上市公司内外治理机制如何影响高管-员工薪酬差距

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1、上市公司内外治理机制如何影响高管-员工薪酬差距？陈晓珊暨南大学产亚经济研究院本文从公司治理角度出发实证检验公司内外治理机制对高管-员工薪酬差距的影响，得到以下研宂结论：（1）基于全样本的研宂发现:公司内部独立董事比例和两职兼任与高管-员工薪酬差距正相关，第一大股东持股比例、董事会规模、监事会规模等与薪酬差距负相关;公司外部产品市场竞争与薪酬差距负相关，“限薪令”、“八项规定”等管制政策因素与薪酬差距正相关。（2）基于产权性质差异的研究发现:两职兼任与董事会规模扩大会进一步拉开民营企业的高管-员工薪酬差距，但对国有企业、中央企业、非

2、中央企业的高管-员工薪酬差距并无明显作用。（3）基于高管-员工薪酬差距区间效应的研宄发现:在全样本、民营企业、非中央企业三个样木中，公司内部部分治理机制会受薪酬差距区间效应的影响而发挥不同的治理作用，但产品市场竞争和管制政策因素始终分别发挥着缩小和扩大薪酬差距的作用。本文结论厘清丫公司内外治理机制影响高管-员工薪酬差距的作用方向，能够为企业如何缓解内部薪酬矛盾提供一定的借鉴参考。关键词：公司治理;产品市场竞争;高管-员工薪酬差距;管制政策;HowDoestheInternalandExternalGovernanceMechani

3、smsAffecttheExecutive-EmployeePayDispersion?CHENXiaoshanInstituteofJMustrialEconomics,_JinanUniversity;Abstract：Fromtheperspectiveofcorporategovernance,thispapermakesanempiricalanalysisoftheeffectsofinternalandexternalgovernancemechanismonthepaydispersion.Theresultsar

4、easfollows:(1)Basedonthrfullsamplestudy,it’sfoundthattheratioofindependentdirectorsanddualarcpositivelycorrelatedwithexecutive-employeepaydispersion，whereasthefirstshareholderproportion,sizeoftheboarddirectorsandthesupervisorsarenegativelycorrelatedwithit;afiercerprod

5、uctmarketcompetitionhelpstoreducetheexecutive-employeepaydispersion,whereasthoseexternalpolicysupervisionsarepositivelyrelatedtothepaydispersion;(2)Basedonthepropertynaturestudy,it'sfounddualandanincreasingsizeofboarddirectorscanleadtowideningofexecutive-employeepaydi

6、spersioninprivatefirms，whereastheyhavenoobviouseffectinstate-ownedfirms,centralfirmsandnon-centralfirms;(3)Basedontheintervaleffectofexecutive-employeepaydispersionstudy,it’sdiscoveredthatapartofinternalgovernancemechanismsinfullsample，privatefirms,non-centralfirmscan

7、beaffectedbypaydispersionintervaleffectandthenplaydifferentroles,whereasproductmarketcompetitionandcontrolpolicyfactorscaninhibitandincreasepaydispersionrespectively.Inaword,thispaperhelpstoclarifytheroleofdifferentgovernancemechanismsonexecutive-employeepaydispersion

8、，pointingoutthedirectionofhowtoalleviatethisinternalcontradictionofcompensation.Keyword：CorporateGovernance;ProductMarketCom