营商环境与薪酬契约优化——基于共同富裕的视角  

Business Environment and Compensation Contract Optimization:Evidence from the Perspective of Common Prosperity

作　　者：王洋洋 孙宏 张蕊[1] WANG Yangyang;SUN Hong;ZHANG Rui(School of Accounting/Center of Accounting Development Research,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学会计学院/会计发展研究中心,江西南昌330013

出　　处：《财经论丛》2024年第4期70-80,共11页Collected Essays on Finance and Economics

基　　金：国家自然科学基金项目(72362023);江西省社会科学基金青年项目(23GL31)。

摘　　要：共同富裕背景下,营商环境建设能够破除企业生产经营壁垒,降低高管努力的不可观测性,实现薪酬契约优化。本文以2008—2020年中国A股上市公司为研究样本,检验营商环境对企业内部薪酬差距的治理效应。研究发现,营商环境改善能够优化企业薪酬契约,缩小内部薪酬差距。良好营商环境下制度性交易成本降低、信息透明度增加和代理问题缓解是薪酬差距趋于合理的作用机制;具体实现路径在于企业能够有效控制高管薪酬增速、降低高管薪酬粘性。进一步分析表明,上述治理效应在内部控制质量较低、高管薪酬操纵动机较强和民营企业中更为显著。此外,营商环境改善能够缓解薪酬差距扩大带来的负面影响,提高企业生产效率和企业价值。研究结论为我国营商环境建设发挥微观治理效应、助力共同富裕实现提供了政策参考。In recent years,the State Council has issued a series of guidelines on building a business environment,aiming to help enterprises tide over difficulties,revitalize their vitality,and promote high-quality economic development.However,while making the“cake”bigger,our country is faced with the problem of how to distribute the“cake”reasonably.Since the residentsincome acquisition is basically completed in the initial distribution stage,the fair and reasonable salary contract of enterprises is of great significance for the realization of common prosperity.So,by reducing the burden on the production and operation of market players,can the construction of business environment optimize the enterprise salary contract and promote the fairness of internal income distribution?This issue has not received the attention it deserves.This paper takes China's A-share listed companies from 2008 to 2020 as research samples to empirically test the governance effect of business environment on enterprisescompensation contract optimization.It is found that an improved business environment can optimize executive compensation contracts and narrow the pay gap within enterprises.Further analysis shows that the reduction of institutional transaction costs,the increase of information transparency and the alleviation of agency problems in a good business environment are the mechanisms through which the pay gap is rationalized.The specific path to achieve this is that enterprises can effectively control the growth rate of executive compensation and reduce the stickiness of executive compensation.The cross-sectional results show that in private enterprises and the companies which with low quality of internal control and strong motivation of executive compensation manipulation,the optimization effect of business environment construction on enterprise compensation contract is more significant.In addition,the improvement of the regional business environment can mitigate the negative impact of the widening pay gap between executives and empl

关 键 词：营商环境 薪酬契约优化 共同富裕 高质量发展 

分 类 号：F275[经济管理—企业管理]