异质性资本融合与企业战略激进度——环境不确定性调节的外部薪酬差距中介作用  

Heterogeneous Capital Integration and Strategy Aggressiveness:External Salary Gap Mediation Moderated by Environmental Uncertainty

作　　者：吴祖光[1] 贺斯奇 万迪昉[2] WU Zu-guang;HE Si-qi;WAN Di-fang(School of Management and Economics,Xi’an University of Technology,Xi’an 710048;School of Management,Xi’an Jiaotong University,Xi’an 710049)

机构地区：[1]西安理工大学经济与管理学院,西安710048 [2]西安交通大学管理学院,西安710049

出　　处：《软科学》2023年第11期16-21,共6页Soft Science

基　　金：国家社会科学基金项目(19BGL065)。

摘　　要：在环境不确定性背景下,以2013—2021年竞争性国有混合所有制企业为样本研究异质性资本融合与企业战略激进度的关系,结果发现:异质性资本融合通过直接效应和中介效应两种途径提高企业战略激进程度;异质性资本融合通过提高企业高管外部薪酬差距来改变企业战略激进度,高管外部薪酬差距发挥中介作用;环境不确定性抑制异质性资本融合对高管外部薪酬差距的正向影响。不确定性主要通过改变股东对管理层的监督激励机制发挥作用,管理层激励机制改善难以替代股东层面的变革。股东层面异质性资本融合和股权多元化对企业的影响存在差异。The introduction of heterogeneous capital will induce heterogeneous capital conflicts.Capital integration has become the key to mixed ownership reform.In the context of environmental uncertainty,using competitive state-owned mixed-ownership enterprises from 2013 to 2021 as the sample,we found that heterogeneous capital integration improves the degree of corporate strategic aggressiveness through direct and intermediary effects.Heterogeneous capital integration improves strategic progress by increasing executives'external salary gap,which plays a mediating role.Environmental uncertainty inhibits the positive impact of heterogeneous capital integration on the external salary gap of executives.This paper finds that uncertainty mainly plays a role in changing shareholders'supervisory and incentive mechanisms to management.Improved management incentive mechanism is challenging to replace shareholder-level changes.At the same time,the impact of heterogeneous capital integration and equity diversification at the shareholder level on enterprises is different.

关 键 词：资本融合 外部薪酬差距 战略激进度 中介作用 环境不确定性 

分 类 号：F272[经济管理—企业管理] F832.51[经济管理—国民经济] F271