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公司内部薪酬公平性与企业创新
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TitlePay Gap and Firm Innovation in China  
作者孔东民 徐茗丽 孔高文  
AuthorKong Dongmin,Xu Mingli and Kong Gaowen  
作者单位中南财经政法大学金融学院;华中科技大学经济学院暨南大学管理学院 
OrganizationHuazhong University of Science and Technology;Jinan University 
作者Emailkongdm@hust.edu.cn;shmily@hust.edu.cn;konggaowen@gmail.com 
中文关键词薪酬差距 创新 薪酬溢价 人力资本 产权性质 
Key WordsPay gap; Innovation; Pay Premium; Human Capital; Ownership  
内容提要虽然企业高管与普通员工的收入差距已经受到广泛讨论与关注,但二者的收入差距如何影响企业创新产出,仍然未见到相关探讨。本文利用中国上市公司2000-2012年的数据,考察企业管理层与员工之间的薪酬差距对企业创新的影响。我们发现:第一、整体而言,研究结果支持锦标赛理论,即薪酬差距对创新产出存在正向影响,但二者关系存在明显非线性效应;第二、在薪酬差距水平较低的情况下,扩大薪酬差距显著提升了企业创新,表明锦标赛理论在创新活动中占主导;第三、在薪酬差距水平较高的情况下,扩大薪酬差距对企业创新有负向作用,表明比较理论开始呈现作用;第四、薪酬差距对创新的正向激励作用主要由管理层薪酬溢价驱动,员工薪酬溢价反而在一定程度上降低了创新产出,基于人力资本和企业产权的研究都进一步支持了这一论断。本文为监管和企业部门提供了重要的视角,我们的结论对政府出台激励企业创新的政策有重要参考意义。 
AbstractAlthough the pay gap between executives and employees has received considerable attention, its economic consequences remain unclear due to the unavailability of data. In this study, we examine the effects of the pay gap on firm innovation by using data from Chinese listed companies. We show that: 1) pay gaps between management and employees enhance firm innovation, supporting the tournament theory in firm innovation activities; 2) the relationship between pay gaps and firm innovation exhibits an “inverted-U”, pay gaps reduce innovation outputs insignificantly when the gap is relatively large, indicating the effects of the comparison theories become apparent as pay gap increases; 3) high management pay premiums provide incentives for management to devote to innovation activities, while pay premiums for ordinary employees impede firm innovation; and 4) both the employee’s human capital and state ownership play significant roles in the negative effects of employee pay premiums on firm innovation. Overall, we provide critical insights and a serious challenge for regulators in China. The policy implications of this study could be of interest to regulators who intend to encourage firm innovation. 
文章编号WP1223 
登载时间2017-09-12 
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