薪酬外部不公平性与非效率投资--基于社会比较理论的解释和经验证据

在高管薪酬体制扭曲现实背景和社会比较理论视角下，引入心理学和行为学研究成果，关注薪酬外部不公平性对高管心理感知及行为选择影响。研究发现，薪酬外部不公平易引发高管“黑嫉妒”心理，导致其寻求替代性补偿激励而增加非效率投资。这一现象在民营企业更为突出，主要是因国有企业报酬体系异化所致。宏观经济形势和公司所在地区对薪酬外部不公平性与非效率投资之间关系有显著调节作用。研究还发现受自我期望值、归因模式及注意力基础等因素影响，高管对薪酬外部公平性问题的心理感知存在显著性别差异，女性高管治理有助于缓解男性高管主导的“黑嫉妒”心理和抑制非效率投资。

External Unfairness of Managerial Compensation and Inefficient Investment---A Empirical Study Based on Social Comparison Theory

Under the background of distorted managerial compensation system and from the perspective of social compari-son theory, this paper studies the impact of compensation external unfairness on managers’ psychological perception and invest-ment behavior based on psychology and behavior research. The study shows that external unfairness of compensation may breed managers’ “black envy” psychology and lead them to seek alternative compensation incentive, resulting in the increase of the inefficient investment. The phenomenon is more prominent in private enterprises, which may be caused by the dissimilation of the compensation system, widespread in state-owned enterprises. Further research shows that both the macro-economic situa-tion and the company’s location have a significant positive regulating efect on the relationship between the external unfairness of compensation and the inefficient investment. It also finds that due to the factors of self-expectations, attribution-models and attention-foundation, significant gender differences exist in the psychological perception on the external unfairness of compen-sation as female manager governance may alleviate the male“black jealousy” psychology and inhibit inefficient investment be-havior.