【摘要】 通过构建企业资源配置效率指标，以我国2015—2020年A股上市公司为样本，从货币薪酬、股权激励和在职消费3个维度研究高管薪酬激励对企业资源配置效率的影响。结果表明，货币薪酬激励、股权激励能够显著促进资源配置效率的提升，但在职消费激励与资源配置效率呈倒U型关系。进一步研究发现，上述结论在国有企业中依然成立；但在非国有企业中股权激励的效果更加明显，在职消费激励的效果则不显著。分行业来看，货币薪酬激励在各行业中的激励作用不变；股权激励对劳动密集型和资本密集型企业的资源配置效率影响不显著；在职消费激励对技术密集型企业的资源配置效率影响不显著。更多还原

【Abstract】 By constructing an indicator of enterprise resource allocation efficiency, taking China’s A-share listed companies from 2015 to 2020 as samples, this paper discussed the impact of executive compensation incentive on enterprise resource allocation efficiency in three dimensions: monetary compensation incentive, equity incentive and perquisite consumption incentive. The results show that, monetary compensation incentive and equity incentive can significantly promote resource allocation efficiency, but perquisite consumption incentive has an inverted U-shaped relationship with resource allocation efficiency. Further study finds that the above conclusion is still true in state-owned enterprises; however, in private enterprises, the effect of equity incentive is more effective, while the effect of perquisite consumption incentive is less significant. In terms of sub-industries, the incentive effect of monetary compensation incentive remains the same in all industries. However, the effect of equity incentive is insignificant in labor-intensive and capital-intensive enterprises, while the effect of perquisite consumption incentive is insignificant in technology-intensive enterprises.更多还原