摘要
锦标赛理论认为薪酬差距激励了管理者工作,有利于公司绩效的提升,忽略了薪酬差距所带来的压力效应。有鉴于此,本文通过中国资本市场2006~2020年上市公司的数据,构建衡量高管内部薪酬差距的基尼系数变量,考察高管内部薪酬差距与股价崩盘风险之间的关系。研究发现,高管内部薪酬差距与股价崩盘风险显著正相关。机制检验表明,高管内部薪酬差距提高了盈余管理和企业风险承担水平,验证了压力效应的存在。进一步地,产权性质削弱了高管内部薪酬差距与股价崩盘风险之间的正向关系,而业绩压力和行业竞争则强化了二者的关系。研究结论为高管内部薪酬差距研究提供了一个新的视角,将基尼系数引入高管内部薪酬差距的测量中,对企业制定合理高管薪酬激励制度、防范股价崩盘风险具有一定的借鉴意义。
Tournament theory says that executive internal pay gap incentivizes managers to work hard and thus is conducive to the improvement of company performance,but does not induce a pressure effect.In light of the prediction,the paper examines the relationship between executive internal pay gap and stock price crash risk by constructing a Gini coefficient variable,which measures executive internal pay gap,for a sample of listed companies in China from 2006 to 2020.We find that executive internal pay gap is significantly positively associated with stock price crash risk.Further tests reveal that executive internal pay gap increases the levels of earnings management and risk-taking behaviors,thereby inducing a pressure effect.However,state ownership weakens the positive relationship between executive internal pay gap and stock price crash risk,whereas performance pressure and industry competition strengthen the relationship between the two.Our results provide evidence on an unnoticed effect of executive internal pay gap and suggest that a reasonable executive compensation incentive system that does not involve a high level of stock price crash risk can be devised by keeping executive internal pay gap,as measured by the Gini coefficient,at a low level.
作者
李鼎
周泽将
王亚男
Ding Li;Zejiang Zhou;Yanan Wang(School of Business Administration,Dongbei University of Finance and Economics,Dalian,Liaoning,China 116012;School of Business,Anhui University,Hefei,Anhui,China 230601;School of Accounting,Jilin University of Finance and Economics,Changchun,Jilin,China 130117)
出处
《当代会计评论》
2022年第2期60-93,共34页
Contemporary Accounting Review
基金
国家自然科学基金面上项目“组织权威,经济独立性与监事会治理研究:理论框架与实证检验”(72172001)
国家自然科学基金面上项目“本地任职、政治关联与企业财务行为:中国关系情境中独立董事视角的理论构建与实证检验”(71772001)
安徽省自然科学基金优青项目“国有企业公司治理前沿问题研究”(2208085Y22)的资助
关键词
高管内部薪酬差距
股价崩盘风险
压力效应
基尼系数
executive internal pay gap
stock price crash risk
pressure effect
Gini coefficient
作者简介
李鼎,博士研究生,E-mail:anhuild@126.com;周泽将,教授,E-mail:ahuzzj@126.com;通讯作者:王亚男,副教授,E-mail:wangyanan@jlufe.edu.cn
