摘要
中国传统文化中论资排辈现象明显,这种现象可能渗透到社会各个层面。本文利用中国A股上市公司2007-2017年数据,立足中国传统社会背景,通过甄别高管薪酬差距形成的机制,探寻薪酬差距给企业带来的经济后果及其传导机理。结果表明:高管团队年龄差距显著影响薪酬差距,控制企业绩效等其他影响高管薪酬关键因素后,高管团队年龄差距与薪酬差距之间的关系更为显著,年龄越大的高管获得的薪酬更高,这表明我国企业目前依然存在"论资排辈"的薪酬结构。而论资排辈导致的高管薪酬差距降低了薪酬与企业业绩的敏感程度,限制了企业薪酬契约激励作用的有效发挥,这种传统文化引起的薪酬不均现象会导致企业效率损失。本文从薪酬差距的形成机理视角证实了企业"论资排辈"式薪酬的存在,利用中国企业情境为薪酬的"锦标赛理论"和"行为理论"提供了新的解释,研究结论为我国企业高管薪酬契约设计和薪酬管制提供了理论与经验证据的支持。
Employing the data of A-share listed companies from 2007-2017 in China and based on the traditional Chinese social background,this paper brings the age gap of top management team into the research framework of compensation design,studies the influence of the age gap within the top management team on the compensation gap and the related influence mechanism,and further discusses the economic consequences of the compensation gap caused by this mechanism.The results of the study indicate that there is a significant positive correlation between the age gap and compensation gap of executive team in the context of traditional Chinese society.Ceteris paribus,the older executives in the top management team receive higher relative compensation,and the compensation gap caused by the age gap has the phenomenon of seniority in Chinese traditional culture,which reduces the pay-performance sensitivity,weakens the effectiveness of corporate compensation contracts and affects the production efficiency of enterprises ultimately.Our paper makes contributions to three strands of the literature.First,previous studies on the compensation gap of executive team have not screened the formation mechanism of the compensation gap,which leads to inconsistent research conclusions.Based on the background of China’s social and cultural system,this paper provides a new perspective for identifying the formation mechanism of compensation gap from the objective biological characteristics of the executives’age,so as to enrich the research horizon of the economic consequences of the compensation gap.Second,previous studies on the economic consequences of compensation gap are based on the whole pay gap.On the basis of identifying the formation mechanism of compensation gap,this paper,by stripping the compensation gap caused by age gap,cleanly discriminates the economic consequences of compensation gap caused by seniority culture behind the age gap,and confirms that the compensation distribution system based on seniority is inefficient,and ultimately reduces the production efficiency of enterprises.The research provides a more sociocultural and situational explanation for the championship theory and behavioral theory of the economic consequences of compensation gap.Third,this paper explores the internal mechanism behind the seniority based compensation distribution system which reduces the production efficiency of enterprises.Seniority based compensation distribution distorts the incentive mechanism of enterprises,violates the optimal contract theory,and reduces the effectiveness of compensation contract.It provides empirical evidence and theoretical support for the optimal design of executive compensation contract and executive compensation regulation of Chinese enterprises.The conclusion of this paper provides a new understanding of the main contradictions in the current society,and has important guiding significance for the effective design of executive compensation contract.Reasonable design of salary gap and targeted salary control are conducive to the exertion of salary incentive effect.
作者
刘建秋
李四海
王飞雪
曹瑞青
Liu Jianqiu;Li Sihai;Wang Fei Xue;Cao Ruiqing(School of Accounting,Hunan University of Technology and Business;School of Accounting,Zhongnan University of Economics and Law)
出处
《南开管理评论》
CSSCI
北大核心
2021年第1期120-128,147,129-130,共12页
Nankai Business Review
基金
国家社会科学基金项目(18BDL098)
国家自然科学基金项目(72072183、71702193)资助
关键词
论资排辈
薪酬差距
生产效率
薪酬业绩敏感性
Seniority
Compensation Gap of Executive Team
Production Efficiency
Pay-Performance Sensitivity
作者简介
刘建秋,湖南工商大学会计学院教授、博士后,研究方向为社会责任会计与企业价值;通讯作者:李四海,中南财经政法大学会计学院教授、博士生导师,研究方向为财务与组织行为、企业战略的学科交融;王飞雪,中南财经政法大学会计学院硕士研究生,研究方向为公司财务;曹瑞青,中南财经政法大学会计学院硕士研究生,研究方向为公司财务
