摘要
融资方式对内部薪酬差距的复杂影响对企业的融资决策和高管—员工薪酬设计均具有重要意义。文章以2007—2021年我国沪深A股上市公司为研究样本,运用多元线性回归分析方法,研究融资方式对高管—员工内部薪酬差距的影响及其路径。研究结论认为:负债融资方式对高管—员工内部薪酬差距存在显著的倒U型影响;股权融资方式显著扩大了企业的高管—员工内部薪酬差距;商誉在两种融资方式对内部薪酬差距的影响中均起到了部分中介作用。上述研究结论在经过一系列稳健性检验之后仍然成立。进一步研究发现:商誉通过抑制员工薪酬,扩大了高管—员工内部薪酬差距;负债融资通过更多地抑制高管薪酬,对企业内部薪酬差距产生抑制作用;股权融资通过显著提高高管薪酬,对内部薪酬差距产生促进作用。
The complicated effect of financing mode on the internal salary gap plays a significant role in enterprises’decision-making about the salary of management and employees.The paper selects Shanghai and Shenzhen stock exchanges listed companies from 2007 to 2021 as samples and using MLR models to analyze the effects of financing mode on internal salary gap and the paths.As is an important factor in both corporate finance and internal salary gap,the results show that debt financing affects internal salary gap by inverted U shape,and equity financing affects internal salary gap positively.And also,goodwill plays a mediating role in both above effects.The conclusions are valid according to robust tests.Further,goodwill expands internal salary gap through restraining employee compensations.Debt financing narrows internal salary gap through restraining executive compensations,equity financing expands internal salary gap through enhancing executive compensations more significantly.
作者
姚树中
邵薷萱
YAO Shuzhong;SHAO Ruxuan(College of Business,Liaoning University,Shenyang 110136,China)
出处
《辽宁大学学报（哲学社会科学版）》
CSSCI
2023年第2期94-105,共12页
Journal of Liaoning University(Philosophy and Social Sciences Edition)
关键词
融资方式
内部薪酬差距
商誉
financing mode
internal salary gap
goodwill
