CEO组织认同与高管薪酬业绩敏感性  

CEO Organization Identification and Executives’ Pay-Performance Sensitivity

作　　者：汤晓建 许书凝 林斌[3] Xiaojian Tang;Shuning Xu;Bin Lin(College of Finance,Nanjing Agricultural University,Nanjing Jiangsu 210095,China;School of Accounting,Dongbei University of Finance&Economics,Dalian Liaoning 116025,China;Business School of Sun Yat-sen University,Guangzhou Guangdong 510275,China)

机构地区：[1]南京农业大学金融学院,江苏南京210095 [2]东北财经大学会计学院,辽宁大连116025 [3]中山大学管理学院,广东广州510275

出　　处：《会计与经济研究》2021年第3期55-71,共17页Accounting and Economics Research

基　　金：教育部人文社会科学青年基金项目(20YJC790125);江苏省社科应用研究精品工程财经发展专项课题(20SCB-10);江苏省高校哲学社会科学研究一般项目(2020SJA0057);中央高校基本科研业务费人文社科基金项目(SKYZ2020009,SKYC2020020);国家自然科学基金项目(71332004,71790603,71802199);国家社会科学基金专项(18VSJ082);财政部会计名家培养工程;南京农业大学金融学院青年教师基金项目。

摘　　要：已有文献证实经理人组织认同能够激励经理人按照企业利益行事。那么,经理人组织认同能否改善薪酬契约有效性?文章基于CEO组织认同视角,以证监会中国上市公司内部控制问卷调查数据中的CEO组织认同数据为基础,考察CEO组织认同与高管薪酬业绩敏感性的关系。研究发现,CEO组织认同显著增强了高管薪酬业绩敏感性;进一步按财务报告质量和分析师跟踪分组检验发现,这一关系在财务报告质量较低、分析师跟踪较少的公司更明显。Prior studies reveal that organization identification can motivate managers to take actions strongly with firms. Then, can managers’ organization identification improve the effectiveness of compensation contracts? From the perspective of CEO organization identification, and based on CEO organization identification data from the internal control survey for listed firms in China sponsored by the Chinese Securities Regulatory Commissions, we test the relationship between CEO organization identification and executives’ pay-performance sensitivity. The findings show that CEO organization identification significantly strengthens executives’ pay-performance sensitivity. Further study are tested in group of the financial reporting quality and analysts’ following, and finds that the positive relationship between CEO organization identification and executives’ pay-performance sensitivities is more significant in firms with lower financial reporting quality and less analysts’ following.

关 键 词：CEO组织认同 高管薪酬业绩敏感性 财务报告质量 分析师跟踪 

分 类 号：F271.5[经济管理—企业管理]