政府引导基金与企业内部薪酬结构--基于耐心资本视角被引量：1

Government Guidance Funds and Corporate Internal Salary Structure:A Patient Capital Perspective

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摘要如何优化企业内部薪酬分配、有效平衡效率与公平,是关乎企业高质量发展的重要议题。本文基于耐心资本视角,探讨政府引导基金对企业内部收入差距的影响。研究发现,政府引导基金更关注政策目标与企业长期价值,倾向于采取长期主义的公司治理策略与薪酬结构安排,显著缩小了企业内部薪酬差距,这种差距的缩小主要源于薪酬结构的优化调整,而非企业整体薪酬水平的下降。其作用机制一是存量收益再分配,提高普通员工的现金薪酬占比,使既有利润由管理层向员工倾斜;二是增量价值再分配,将新增利润更多地以工资、绩效奖金等方式分配给员工;三是监督治理效应,压缩高管寻租空间,强化企业经营决策和薪酬激励的长期导向。异质性分析发现,上述效应在垄断性行业,职工议价能力较弱、技术密集型以及投资者耐心程度较高的企业中更显著。本文拓展了政府引导基金经济后果的相关研究,也为培育耐心资本、完善企业薪酬体系提供了参考。 How to optimize internal compensation distribution and effectively balance efficiency with equity is a crucial issue concerning highquality corporate development.This paper explores the impact of government guidance funds on corporate internal income gaps from the perspective of patient capital.The study finds that government guidance funds focus more on policy objectives and longterm corporate value,tend to adopt longtermist corporate governance strategies and compensation structure arrangements,and significantly narrow corporate internal compensation gaps.Such narrowing gap primarily stems from the optimization and adjustment of compensation structures,rather than a decline in overall corporate compensation levels.The mechanisms include:first,redistribution of existing returns by increasing the proportion of cash compensation for ordinary employees,shifting existing profits from management to employees;second,redistribution of incremental value by allocating new profits more to employees through wages,performance bonuses,and other means;third,supervisory governance effect by compressing executive rentseeking space and reinforcing long-term orientation in corporate business decisions and compensation incentives.Heterogeneity analysis reveals that these effects are more pronounced in monopolistic industries,firms with weaker employee bargaining power,technology-intensive enterprises,and companies with more patient investors.This paper extends research on the economic consequences of government guidance funds and provides references for cultivating patient capital and improving corporate compensation systems.

作者张明睿刘伟黄兴 Zhang Mingrui;Liu Wei;Huang Xing

机构地区中央民族大学经济学院中国社会科学院科研局

出处《证券市场导报》北大核心 2025年第12期16-26,共11页 Securities Market Herald

基金国家自然科学基金面上项目“数字普惠金融与脱贫家庭的发展韧性:理论反思、机制分析与路径优化”(项目编号:72473173) 国家自然科学基金面上项目“新时期的小额信贷与相对贫困治理:理论反思、机制分析及路径优化”(项目编号:72073151)。

关键词政府引导基金企业内部收入差距存量收益再分配增量价值再分配耐心资本 government guidance funds corporate internal income gap redistribution of existing returns redistribution of incremental value patient capital

分类号 F832.51 [经济管理—金融学] F062.5 [经济管理—政治经济学]

作者简介张明睿,中央民族大学经济学院博士生,研究方向:科技金融;通讯作者:刘伟,中国社会科学院科研局副研究员,中国社会科学院大学经济学院博士生,研究方向:金融、宏观经济;黄兴,中央民族大学经济学院博士生,研究方向:农村金融。