| 薪酬差距与企业金融化的非线性影响机制研究 |
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| 引用本文： | 朱冠平,扈文秀,穆庆榜. 薪酬差距与企业金融化的非线性影响机制研究[J]. 运筹与管理, 2022, 31(8): 210-216. DOI: 10.12005/orms.2022.0273 |
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| 作者姓名： | 朱冠平 扈文秀 穆庆榜 |
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| 作者单位： | 1.江西财经大学 金融学院,江西 南昌 330013;2.西安理工大学 经济与管理学院,陕西 西安 710054;3.河南工业大学 管理学院,河南 郑州 450001 |
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| 基金项目： | 国家自然科学基金资助项目(71403081,71971169);江西省教育厅科技项目一般项目(GJJ210524);2020年陕西省哲学社会科学领军人才资助 |
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| 摘 要： | 为探究薪酬差距这个带有激励色彩的因素,是否有助于缓解管理层的过度金融化,论文先是构建了一个理论模型来说明薪酬差距与企业金融化可能存在U型非线性关系,而后以沪深A股2009~2017年上市公司的16371个观测数据为样本进行实证检验。研究发现:薪酬差距与企业金融化存在显著U型非线性关系,过高和过低的薪酬差距激励都会造成管理层过度金融化,从而导致企业创新投入的挤占和企业生产本质的偏离。进一步研究显示,薪酬差距与企业金融化这种U型非线性关系,主要表现在低管理者代理行为、无缺陷内部控制和有审计委员会等较好公司治理的企业,而在高管理者代理行为、有缺陷内部控制和无审计委员会等弱公司治理的企业,虽有U型非线性关系但不显著。
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| 关 键 词： | 薪酬差距 企业金融化 代理行为 内部控制 审计委员会 |
| 收稿时间： | 2019-11-06 |
A Study on the Non-linear Influence Mechanism Between the Salary Gap and the Corporate Financialization |
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| ZHU Guan-ping,HU Wen-xiu,MU Qing-bang. A Study on the Non-linear Influence Mechanism Between the Salary Gap and the Corporate Financialization[J]. Operations Research and Management Science, 2022, 31(8): 210-216. DOI: 10.12005/orms.2022.0273 |
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| Authors: | ZHU Guan-ping HU Wen-xiu MU Qing-bang |
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| Affiliation: | 1. School of Finance, Jiangxi University of Finance and Economics, Nanchang 330013, China;2. School of Economics and Management, Xian University of Technology, Xian 710054, China;3. School of Management, Henan University of Technology, Zhengzhou 45000, China |
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| Abstract: | In order to explore whether the salary gap, an incentive factor, will help to alleviate the management excessive financialization, the paper first constructs a theoretical model to illustrate that there may be a U-shaped nonlinear relationship between the salary gap and the corporate financialization. Then, the article takes 16371 observation data of listed companies in Shanghai and Shenzhen A-share during 2009~2017 as samples for empirical test. The research finds that there is a significant U-shaped nonlinear relationship between the salary gap and the corporate financialization. Too large and too small salary gap incentives will lead to managerment excessive financialization, which will result in the squeeze of enterprise innovation investment and the deviation of enterprise production essence. The further research shows that the U-shaped nonlinear relationship between the salary gap and the corporate financialization is mainly reflected in the enterprises with better corporate governance, such as low agency behavior, flawless internal control and audit committees. Meanwhile, though the enterprises with weak corporate governance, such as high agency behavior, defective internal controls and non-audit committees, have U-shaped nonlinear relationship, it is not significant. |
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| Keywords: | salary gap corporate financialization agency behavior internal control audit committees |
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