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金融研究  2019, Vol. 466 Issue (4): 188-206    
  本期目录 | 过刊浏览 | 高级检索 |
内部薪酬差距与公司价值——基于生命周期理论的新探索
梁上坤, 张宇, 王彦超
中央财经大学会计学院/中国管理会计研究与发展中心,北京 100081
The Internal Pay Gap and Firm Value:New Exploration Based on Life Cycle Theory
LIANG Shangkun, ZHANG Yu, WANG Yanchao
School of Accountancy / China's Management Accounting Research &Development Center, Central University of Finance and Economics
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摘要 本文以我国2005-2014年沪深A股上市公司为样本,研究了公司生命周期对内部薪酬差距与公司价值关系的影响。结果发现:(1)总体上,公司内部薪酬差距有利于公司价值,支持了锦标赛理论;(2)结合生命周期考察,内部薪酬差距对公司价值的提升作用在成长期最强,在衰退期最弱,即随着公司生命周期的推移,内部薪酬差距对公司价值的提升作用逐渐减弱;(3)进一步的作用机制分析显示,管理层对于经营绩效影响的重要性以及员工对于公平感的需求是生命周期产生影响的重要机制。在综合得分判别法、留存收益率判别法、企业-行业增长率判别法等多项生命周期度量方法下,上述结论保持稳定。本文的研究为理解内部薪酬差距对公司价值的作用提供了一个崭新视角,也为不同生命周期阶段公司薪酬计划的制定提供了一定理论基础。
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梁上坤
张宇
王彦超
关键词:  生命周期  内部薪酬差距  公司价值  锦标赛理论    
Summary:  Firm operating efficiency is important to the whole economy, and clarification of the compensation distribution relationship between managers and ordinary employees under given resources has become an important issue.
There are two opposing theories on the relationship between the internal pay gap and firm value: tournament theory holds that expanding the internal pay gap is conducive to improved organizational performance (Lazear and Rosen 1981; Rosen 1986), whereas behavioral theory holds that this pay gap is not fully conducive to cooperation, and thus reduces organizational performance (Cowherd and Levine 1992; Carpenter and Sanders 2004). Arguments against and evidence for these two views appear in various studies (Pfeffer and Langton 1993; Williams et al. 2006; Lin et al. 2003; Zhang 2008; Liu and Sun 2010; Zhao 2012; Li and Hu 2012). This controversy prompts us to consider whether it is partly due to heterogeneous effects of the internal pay gap in different situations.
With this in mind, this study explores the question from the perspective of the firm life cycle. The life cycle is an important characteristic of a firm, and studies show that it greatly affects a firm's investments, financing, distribution, and other behavior (Anthony and Ramesh 1992; Bens et al. 2002; DeAngelo et al. 2006; DeAngelo et al. 2010; Hribar and Yehuda 2015). At different life cycle stages, managers and employees face different responsibilities and pressures; therefore, the same internal pay gap may produce different results.
Using a sample of A-share firms listed on the Shanghai and Shenzhen Exchanges from 2005 to 2014, we study the impact of firm life cycle on the relationship between the internal pay gap and firm value. We find that (1) the internal pay gap is conducive to overall firm value, which is consistent with tournament theory, (2) the promotion effect is strongest in the growing stage and weakens as the life cycle progresses, and (3) the main mechanisms are the importance of managers to firm performance and employee demand for equity. The above findings remain stable with other life cycle measurements.
The study makes three contributions. First, it shifts our understanding of the relationship between the internal pay gap and firm value from a static to a dynamic perspective. While examination of the internal pay gap and firm value has a long history, the literature has mainly taken a static approach (Zhang 2008, etc.), and ignored the dynamic impact of the internal pay gap at different stages of development. Based on the life cycle theory, this study predicts and finds that the internal pay gap has heterogeneous effects on firm value at different stages of the life cycle. It effectively links tournament theory and behavioral theory through the life cycle theory, placing them within a consistent discussion framework, with additional exploration of the mechanisms involved.
Second, although scholars have studied manager incentives in depth, this study emphasizes the importance of ordinary employees, who have received little attention in the past. Firm performance is a function of the productivity of both managers and ordinary employees, and the role of the ordinary employee should also be considered (Chen et al. 2015). Our findings show that in the actual compensation formulation, especially for mature firms and those in recession, the interests of ordinary employees need to be considered, and setting a reasonable pay gap is conducive to improved firm value. For the large number of firms newly listed on the Small and Medium Enterprise (SME) Board and Growth Enterprise Market (GEM) in China, managers should also be given sufficient reward for their efforts. Thus the findings of this study provide some theoretical references for the reform of income distribution.
Third, this study provides some guidance for research methods in future research. Unlike previous studies that rely on a single life cycle measurement method (Zhao and Sun 2005; Cao et al. 2010; Li et al. 2011; Li and Li 2012; Dong and Mao 2013; Luo and Li 2015), this study uses several life cycle measurement methods, including the comprehensive scoring method, retained earnings method, and enterprise-industry growth method, allowing for more stable conclusions and opening opportunities for future research in this field.
Keywords:  Life Cycle,Internal Pay Gap    Firm Value    Tournament Theory
JEL分类号:  G14   G32   F65  
基金资助: 本文系国家自然科学基金课题(71872196、71572210、71402198)、北京市社会科学基金课题(15JGC176)、中央财经大学青年英才培育计划(QYP1608)的研究成果。
作者简介:  梁上坤(通讯作者),会计学博士,副教授,中央财经大学会计学院/中国管理会计研究与发展中心,E-mail:Liang_sk@126.com.
张 宇,会计学博士生,中央财经大学会计学院,E-mail:Amyzhang156@163.com.
王彦超,会计学博士,教授,中央财经大学会计学院,E-mail:Aeroant@126.com.
引用本文:    
梁上坤, 张宇, 王彦超. 内部薪酬差距与公司价值——基于生命周期理论的新探索[J]. 金融研究, 2019, 466(4): 188-206.
LIANG Shangkun, ZHANG Yu, WANG Yanchao. The Internal Pay Gap and Firm Value:New Exploration Based on Life Cycle Theory. Journal of Financial Research, 2019, 466(4): 188-206.
链接本文:  
http://www.jryj.org.cn/CN/  或          http://www.jryj.org.cn/CN/Y2019/V466/I4/188
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