| 高管薪酬差距与资本结构动态调整研究 |
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| 引用本文： | 盛明泉,戚昊辰.高管薪酬差距与资本结构动态调整研究[J].商业经济与管理,2014,0(12):32-38. |
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| 作者姓名： | 盛明泉 戚昊辰 |
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| 作者单位： | 1. 安徽财经大学 会计与财务发展研究中心2. 安徽财经大学会计学院 |
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| 基金项目： | 高管激励与资本结构优化研究 |
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| 摘 要： | 文章利用2007-2012年我国A股上市公司数据，采用面板数据分析方法，实证检验了高管薪酬差距与资本结构动态调整之间的关系。结果发现，高管薪酬差距符合锦标赛理论预期，随着高管薪酬差距水平不断提升，资本结构的调整速度会不断加快，偏离目标资本结构的程度会不断缩小。民营企业高管对薪酬差距的敏感程度较国有企业高管更高，较低的薪酬差距即可引发资本结构的显著调整。
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| 关 键 词： | 薪酬差距 资本结构 调整速度 偏离程度 |
| 收稿时间： | 2014-07-02 |
Top Executives Pay Gap and Dynamic Capital Structure Adjustment |
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| SHENG Mingquan QI Haochen.Top Executives Pay Gap and Dynamic Capital Structure Adjustment[J].Business Economics and Administration,2014,0(12):32-38. |
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| Authors: | SHENG Mingquan QI Haochen |
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| Abstract: | Based on the balanced panel data of Chinese A-share listed firms from 2007-2012,this paper studies the relationship between top executive’s cash pay gap and the adjustment of captial structure.The empirical results show that top executive’s cash pay gap consistents with the theory of Tournament.The larger cash pay gap will cause faster adjustment speed of capital structure and smaller degree of deviation.The top executives in private enterprise have more sensitive to cash pay gap than state-owned enterprise’s executives.A lower cash pay gap can lead a significant adjustment of capital structure. |
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| Keywords: | pay gap capital structure adjustment speed degree of deviation |
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