【摘要】 企业员工薪酬差距与企业绩效的关系一直是公司治理领域非常重要的问题。利用2008—2017年中国上市公司数据,选取企业特征变量(包括无形资产强度、资产负债率、企业规模、雇员数目、股本结构变动、董事长兼任以及独立董事比例)、行业虚拟变量和时间虚拟变量,对高管团队内部薪酬差距和高管团队成员与一般员工之间薪酬差距对企业绩效的影响进行研究。结果表明,高管团队内部的薪酬差距以及高管团队成员与一般员工之间的薪酬差距均与企业绩效之间呈倒U形关系。更多还原

【Abstract】 The effect of compensation gap among employees on firm performance has drawn attention of scholars in corporate governance domain. Using the data of Chinese listed companies from 1999-2015,this paper investigates the effects that TMT compensation gap and executive-employee compensation gap have on firm performance,controlling the characteristics of firms including the intensity of invisible asset,asset-liability ratio,firm size,the number of employee,the change of capital structure,the duality of CEO and the ratio of independent director,as well as the industry dummies and the year dummies. Results show that there is a U-shaped relationship between TMT compensation gap and firm performance,and that the executive-employee compensation gap has a positive effect on firm performance.更多还原