社交媒体报道与高管薪酬治理——基于公平性视角的实证检验  

Social Media Coverage and Executive Compensation Governance:An Empirical Test from the Perspective of Equity

作　　者：赵文卓 张新民[2,3] 杨道广[2] Zhao Wenzhuo;Zhang Xinmin;Yang Daoguang(Business School,Henan University;Business School,University of International Business and Economics;Beijing Enterprises’Global Management Research Centre,University of International Business and Economics)

机构地区：[1]河南大学商学院 [2]对外经济贸易大学国际商学院 [3]对外经济贸易大学北京企业国际化经营研究基地

出　　处：《南开管理评论》2025年第4期98-108,120,共12页Nankai Business Review

基　　金：国家自然科学基金重大项目(71790604);国家自然科学基金重点项目(71932003);教育部人文社会科学研究项目(21YJC790141)资助。

摘　　要：党的十九届五中全会指出要扎实推进共同富裕。薪酬治理作为初次分配中的关键环节,在推进共同富裕的过程中扮演了重要角色。基于此,本文以高管—员工薪酬差距为切入点,以2013~2019年我国A股上市公司为样本,实证检验了社交媒体在薪酬治理中的作用。研究结果表明:(1)企业被社交媒体报道越多,其高管与员工的薪酬差距越小,该结论在控制内生性及进行一系列稳健性检验后依然成立;(2)通过区分不同企业情境发现,信息透明度越低、客户集中度越高及社会责任表现越好的企业,社交媒体对高管—员工薪酬差距的抑制作用越强;(3)通过区分媒体报道类型发现,报道越详细及受众对媒体的关注度越高时,社交媒体对高管—员工薪酬差距的影响越大;(4)进一步考虑限薪政策的影响发现,社交媒体更能提高国有企业薪酬差距较低组的高管—员工薪酬差距;(5)经济后果的检验表明,社交媒体在实现薪酬公平的同时,并未抑制薪酬效率。本文结论有助于深刻了解互联网时代媒体在资本市场中的作用,并对我国实现共同富裕的微观治理具有一定的启示意义。With the widespread adoption of internet technology and the rapid expansion of online users,social media platforms such as WeChat and Weibo have flourished,significantly reshaping the media landscape for corporations.Executive compensation has long been a focal point of media coverage.Unlike traditional media,which rarely explicitly criticizes executive compensation,social media provides more intensive and extensive scrutiny and is particularly keen on exposing unfair practices.Amid growing concerns over income inequality,examining the fairness of pay gap holds significant practical relevance.While prior studies suggest that pay gap in Chinese listed firms primarily serves as a tournament incentive,critics argue that widening pay gaps may exacerbate employees’sense of exploitation,potentially leading to negative behaviors such as reduced effort,strikes,or even impaired teamwork.Notably,when executives influence their own pay through managerial power,a widening pay gap may not result from incentive mechanisms but rather reflect agency problems.Therefore,different from prior studies that focus on enterprise efficiency,we focus on the perspective of pay gap to explore whether social media serves as an effective mechanism for fair governance.Moreover,it is worth noting that while some studies have examined the role of traditional media in promoting pay fairness,the differences between social media and traditional media in terms of information production,dissemination,and feedback mechanisms suggest that social media may play a distinct role in shaping pay fairness compared to traditional media.Using a sample of Chinese A-share listed firms from 2013 to 2019,we empirically examine the role of social media in pay governance.The results are summarized as follows:First,greater social media coverage of a firm is associated with a smaller executive-employee pay gap,indicating that social media generally promotes pay fairness.Second,further distinguishing different enterprise scenarios,it is found that the effect of socia

关 键 词：社交媒体报道 薪酬差距 社会公平 

分 类 号：F272.92[经济管理—企业管理]