【作者】 章永奎； 冯文滔； 杜兴强；

【Author】 Zhang Yong-kui,Feng Wen-tao,Du Xing-qiang(School of Management,Xiamen University,Xiamen,Fujian,361005,China)

【机构】 厦门大学管理学院；

【摘要】 以2005年到2010年的民营公司为样本,本文实证研究了政治联系对薪酬差距、薪酬差距粘性的影响。研究结果表明,政治联系的确显著增加了民营上市公司的内部薪酬差距。进一步,政治联系显著增加了民营上市公司薪酬差距的粘性,即业绩变动一个单位的情况下,在业绩下降的情况下、政治联系的民营上市公司的内部薪酬差距减少的幅度显著低于业绩增加时薪酬差距增加的幅度。本文的研究结果表明,高管的政治联系在一定程度上削弱了民营上市公司薪酬激励契约的有效性。更多还原

【Abstract】 This essay studies the effect of political connections on compensation gap and compensation stickiness by taking as a sample the data of Chinese private listed firms from 2005 to 2010.The study concludes that political connections do increase the internal compensation gap within private listed firms.Furthermore,political connections significantly increase the stickiness of private listed firms’ compensation gap,i.e.,in the case of private listed firms with political connections,when performance changes for one unit,the degree of decrease in internal compensation gap at the time of performance decreasing is significantly lower than the degree of increase in internal compensation gap at the time of performance increasing.The results of the study show that the executives’ political connections,at some degree,impair the effectiveness of private listed firms’ compensation incentive contract.更多还原