外部治理与企业内部薪酬差距——基于分析师与媒体关注的证据  

External Governance and Internal Salary Gap of Companies

作　　者：何融 HE Rong(Jinan Universit)

机构地区：[1]暨南大学经济学院

出　　处：《华中科技大学学报（社会科学版）》2018年第3期73-80,共8页Journal of Huazhong University of Science and Technology(Social Science Edition)

基　　金：国家自然科学基金项面上项目(71473102)

摘　　要：缓解上市公司高管与员工的薪酬差距对于实现社会公平、构建和谐社会有着重要的意义。近年来,虽然企业内部的薪酬差距引起了政府与媒体的广泛关注,但对其影响因素的研究依然较少。本文从分析师关注和媒体关注这两个角度出发,考察外部治理是否影响企业内部的薪酬差距。基于中国A股2005年至2015年的上市公司数据,我们的研究结果表明,外部监督显著降低了上市公司的薪酬差距。在考虑内生性问题后,结论一致。这说明分析师和媒体这些外部监督有利于约束企业的行为。本文的研究对于缓解上市公司高管与员工的薪酬差距、实现社会公平,有着一定的理论意义和政策价值。It is important to alleviate the intra-payment gap between the senior executives and ordinary employees in listed companies for social equity and harmony. Recently,although the society pays great attentions on the salary gap,we still know little about the determinants of salary gap. This paper investigates this issue based on analyst and media concern by using the data of listed companies in Chinese stock market 2005-2015. We find that external monitor significantly decreases the salary gap between senior executives and regular employees. Our results are cohent after controlling the endogeneity. Overall,this paper provides clear policy implications by showing that the analyst and media concern effectively bring the company behaviors towards a better direction.

关 键 词：分析师关注 媒体关注 外部监督 薪酬差距 

分 类 号：F272.92[经济管理—企业管理]