产权性质、高管外部薪酬差距与企业风险承担  

Nature of Property Right,Managerial External Pay Gap and Firm Risk-Taking

作　　者：张志宏[1] 朱晓琳 

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《中南财经政法大学学报》2018年第3期14-22,共9页Journal of Zhongnan University of Economics and Law

基　　金：国家社会科学基金项目"中小上市公司超募融资与投资效率"(12BJY018);国家自然科学基金面上项目"信用利差;公司治理与企业行为--基于政府隐性担保视角"(71271048);国家自然科学基金青年项目"高管团队垂直对特征;内部晋升激励与公司风险承受:影响与作用机理研究"(71602049)

摘　　要：本文探讨高管外部薪酬差距对企业风险承担水平的影响,并考察这一影响在不同产权性质企业中的差异,研究结果表明:当高管薪酬高于行业均值时,外部薪酬差距能缓解管理者的风险规避倾向,进而提升企业风险承担水平;当高管薪酬低于行业均值时,外部薪酬差距越大,管理者追求风险以寻求改变现状的动机越强烈,同样提升了企业风险承担水平。无论高管薪酬高于还是低于行业均值,外部薪酬差距与企业风险承担间的正相关关系都只在非国有企业中存在,且企业风险承担水平的提高,有助于企业市场价值的提升。This paper discusses the influence of the managers’external pay gap on the firm risk-taking,and examines the differences among different property companies.Using the data of A-share listed companies from 2007 to 2015 in China,the study shows that,when managers’pay is higher than the industry average,the external pay gap can alleviate the risk aversion tendency of managers,and thus improve the firm’s risk-taking level.When managers’pay is lower than the industry average,the managers are more likely to pursue the risk as to find a way to change the situation.Whether the managers’pay is higher or lower than the industry average,the positive correlation between the external pay gap and the firm risk-taking only exists in non-state enterprises,and the improvement of risk-taking level can promote the firm’s market value.

关 键 词：高管薪酬 外部薪酬差距 企业风险承担 产权性质 

分 类 号：F244.2[经济管理—劳动经济]