摘要
高级人才是经济持续增长的源泉与动力,因此吸引和留住高级人才对地方经济发展至关重要。本文从公司高级人才——高管的角度出发,以2005-2018年我国上市公司为研究样本,利用中国地级市层面空气质量数据,考察空气污染对高管薪酬的影响。研究发现,空气污染程度与高管薪酬水平显著正相关,这表明公司因空气污染向高管支付了薪酬溢价,这一结论在考虑内生性问题、测量误差以及地区经济发展程度等因素后依然成立。异质性分析表明,在公司议价能力更弱、高管议价能力更强、高管资历较浅时,空气污染对高管薪酬的影响更为显著。进一步研究发现,空气污染降低了地区对高级人才的吸引力,抑制了当地高级人力资本的积累,但增加高管薪酬可以缓解空气污染对高管人才积累的负面影响。最后,企业根据空气污染程度调整高管薪酬有利于提高公司未来业绩。总之,本文从微观企业决策者——高管的视角进行研究,一方面丰富和拓展了空气污染影响微观企业行为的文献,另一方面从自然环境视角丰富了高管薪酬影响因素的相关文献,也进一步揭示了空气污染负向影响宏观经济发展的微观作用机制,为地方政府制定人才引进政策、提高环境治理能力,实现经济高质量发展提供了政策参考。
Senior talents are the source and driving force of sustained economic growth,so attracting and retaining senior talents is crucial to local economic development.From the perspective of senior talents of companies——senior executive,using a sample of publicly traded A-share stocks and air quality data at the city level during 2005–2018 in China,we examine the impact of air pollution on executive compensation.We find that air pollution level is significantly positively correlated with executive compensation,indicating that the company paid the executive compensation premium due to air pollution.This effect is more prominent when companies have high dependence on senior talents and have less bargaining power,and when the executives have more bargaining power.Further studies have found that air pollution makes regions less attractive to senior talent and inhibits the accumulation of local executive talent.Finally,adjusting executive compensation to air pollution levels can improve future firm performance.All in all,this paper not only from the perspective of listed firms’decision makers enriches and expands the literature about economic outcomes of air pollution,but also from the perspectives of natural environment enriches the literatures about the influence factors of executive pay,and further reveals the micro mechanism how air pollution negatively influence macro economic development,providing the empirical evidence for local government policy making of talent introduction,improving the environmental governance capacity and finally promoting high quality economic development.
出处
《会计研究》
CSSCI
北大核心
2022年第6期153-164,共12页
Accounting Research
基金
2022年成都市哲学社会科学规划项目(2022BS100)
系统科学与企业发展研究中心项目(Xq22C15)
汕头大学科研启动经费项目(STF22007)
广东习中心汕大研究基地资助
关键词
空气污染
高管薪酬
人力资本
高管激励
Air Pollution
Executive Compensation
Human Capital
Executive Incentive
