高管薪酬差距、现金持有及其市场价值——基于不同产权性质比较  

Executives’ Pay Gap, Cash Holdings and Market Value: Based on the Comparison of Different Property Rights

作　　者：胡亚峰 李睿 冯科[3] HU Yafeng;LI Rui;FENG Ke(School of Public Policy&Management,Tsinghua University,Beijing 100084,China;School of Management and Economics,University of Electronic Science and Technology,Chengdu 610054,China;School of Economics,Peking University,Beijing 100871,China)

机构地区：[1]清华大学公共管理学院,北京100084 [2]电子科技大学经济与管理学院,四川成都610054 [3]北京大学经济学院,北京100871

出　　处：《商业经济与管理》2021年第9期45-55,共11页Journal of Business Economics

基　　金：国家社会科学基金重大项目“改革开放以来我国经济增长理论与实践研究”(15ZDA007);国家自然科学基金项目“国际资本流动、货币国际化与货币政策:基于中国的理论与经验研究”(71373011)。

摘　　要：薪酬差距这一话题引起社会各界的广泛关注,国内外学者对此问题已经进行了大量的研究,并取得了丰硕的成果,但目前我国上市公司高管薪酬差距如何影响其现金持有水平及其价值,几乎尚未见探讨。基于此背景,以中国A股2005-2018年非金融类上市公司为研究对象,实证考察了不同产权性质公司高管薪酬差距对其现金持有水平及价值的影响。研究结果表明:国企高管薪酬差距增加了现金持有量,降低了现金持有价值;民企高管薪酬差距降低了现金持有量,但提高了现金持有价值;稳健性检验表明文中论断依然成立;进一步分析可知国企高管薪酬差距更加倾向于增加内部现金流用于现金持有的积累,且同时导致过度投资水平的增加,民企高管薪酬差距降低了内部现金流用于现金持有的积累,对过度投资水平影响不显著。从以上结果可以得出,国企高管薪酬差距对现金持有行为的影响支持了社会比较理论;民企高管薪酬差距对现金持有行为的影响支持了锦标赛理论。The topic of pay gap has attracted wide attention from all walks of life,and scholars at home and abroad have carried out a lot of research on this issue and achieved fruitful results.However,at present,there has been little discussion on how the pay gap of senior executives of listed companies in China affects their cash holdings and its value.Based on this background,the researchers take the annual data of China's A-share non-financial listed companies from 2005 to 2018 as a research sample,and empirically examine the impact of the senior executives*pay gap of different property rights companies on cash holdings and the value.The results show that:the pay gap between senior executives in state-owned enterprises increases the amount of cash holdings and reduces the value of cash holdings.The pay gap between senior executives in private enterprises reduces the amount of cash holdings,but increases the value of cash holdings.The robustness test shows that the conclusion in the article is still valid.Further analysis shows that the senior executives*pay gap of state-owned enterprises is more inclined to increase cash accumulation from internal cash flow,and at the same time leads to an increase in the level of excessive investment.The senior executives'pay gap of private enterprises reduces the internal cash flow for cash accumulation,and has no significant impact on the level of over-investment.From the above results,it can be concluded that the impact on cash holdings by the pay gap of senior executives in state-owned enterprises supports the theory of social comparison and in private enterprises supports the theory of tournaments.

关 键 词：薪酬差距 现金持有 现金市场价值 产权性质 

分 类 号：F234.4[经济管理—会计学]