全球化与高管薪酬—基于中国上市公司的经验证据

基于2003-2018年A股非金融类上市公司数据,论文从FDI流入的角度实证检验了全球化对高管薪酬的影响及其作用机制。研究发现,全球化显著提高了高管薪酬。该结论在考虑了内生性问题、控制同时期其他政策影响后依然稳健。此外,进一步研究后发现,全球化主要通过公司治理中的独立董事治理影响高管薪酬,市场机制的作用有限。拓展性研究还发现,全球化对高管薪酬的作用表现出异质性。全球化在垄断行业和国有企业中具有更大的影响。相较于普通高管,权力型高管在全球化中受益更多,这意味着随着全球化的进展,企业内部高管之间的不平等在加剧。本文的发现提供了全球化对高管薪酬具有积极影响的中国证据,有助于丰富国际贸易与顶端收入分配领域的文献。

Globalization and Executive Compensation -Empirical Evidence from Listed Companies

Based on the data of CSMAR from 2003 to 2018, this paper investigates the effect and mechanism of globalization on executive compensation from the perspective of FDI inflow. The results show that globalization has a significant promoting effect on executive compensation. After considering endogenous issues and controlling the impact of other policies in the same period，the results are robust. Furthermore，this paper found that globalization mainly affects executive compensation through independent director governance, and the role of market mechanisms is limited. Extended research also found that the role of globalization on executive compensation is heterogeneous. Globalization has a greater impact in monopolistic industries and state-owned enterprises. Power executives benefit more from globalization than ordinary executives, which means that as globalization progresses, inequality among executives within the company is increasing. The findings of this paper provide Chinese evidence on the positive impact of globalization on executive compensation, and help enrich the literature in the field of international trade and top income distribution.