高管外部薪酬差距对企业绩效的研究——基于企业成长性的调节效应
A Study of Executive External Compensation Gap on Corporate Performance—Based on the Adjustment Effect of Enterprise Growth

本文旨在以自2005年以来~至2021年期间沪深A股制造业上市公司数据为分析样本，实证和分析中国制造业高管外部薪酬差距问题以及与公司企业业绩之间存在的关系，并通过引入企业成长性考察了对这一关系的调节作用。结果显示，外部薪酬差距与公司业绩之间存在“倒U型”的非线性关系，即随外部薪酬差距增加，公司业绩先增加后减少。外部薪酬差距对公司业绩的影响仅限于某一限度，一旦达到一定程度时，进一步的增大并不能改善公司的业绩。公司成长性指数与核心高管员工外部薪酬差距之间呈比较显著稳定的正向关系；企业成长性可以增强高管外部薪酬差距对整体企业绩效提升的正向影响，具有激励调节作用。
This paper aims to use the data of listed companies in Shanghai and Shenzhen A-share manufac-turing industries from 2005 to 2021 as an analysis sample to prove empirically and analyze the ex-ternal income and compensation gap of manufacturing executives and the relationship between them and company performance, and by introducing Firm growth examines the moderating effect on this relationship. The results show that there is a non-linear “inverted U-shaped” relationship between the external pay gap and company performance. That is, as the external pay gap increases, company performance first increases and then decreases. The impact of the external salary gap on the company’s performance is limited to a certain limit. Once it reaches a certain level, further in-crease will not improve the company’s performance. There is a significant and stable positive rela-tionship between the company’s growth index and the external compensation gap of core execu-tives; corporate growth can enhance the positive impact of the external compensation gap of execu-tives on the overall corporate performance improvement, and has an incentive and adjustment ef-fect.