本文關(guān)鍵詞：政治聯(lián)系方式、產(chǎn)權(quán)性質(zhì)與高管薪酬契約——基于政府補(bǔ)貼和政治身份的視角，由筆耕文化傳播整理發(fā)布。

政治聯(lián)系方式、產(chǎn)權(quán)性質(zhì)與高管薪酬契約——基于政府補(bǔ)貼和政治身份的視角

Way of Political Connections, Compensation Contracts： Government Subsidies Property Rights and TMT＇s Based on the Angle of and Political Identity

[1] [2] [3]

WU Chengsong, TANG Weizheng, HUANG Songqin （School of Business, Anhui University, Hefei 230601, China）

安徽大學(xué)商學(xué)院,安徽合肥230601

文章摘要：從政府角度考察政治聯(lián)系對于高管薪酬契約的影響可能會得到與企業(yè)角度截然不同的結(jié)論。鑒于此，使用2008-2011年滬市A股制造業(yè)的數(shù)據(jù)，分別選取政府補(bǔ)貼和高管政治身份作為衡量政府與企業(yè)角度政治聯(lián)系的代理變量，首次比較不同政治聯(lián)系方式對高管薪酬契約的影響差異。實證研究表明，，雖然企業(yè)角度與政府角度衡量的政治聯(lián)系均顯著地提高了高管薪酬，但是從企業(yè)角度衡量的政治聯(lián)系會削弱高管薪績敏感性，而從政府角度衡量的政治聯(lián)系卻能顯著提升高管薪績敏感性。在進(jìn)一步的產(chǎn)權(quán)性質(zhì)對比研究后發(fā)現(xiàn)，政府角度政治聯(lián)系對高管薪績敏感性的提升效應(yīng)在民營企業(yè)中表現(xiàn)得更為明顯，而企業(yè)角度政治聯(lián)系對高管薪績敏感性的削弱效應(yīng)則在國有企業(yè)中表現(xiàn)得更強(qiáng)。

Abstr：The impact of political connections on TMT＇s compensation contracts may be completely different from the angle of government or enterprise. In view of this, by using the data of China＇s A-share Listed companies in manufacturing from 2008 to 2011, we selected government subsidies and political identity as proxy variables of political connections of government and en- terprise angle, this is the first research to compare the different impacts of different political connections on TMT＇s compensa- tion contracts. Empirical studies show that： although both government and enterprise angle of political connections can signifi- cantly improve TMT＇s compensation, political connections based on enterprise would undermine TMT＇S pay performance sensi- tivity, and political connections based on government are able to improve TMT＇s pay performance sensitivity. After a further comparative study based on property rights, we find that the enhancing effect of political connections from enterprise angle on TMT＇s pay performance sensitivity are more obvious in private enterprises, and the weakening effect of political connections from government angle on TMT＇s pay performance sensitivity are more obvious in SOEs.

文章關(guān)鍵詞：

Keyword：:way of political connections government subsidies political identity TMT＇s pay performance sensitivity nature of property rights manufacturing TMT＇s pay contract pay stickiness

課題項目：國家自然科學(xué)基金項目（71302113）;國家社會科學(xué)基金重大項目（11＆ZD011）

  本文關(guān)鍵詞：政治聯(lián)系方式、產(chǎn)權(quán)性質(zhì)與高管薪酬契約——基于政府補(bǔ)貼和政治身份的視角，由筆耕文化傳播整理發(fā)布。