薪酬差距的激励作用,降低企业收入绩效,导致其对普通员工薪酬发挥的作用有限。对企业异质性特征的分析发现,总体而言,管理层贫困经历在非国有企业、员工议价能力较低企业、劳动密集型企业样本中发挥了更为积极的缩小企业内部薪酬差距的作用。

Based on the relevant data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021,this paper discusses the impact of executive poverty experience on the internal salary gap in enterprises.It is found that such experience can reduce the internal salary gap in enterprises.Mechanism analyses reveal that the general manager's experience of poverty can reduce on-the-job spending and lower management compensation through the"self-restraint effect".The chairman's experience of poverty increases the share of employee pay through the"empathy effect".However,it weakens the incentive effect of the internal salary gap and reduces firms'earnings performance.This makes the chairman's experience of poverty play a limited role in the remuneration of the average employee.By analyzing the heterogeneous characteristics of companies,it is found that executive poverty experience plays a more positive role in narrowing the internal salary gap in enterprises that are non-state-owned,have low bargaining power of employees,and are labor-intensive.