地区差异、薪酬结构与高管异地变更——奔向“北上广”抑或撤离

Regional Disparities,Compensation Structure,and Management Turnover——Moving to the“Beijing-Shanghai-Guangzhou”Region or Relocating Away

本文研究了地区差异对企业高管薪酬水平和结构的影响,阐释了高管异地变更的薪酬结构动因。研究发现:北上广等一线城市企业高管的货币薪酬与股权激励占比均显著高于二三线城市高管,但在纳入生活成本因素后,一线城市的货币薪酬水平不再具有优势。薪酬结构中的较高股权激励比重,不仅是二三线城市高管奔向“北上广”的重要原因,而且对高管撤离“北上广”具有缓解作用。异质性分析表明,股权激励比重对于高管奔向北上广等一线城市的促进效应,在高科技行业、年轻的高管群体中更为显著。本文拓展了地区差异与高管薪酬结构方面的相关研究,为理解我国企业高管异地变更的成因及其经济后果提供了更深入的解释。

This paper examines the impact of regional disparities on the level and structure of executive compensation,elucidating the motivation of compensation structure in management turnover across regions.The study reveals that the monetary compensation and equity incentives of executives in first-tier cities such as Beijing,Shanghai,and Guangzhou are significantly higher than those in second-and third-tier cities.However,when considering the cost of living,the monetary compensation level in first-tier cities no longer holds an advantage.The higher proportion of equity incentives in the compensation structure is not only a major factor motivating executives from second-and third-tier cities to relocate to first-tier cities,but also mitigates the tendency for executives to leave first-tier cities.Heterogeneity analysis indicates that the promotional effect of equity incentives on management turnover to firsttier cities is more significant among those executives who work in high-tech industries,or belong to a younger generation.This paper extends the research on regional disparities and executive compensation structures,providing a deeper understanding of the causes and economic consequences of management turnover across regions.