财务风险控制影响高管薪酬吗——来自中国A股上市公司的经验证据被引量：1

Does Financial Risk Control Affect Executive Compensation?——Evidence from China’s A-share Listed Companies

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摘要根据权衡理论、资本结构动态调整理论以及结构性去杠杆的政策逻辑,当企业经营风险上升时,应该下调财务杠杆以控制财务风险,进而实现长期股东财富最大化的目的。本文以经营风险上升的上市公司为样本,将财务风险控制界定为下调财务杠杆,并据此研究财务风险控制对高管薪酬的影响。研究发现,当经营风险上升时,下调财务杠杆有助于提高高管薪酬,这种效应在经营风险上升程度大、国有企业和控股股东分散化投资程度低的情况下更强。进一步研究发现,高管薪酬财务风险控制敏感性越强,企业下一年度的股价崩盘风险和破产风险越低。在理论上,本文对最优薪酬契约、结构性去杠杆和产权性质的相关研究进行创新和拓展,为民营企业抗风险能力弱的现象提供了新的解释。在实践上,为进一步落实结构性去杠杆政策提供实证支持,为提高企业尤其是民营企业的抗风险能力提供借鉴。 According to the Tradeoff Theory,Capital Structure Dynamic Adjustment Theory and the policy logic of structural deleveraging,when the operating risk of an enterprise rises,the financial leverage should be reduced to control the financial risk,so as to maximize the long-term wealth of shareholders.Taking the listed companies with rising operational risk as a sample,this paper defines financial risk control as reducing financial leverage,and studies the impact of financial risk control on executive compensation.The results show that when the operating risk of an enterprise rises,financial risk control helps to improve executive compensation,and this effect is stronger in the case of greater increases in operating risk,state-owned enterprises and less diversified investment by controlling shareholders.Further research finds that the stronger executive pay-for-financial risk control sensitivity,the lower the risk of stock price collapse and bankruptcy in the following year.In theory,this paper innovates and expands the research on optimal compensation contracts、structural deleveraging、the nature of property rights,providing a new explanation for the phenomenon of weak ability of private enterprises to resist risks.In practice,it provides empirical support for further implementing the policy of structural deleveraging and provides reference for improving the anti-risk capability of enterprises,especially private enterprises.

作者潘红波周颖 Pan Hongbo;Zhou Ying

机构地区武汉大学经济与管理学院

出处《会计研究》 CSSCI 北大核心 2023年第8期73-87,共15页 Accounting Research

基金国家自然科学基金面上项目“放松IPO定价管制对企业融资约束的影响及其经济后果”(72172108) 国家社会科学基金重大项目“政府职能转变的制度红利研究”(18ZDA113) 2023年湖北省会计学会重点科研课题“数字政府平台对科创型中小企业融资的影响及作用机制研究”

关键词高管薪酬财务风险控制权衡理论资本结构动态调整理论结构性去杠杆 Executive Compensation Financial Risk Control Tradeoff Theory Capital Structure Dynamic Adjustment Theory Structural Deleveraging