实际控制人境外居留权与高管超额薪酬  

Controlling Persons’ Foreign Residency Rights and Executives’Overpayment

作　　者：陈晓珊 刘洪铎[2] Xiaoshan Chen;Hongduo Liu(School of Intelligent Finance&Accounting Management,Guangdong University of Finance and Economics,Guangzhou,China;School of Economics and Trade,Guangdong University of Foreign Studies,Guangzhou,China)

机构地区：[1]广东财经大学智能财会管理学院 [2]广东外语外贸大学经济与贸易学院

出　　处：《南大商学评论》2022年第2期104-126,共23页Nanjing Business Review

基　　金：广东省自然科学基金面上项目“数字化赋能中国制造企业出口贸易绿色转型:微观机理、实证识别与政策设计”(2023A1515011823);广东省自然科学基金面上项目“‘置若罔闻’还是‘抽钉拔楔’:高质量发展视角下实际控制人的境外居留权与公司战略选择”(项目编号:2022A1515012193);广东省基础与应用基础研究基金联合基金项目“新冠肺炎疫情全球蔓延对国际服务贸易的冲击效应研究:理论机制、量化识别及治理对策”(项目编号:2021A1515110498)

摘　　要：民营企业实际控制人的境外居留权特征是近年来行为公司金融领域的研究热点。本文以2003~2021年我国民营上市公司为研究对象,实证分析了实际控制人境外居留权与高管超额薪酬之间的关系。研究结果显示,实际控制人取得境外居留权会明显促使公司内部的高管获得超额薪酬。本文进一步研究发现:拥有境外居留权的实际控制人更热衷于掏空,且掏空在两者关系中发挥着部分中介作用;此外,无论实际控制人是否兼任高管,其境外居留权都会促使高管获得超额薪酬,且这种正向作用在实际控制人可永久居留的国家或地区未与我国签署引渡条约以及公司治理较差的公司中更加明显;与此同时,高管存在通过提高薪酬—业绩敏感性为自己获得超额薪酬进行“结果正当性”的辩护行为。本文的研究结论拓展了上市公司实际控制人的境外居留权和高管超额薪酬的相关研究,并为民营上市公司进一步完善公司治理进而推动民营经济发展提供了政策启示。The controlling persons’foreign residency rights of private enterprises are a hot research topic in the field of behavioral corporate finance.This paper takes Chinese private listed companies from 2003-2021 as research subjects and empirically analyses the relationship between controlling persons’foreign residency rights and executives’overpayment.The research results show that the controlling persons’foreign residency rights increase executives’overpayment significantly.Further analysis of this paper shows that the contolling persons with foreign residency rights are keen on tunneling,and tunneling plays a part of intermediary role between foreign residency rights and executives'overpayment.In addition,regardless of whether the controlling persons also serving as executives,their foreign residency rights increase executives'overpay ment significantly and this positive correlation is more pronounced in companies that the controlling persons can permanently reside in those countries or resigns which have not signed extradition treaties with China,and with poor corporate governance.At the same time,executives have improved their pay-performance sensitivity for reasonable defense of overpayment.The research of this paper expands the current literature on control-ling persons’foreign residency rights and executives’overpayment,and provides policy inspiration for how private listed companies can further improve corporate governance and promote the development of private economy.

关 键 词：民营上市公司 实际控制人 境外居留权 高管超额薪酬 

分 类 号：F272.92[经济管理—企业管理] F276.5[经济管理—国民经济] F832.51