企业内部薪酬差距与创新.docxVIP

企业内部薪酬差距与创新 孔东民徐茗丽孔高文 华中科技大学经济学院中南财经政法大学金融学院 华南师范大学公共管理学院广州大学经济与统计学 摘要： 虽然企业高管与普通员工的收入差距已经受到广泛关注，但企业内部的收入差 距如何影响企业创新，仍未见到相关探讨。正是在这一背景下，木文利用中国上 市公司数据，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。为了控制内生性，我们基于个人所得税率与最低工资标准调整构造工具 变量，结论一致。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;但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。第三, 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。本文为监管和企业部门提供了重要的视角，本 文的结论对政府出台激励企业创新的政策有重要参考意义。 关键词： 薪酬差距;创新;薪酬溢价; 作者简介：孔东民，华屮科技大学经济学院、屮南财经政法大学金融学院，邮政 编码:430000,电子信箱：kongdm@hust. edu. cn; 作者简介：徐茗丽，华南师范大学公共管理学院，邮政编码:510006,电子信 箱：mingl ixu@m. scnu. edu. cn; 作者简介：孔高文，广州大学经济与统计学院，邮政编码:510006,电子信 :konggaowcn@gmai1. com。 基金：国家自然科学基金项目(7177217 Pay Gap and Firm Innovation in China KONG Dongmin XU Mingli KONG Gaowen Huazhong University of Science and Technology; South China Normal University; Guangzhou University; Abstract： The pay gap between executives and employees has been widely discussed and has recently received great at tention from regulators around the world. Alt hough emerging literature explores the effects of the pay gap on f inn behaviors and performances, few studies investigate how the intra-firm pay gap affec ts f i rm inno veition. Consider ing the signified nt rol e of irinovEition in cco no mic grow th and social dcvclopm ent，it is of great importance for academia and policy implications to evaluate how the pay gap influences innovation and to discuss its underlying mechanism. Both man agement and employees participate in a firm opera ting process. However, they have di f fere nt responsibil ities in the process of inno veition. Studies show that a firms various charactcristics affect memagcrial or employee incentives to participate in innovation activities. For instance, managers innovation incentives are motivated by institutional ownership, venture capital, tolerance for failure, and analyst coverage. Meanwhile, employees incentives are importeint for innovation.Two competing thcorics a