摘要
高管与普通员工之间的薪酬差距不仅影响着企业的激励效率与企业价值,还关系到社会的公平与稳定。断裂带是Lau and Murnighan(1998)提出的假想的分割线概念,即可以将团队划分为多个小团体。以2005—2019年中国A股上市公司为样本,本文从董事会断裂带这一视角探索董事会中小团体的差异性对于薪酬差距的影响和后果。本文研究发现:(1)董事会断裂带的存在加剧了企业高管与普通员工之间的薪酬差距;(2)分解董事会断裂带的类型后,由深层特征形成的断裂带对于薪酬差距的影响高于由表层特征形成的断裂带;(3)区分行业竞争的程度后,公司所在行业的激烈竞争有助于缓解董事会断裂带造成的薪酬差距扩大;(4)从经济后果来看,董事会断裂带造成的薪酬差距对企业绩效具有显著的负向影响。本文的研究有助于深入理解企业薪酬差距形成的机制及其后果,同时对于完善我国董事会的监督机制也有一定的现实启发。
The pay gap between corporate executives and ordinary employees is related to both the company's performance and the fairness and stability of social distribution.Government departments have promulgated a series of policies and regulations to limit the pay gap.However,these salary-limiting policies have mainly been imposed by external regulatory forces,and their implementation has not been uniform;in addition,these policies have had a limited effect on non-state-owned enterprises.In this context,the internal governance perspective suggests that it is necessary to study the issue of executive salaries from the ground up,which is also instructive for understanding the pay gap in different companies.The board of directors is the core of a company's internal governance.Exploring the factors influencing the board's supervisory function will clarify the causes and consequences of the pay gap.Unlike the literature focusing on individual characteristics,our study is based on faultline theory.With the extension of the company's operating time,the board of directors may form different small groups.Small groups have different profit-seeking motives,and differ in management concepts,methods,and awareness,which makes it difficult for the board of directors to perform its supervisory function effectively.The phenomenon of multiple small groups within the board of directors is called“board faultlines”.Such faultlines are common and have a serious impact on its functioning.Accordingly,we explore whether the existence of small groups within the board of directors affects its supervisory function and the firm pay gap.Based on data from a sample of Chinese A-share listed companies from 2005 to 2019,we examine how board faultlines affect the firm pay gap.Our findings suggest that(1)board faultlines significantly promote the pay gap;(2)board faultlines based on deep-level attributes have stronger and more persistent effects on the pay gap;(3)a high degree of industry competition alleviates this positive relationship;(4)the impact
作者
徐灿宇
李烜博
梁上坤
XU Canyu;LI Xuanbo;LIANG Shangkun(School of Business,East China University of Science and Technology;School of Accountancy,Singapore Management University;School of Accountancy,Central University of Finance and Economics)
出处
《金融研究》
CSSCI
北大核心
2021年第7期172-189,共18页
Journal of Financial Research
基金
国家自然科学基金项目(71872196、71402198)
北京市社会科学基金青年项目(15JGC176)
中央高校基本科研业务费专项资金
中央财经大学科研创新团队计划的资助。
关键词
董事会断裂带
薪酬差距
深层特征
行业竞争
企业业绩
Board Faultlines
Pay Gap
Deep-level Attributes
Industry Competition
Firm Performance
