企业数字化转型与高管薪酬契约有效性  

Digital Transformation of Enterprises and the Effectiveness of Executive Compensation Contracts

作　　者：李世刚 刘斯静 LI Shigang;LIU Sijing(School of Accounting,Jiangxi University of Finance and Economics,Nanchang 330000,China)

机构地区：[1]江西财经大学会计学院,江西南昌330000

出　　处：《审计与经济研究》2024年第2期74-84,共11页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71962012);江西省教育科学“十四五”规划课题(22YB051)。

摘　　要：以2008—2020年沪深A股非金融类上市公司为研究对象,实证检验企业数字化转型对高管薪酬契约有效性的影响。结果显示,企业数字化转型显著降低了高管薪酬-业绩敏感性,并增加了企业高管的超额薪酬。机制检验发现,企业数字化转型赋予了管理层集中的决策自主权,弱化了外部对管理层经营管理行为的监督力度,增强了管理层利用其高度集中的权力影响董事会薪酬契约制定的能力,获得了更多与企业业绩不匹配的私有收益,从而降低了高管薪酬契约有效性。异质性分析发现,在内部控制质量或信息披露质量较高的企业,企业进行数字化转型对高管薪酬契约有效性的负面效应会得到抑制。研究结论为全面认识企业数字化转型的经济后果提供了经验证据,同时也为数字化转型公司高管薪酬契约的制定提供了一定的参考。This paper,using non-financial listed companies in Shanghai and Shenzhen A-shares from 2008 to 2020 as research subjects,empirically examines the impact of corporate digital transformation on the effectiveness of executive compensation contracts.The results show that corporate digital transformation significantly reduces executive compensation-performance sensitivity and increases executive overpay.The mechanism test finds that digital transformation gives management centralized decision-making autonomy and weakens external monitoring of management behavior,increasing management s ability to use its highly centralized power to influence the design of compensation contracts and obtain more private gains that do not match corporate performance,thereby reducing the effectiveness of executive compensation contracts.Heterogeneity analysis finds that the negative effects of firms undergoing digital transformation on the effectiveness of executive compensation contracts are dampened in firms with higher quality of internal controls or information disclosure.The findings of this paper provide empirical evidence for a comprehensive understanding of the economic consequences of corporate digital transformation,and also provide some reference for the development of executive compensation contracts in firms undergoing digital transformation.

关 键 词：企业数字化转型 高管薪酬契约 管理层权力 外部监督力度 内部控制 信息披露质量 

分 类 号：F230[经济管理—会计学]