内部薪酬差距对传媒上市公司全要素生产率的影响——基于企业性质和CEO权力的调节效应  

The Impact of Internal Pay Gap on Total Factor Productivity of Listed Media Companies: Based on the Moderating Effect of Corporate Nature and CEO Power

作　　者：邓向阳[1] 张皓 DENG Xiangyang;ZHANG Hao

机构地区：[1]湖南大学新闻与传播学院

出　　处：《传媒经济与管理研究》2021年第2期139-169,共31页Media Economics and Management Research

基　　金：国家社会科学基金项目:“要素扭曲对传媒产业供给质量的影响机制研究”(18BXW048)。

摘　　要：本文考察了2013—2019年72家中国传媒上市公司的内部薪酬差距对公司全要素生产率的影响。实证研究结果显示,中国传媒上市公司的内部薪酬差距拉大与公司全要素生产率的增长呈正相关。国有传媒公司内部薪酬差距对全要素生产率的影响要强于非国有传媒公司;CEO权力较小的传媒公司内部薪酬差距对全要素生产率的影响要强于CEO权力较大的传媒公司。实证结果也显示,董事会规模、资产结构、公司规模、管理层持股等控制变量对传媒公司全要素生产率起正向作用,前十大股东持股比例对传媒公司全要素生产率起反向作用。本文运用变更解释变量计算方式的方法进行了稳健性检验,结果均保持稳定。This paper examined the impact of the internal pay gap of 72 Chinese listed media companies from 2013 to 2019 on the companies’total factor productivity.The empirical research results showed that the widening of the internal pay gap of Chinese listed media companies was positively correlated with the growth of the company’s total factor productivity.The internal pay gap in state-owned media companies had a stronger impact on total factor productivity than non-state-owned media companies;the internal pay gap in media companies with smaller CEO power had a stronger impact on total factor productivity than media companies with greater CEO power.The empirical results also showed that the control variables such as board size,asset structure,company size,and management’s shareholding had a positive effect on the total factor productivity of media companies,while the shareholding ratio of the top ten shareholders had a negative effect on the total factor productivity of media companies.In this paper,the method of changing the calculation method of explanatory variables was used to conduct the robustness test,and the results remained stable.

关 键 词：传媒上市公司 内部薪酬差距 全要素生产率 产权性质 CEO权力 

分 类 号：F27[经济管理—企业管理]