高管团队薪酬差距、行业竞争与债券发行价差  

Pay Gap of Top Management Team,Industry Competition and Credit Spreads of Bond Issuing

作　　者：张春强[1] 李波 ZHANG Chun-qiang;LI Bo(a.School ofAccountanc;b.School of Finance,Anhui University of Finance and Economics,Bengbu 233030,China)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030 [2]安徽财经大学金融学院,安徽蚌埠233030

出　　处：《华东经济管理》2018年第12期124-132,共9页East China Economic Management

基　　金：国家自然科学基金项目(71702001);安徽省高校人文社会科学研究项目(SK2017A0438)

摘　　要：文章基于锦标赛和社会比较理论,以中国上市公司发行债券的经验证据,理论分析并实证检验了高管团队薪酬差距对债券发行时信用价差的影响及其内在机理。结果显示,在其他条件不变时,高管团队内部和外部薪酬差距均与债券发行价差显著负相关。进一步地,较低的行业竞争程度会弱化高管(内部和外部)薪酬差距与债券发行价差之间的负相关关系。以上结论不仅有助于理解中国上市公司债券发行价差的影响因素和公司治理中薪酬制度安排的外部效应,也有助于丰富和拓展高管薪酬、信用价差以及行业竞争领域的研究。Based on the tournament theory and the social comparison theory, this paper employs the samples of bonds issued by Chinese listed companies to theoretically analyzes and empirically examines the impact of the pay gap of top management team （TMT） on the credit spreads of bond issuing and its internal mechanisnL The results show that： Ceteris paribus, there is a significant negative relationship between the （ internal and external） pay gap of TMT and the credit spreads of bond issuing. Furthermore, lower industry competition will weaken the above negative relationship. These conclusions help to not only understand the factors that affect the credit spreads of bond issuing related to Chinese listed companies and the external effects of the compensation system arrangement in corporate governance, but also enrich and broaden the researches on executive compensation, credit spreads and industry competition.

关 键 词：高管薪酬差距 信用价差 行业竞争程度 锦标赛理论 社会比较理论 

分 类 号：F272.9[经济管理—企业管理] F275.6[经济管理—国民经济]