企业诚信文化与高管薪酬契约选择  

Corporate Integrity Culture and Executive Compensation Contract Selection

作　　者：汪顺 任侨 谢素娟 Shun Wang;Qiao Ren;Sujuan Xie(School of Business,Anhui university;College of economics,Jinan universily;Management Collge/China Business W orking Capital Management Research Center,Ocean Universily of China)

机构地区：[1]安徽大学商学院会计系 [2]暨南大学经济学院 [3]中国海洋大学管理学院

出　　处：《管理学季刊》2022年第1期95-119,184,共26页Quarterly Journal of Management

基　　金：国家自然科学基金面上项目“组织权威、经济独立性与监事会治理研究:理论框架与实证检验”(72172001);自然科学基金青年项目“经理人非财务业绩评价与企业创新研究:基于高管权力距离视角的分析”(71702197)的资助。

摘　　要：企业文化影响企业制度与行为。本文采用文本分析的方法,构建了上市公司核心文化数据集,并结合2009~2014年的A股上市公司数据,探讨诚信这一重要的文化维度对高管薪酬契约选择的影响。研究发现,诚信文化能够显著提升高管薪酬与公司业绩之间的敏感性水平,这一影响在经过倾向匹配得分控制、样本调整、变量替换等一系列稳健性检验后依然显著。进一步研究表明,诚信文化的作用效果发挥受到企业产权性质、外部法律执行环境以及内部监督机制的影响,即对于民营企业、所在地法律制度以及内部监督机制较为薄弱的企业而言,诚信文化的提升效应更强。本文揭示了精神层文化与企业制度间的互动关系,一定程度上丰富了文化与经济类文献,亦管窥了优秀传统文化要素之于东方管理实践的重要解释力。Corporate culture influences enterprise system and enterprise behavior.By using the method of text analysis,this paper constructs the core culture of listed company’s data set,and combining with 2009-2014 listed companies’data,exploring the“integrity”which is the important cultural dimensions for effects of executive compensation incentive,we found that the“integrity”culture can significantly enhance the sensitivity between executive compensation and company performance.And the governance effect is still significant after propensity score matching control,sample adjustment,variable substitution and a series of robustness tests.Further research shows that the governance effect of integrity is also affected by internal and external environment of the enterprise property rights system,for the private sample and the location of the formal system is relatively weak enterprise samples,the positive effects of integrity is more significant.This study enriches the existing cultural and economic research literature,reveals the interactive relationship between culture and spirit may exist between the enterprise systems,as well as the important explanatory power of the elements of good traditional culture in Eastern management practices.

关 键 词：诚信文化 非正式制度 薪酬-业绩敏感性 公司治理 

分 类 号：F270[经济管理—企业管理] F272.91[经济管理—国民经济] F272.92