企业对外直接投资和内部薪酬差距——对效率与公平的思考

Corporate Outward Foreign Direct Investment and Within-firm Pay Gap——An Analysis of Efficiency and Fairness

新时期中国经济的高质量发展,不仅需要进一步扩大高水平对外开放,更要注重效率与公平的和谐统一。本文以2010—2021年中国A股上市企业为样本,考察企业对外直接投资活动的广度与深度和其内部高管与员工间薪酬差距的非线性关系,以及企业内部治理水平和外部同群效应对上述关系的调节作用。研究结果表明:投资广度与薪酬差距呈U型关系,投资深度与薪酬差距呈倒U型关系;企业内部治理水平调节了投资广度与薪酬差距的U型关系,外部同群效应调节了投资深度与薪酬差距的倒U型关系。进一步分析发现,在区分效率的规模异质性、结构异质性和时空异质性后,投资广度与投资深度的公平效应不尽相同。本文为缩小企业内部收入差距、促进经济社会发展成果共享提供了理论参考。

The high-quality development of China's economy in the new era calls for higher level of opening up combined with a judicious balance between efficiency and fairness.This study investigated the non-linear relationship between the breadth and depth of outward foreign direct investment(OFDI)and the pay gap between executives and employees,and the moderating effect of internal governance ability and external cohort effect in Chinese listed companies from 2010 to 2021.The findings suggest that the relationship between OFDI breadth and the pay gap is U-shaped,while that of OFDI depth is inverted U-shaped.Additionally,internal governance ability moderates the U-shaped relationship between OFDI breadth and pay gap,whereas external cohort effect moderates the inverted U-shaped relationship between OFDI depth and pay gap.Further analysis suggests that,after accounting for scale,structural,and spatio-temporal variations in efficiency,the fairness effects between OFDI breadth and depth are heterogeneous.This study offers microlevel insights to bridge within-firm pay gaps,thereby advocating for an inclusive sharing of economic and social advancements.