垂直薪酬差距影响企业创新吗?  

Does Vertical Pay Gap Influence Corporate Innovation?

作　　者：叶涛 王茂斌[1] 褚冬晓 YE Tao;WANG Mao-bin;CHU Dong-xiao(School of Finance,University of International Business and Economics,Beijing 100029,China;School of Finance,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]对外经济贸易大学金融学院,北京100029 [2]首都经济贸易大学金融学院,北京100070

出　　处：《云南财经大学学报》2022年第9期88-110,共23页Journal of Yunnan University of Finance and Economics

基　　金：国家自然科学基金面上项目“社会化媒体上的金融虚假消息识别、传播与影响研究”(71873032)。

摘　　要：实证考察了高管团队垂直薪酬差距如何影响企业创新。研究发现,垂直薪酬差距的扩大促进了企业创新。具体而言,垂直薪酬差距中非CEO高管之间的薪酬差异对创新产出的正向影响更为明显,并且薪酬差距还会通过代理成本和信息质量渠道发挥作用。异质性分析表明,国有企业、高管能力越强、CEO既有任期越长、CEO预期任期越短、处于成长期的企业高管团队垂直薪酬差距的创新提升效应更大。进一步分析表明,就不同地域和方式的创新而言,垂直薪酬差距对于国内创新产出和独立创新产出具有显著促进作用;就创新质量而言,垂直薪酬差距与创新质量呈倒U型关系。研究结论为企业创新和薪酬激励提供了启示,也为政府部门合理引导薪酬改革和创新激励提供了新视角。This study empirically examines how the vertical pay gap of senior executive teams affects corporate innovation.It is found that the increase of vertical pay gap promotes corporate innovation.Specifically,the positive impact of pay differences among non-CEO executives in the vertical pay gap on innovation output is more significant.The pay gap also works through agency costs and information quality channels.Heterogeneity analysis shows that the innovation improvement effect of the vertical pay gap is greater for SOEs and senior executive teams with stronger capabilities,longer term of office,shorter expected term of office,and the executive team in the growth stage.Further analysis shows that for innovation across geographies and different models,vertical pay gap significantly contributes to the domestic innovation output and independent innovation output;in terms of innovation quality,vertical pay gap has an inverted U-shaped relationship with innovation quality.The findings of this paper provide insights into corporate innovation and pay incentives and new perspectives for government departments to guide payment reform and innovation incentives.

关 键 词：垂直薪酬差距 企业创新 薪酬溢价 创新地域差异 创新质量差异 

分 类 号：F276[经济管理—企业管理]