关键高管薪酬差距、市场竞争与战略差异——基于锦标赛理论的视角

曹玉珊; 张 越

关键高管薪酬差距、市场竞争与战略差异——基于锦标赛理论的视角

引用本文：曹玉珊,张越.关键高管薪酬差距、市场竞争与战略差异——基于锦标赛理论的视角[J].财经理论与实践,2019,(2):91-98

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作者	单位
曹玉珊,张越	（江西财经大学会计发展研究中心/会计学院，江西南昌 330013）

中文摘要:基于锦标赛理论，以2006-2016年我国上市公司为样本，检验CEO与关键下属高管之间的薪酬差距对战略差异的影响，研究发现：CEO与关键下属高管之间的薪酬差距越大，公司资源配置偏离行业主流趋势的程度越大，即战略差异程度越大；薪酬差距对战略差异的影响会因市场竞争强度的高低而产生差异，即市场竞争强度越低，薪酬差距对公司战略差异的影响越显著。进一步研究发现：相较于CEO与所有高管之间的薪酬差距，CEO与关键下属高管之间的薪酬差距对战略差异的作用更明显；薪酬差距可以通过增加公司的战略差异程度来改善公司价值。

中文关键词:薪酬差距关键下属高管战略差异市场竞争公司价值

Pay Gap, Market Competition and Strategic Deviance——A Research Based on the Tournament Theory

Abstract:Based on the tournament theory, selecting the A-share listed companies（2006-2016） in China as samples to test the impact of the pay gap between the CEO and key subordinate executives（key pay gap）on strategic deviance, it is found that the key pay gap is positively related to the degree of strategic deviance, in other words, the degree of deviation between the company's resource allocation and the industry's mainstream trends would be greater. Meanwhile, the significance of the association between the key pay gap and strategic deviance would be enhanced by the decrease of market competition. Further results found that the key pay gap has a greater impact on strategic deviance than the pay gap between the CEO and other executives. In addition, the key pay gap can improve firm value by increasing strategic deviance.

keywords:pay gap key subordinate executives strategic deviance market competition

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