高管团队薪酬与企业慈善捐赠关系研究

High Pay to Encourage Morality or to Gain Both Fame and Wealthy?:The Effects of Top Management Team's Pay on Corporate Philanthropy

本文以中国A股上市公司为样本,实证检验了高管团队薪酬与企业慈善捐赠的关系。研究发现:当企业高管团队薪酬较高时,企业会表现出更高的慈善捐赠水平。结果表明,慈善捐赠一方面会帮助企业获得更多的政治资源,从而取得经营所需的关键资源并迅速提升企业绩效;另一方面也会帮助高管团队个人构建社会资本,这样的利益一致性会促使高管团队更积极地从事慈善捐赠活动。由于高薪酬的高管团队会拥有更强的决策能力,因而他们更有能力去实施慈善活动。此外,这种显著的正向关系,在企业所处区域市场发展水平比较低、CEO两元性存在时表现的更强。本研究不仅拓展了高管团队薪酬对企业社会责任行为影响的研究,也丰富了企业慈善捐赠动机和影响因素的研究。

Empirical analysis using data on Chinese firms listed on A-Share stock exchanges,this study examined the relationship between top-management-team pay and the level of corporate philanthropy. This study found that firms would behave the higher level of philanthropy when topmanagement team was paid much higher. This finding implied that through the philanthropic actions under the condition of Chinese economy-transition,firms would get more political resources,that helped firm get scare resources and improve short-term financial performance; as same as the philanthropic actions helped members of top-management team accumulated personal social capital. As a result,the interest of top-management team was more compatible with the interest of shareholders.And top-management team with higher pay would own much stronger power of making philanthropy's decision. In addition,this relationship was much stronger when the level of market development was lower and CEO duality existed. Our study not only explored the previous literature on effect of pay of top-management team on Corporate Social Performance( CSP) but also extended the existing studies in philanthropic motive and antecedents.