CEO过度自信对薪酬的影响研究

CEO过度自信是影响其自身薪酬的重要因素。本文以2008—2018年A股上市公司CEO的薪酬情况为研究样本,实证检验了在中国情境下CEO过度自信对薪酬水平和薪酬结构的影响。研究发现:过度自信的CEO比非过度自信的CEO拥有更高的总薪酬和股权激励强度以及更低的现金薪酬比例;同时,相比非国有企业,国有企业中CEO过度自信对薪酬的影响更为显著。进一步研究发现:企业面临的风险大小和创新程度会强化过度自信与CEO薪酬之间的关联关系。

Study on CEOs'Overconfidence's Influence on the Remuneration

CEO's overconfidence is an important factor affecting their own remuneration.This paper takes the salary of the CEOs of A-share listed companies from 2008 to 2016 as the research sample,and the empirical tests examine the impact of CEOs'overconfidence on salary level and the salary structure in China.The study finds that the overconfident CEOs have higher total remuneration and higher intensity of equity incentives while having lower cash compensation ratios than the non-overconfident ones;meanwhile,compared with non-state-owned enterprises,CEO's overconfidence of state-owned enterprises has more remarkable impact on remuneration.Further research shows that the level of the risks and the degree of innovation faced by enterprises will strengthen the associated relationship between CEO's overconfidence and their remuneration.