摘要
本文利用2003-2011年中国A股上市公司11567个年度观察样本数据,实证检验了媒体报道对公司高管薪酬契约有效性的影响关系,并进一步考察这一影响关系在不同产权性质公司中和不同制度环境下的差异。结果发现:(1)媒体报道水平与高管的薪酬-业绩敏感性之间存在显著的正向影响关系,说明媒体报道提高了高管薪酬契约有效性。(2)区分产权性质后发现,媒体报道的上述正向影响作用仅在国有上市公司样本才显著成立,意味着媒体报道主要提高了国有企业高管的薪酬契约有效性。(3)上市公司所处地区的制度环境水平越高,媒体报道的上述正向影响作用越强,表明制度环境是媒体报道有效发挥上述作用的重要条件。
Recently,the mass phenomenon of executive compensation in listed companies has drawn investors＇ and news media＇s intensive attention. Using a data set of 11,567 firm-year observations of Chinese A-share listed companies from 2003 to 2011,this study examines the impact of media coverage on the effectiveness of executive compensation contracts,and further explores potential differences of this impact in firms with different nature of property rights and located in regions with different institutional environment. The results show that（1） there is a positive and significant relationship between media coverage and executive pay-performance sensitivity,indicating that media coverage may increase the effectiveness of executive compensation contracts;（2） after differentiating firms＇ nature of property rights,the preceding positive effect of media coverage is found to only exist in state-owned enterprises,suggesting that media coverage could mainly increase the effectiveness of executive compensation contracts in state-owned enterprises;（3） high levels of institutional environment development significantly enhance the preceding positive effect of media coverage,implying that institutional environment is an important condition for media coverage performing the preceding effect.
作者
罗进辉
LUO Jinhui(School of Management, Xiamen Universit)
出处
《金融研究》
CSSCI
北大核心
2018年第3期190-206,共17页
Journal of Financial Research
基金
国家自然科学基金面上项目(编号:71572160)
重大项目(编号:71790602)的资助
关键词
媒体报道
高管薪酬
产权性质
制度环境
Media Coverage, Executive Compensation, Property Rights, Institutional Environment
