行业竞争与上市公司高管的外部薪酬差距——基于HLM模型的分析

Industrial Competition And External Executive Pay Gap——A Hierarchical Linear Model

高管薪酬问题是引发社会关注的热点。随着对高管薪酬形成机制的研究逐渐深入,在现有研究将高管的薪酬放在组织层面进行分析,且未能得到一致性结论的背景下,本文认为,外部高管的薪酬差距不仅与企业自身特征有关,也与行业特征有关。针对现有的相关研究在行业层面的空白,本研究基于2013-2014年沪市690家上市公司样本和41个行业层样本,重点分析了行业竞争对外部高管薪酬差距的影响,并通过构建跨层次模型(HLM)发现,行业竞争程度对外部高管薪酬差距的影响存在两种作用机制:行业竞争程度的提高会缩小外部高管薪酬差距,表现为直接作用;行业竞争程度的加剧会提高绩效对薪酬的决定作用,表现为间接作用。本文的结论有助于理解行业作为一种结构性因素影响收入分配的机制,为推进收入分配合理化提供理论依据。

Executive Compensation is a field that drives the attention of the entire society. On the circumstances that present research is focusing on the organization level, this study takes industrial factor into consideration. External executive wage gap is not only determined by the company itself, scholars have been lack of research on industrial characters. Using Hierarchical Linear Model to analysis data collected from 41 industries and 690 companies in 2013-2014 Shanghai Stock market, we suggest that industrial competition effects external executive wage gap in two ways: a direct effect that industrial competition narrows the external executive wage gap and an indirect effect that industrial competition will increased the infl uence of performance on external executive wage gap. These findings help to understand the mechanism of industry as a structural factor, and provide theoretical foundation for rationalizing income distribution.