企业生命周期对高管薪酬差距影响因素的调节效应研究——基于高新技术企业面板数据

基于企业生命周期视角，在高新技术企业高管薪酬差距影响因素分析中，首次运用Dick—inson现金流符号法对2006--2010年我国76家高新技术医药上市公司进行了实证研究，重点探讨了企业生命周期对影响因素的调节效应。实证结果表明，两职兼任、上一年业绩、企业规模与高管薪酬绝对差距显著正相关，而国有股比例与高管薪酬绝对差距显著负相关。研究还发现，企业生命周期对个别影响因素存在调节效应：当企业处于增长期时，不但会削弱上一年业绩对高管薪酬绝对差距的正向影响，而且还会削弱国有股比例对高管薪酬绝对差距的负向影响。

Moderating Effects of Corporate Life Cycles on the Influence Factors of CEO Pay Gap:Based on the Panel Data of the High-tech Enterprises

Based on corporate life cycles theory,this paper initially uses Dickinson＇s cash flow method for influence factors analysis of the CEO pay gap. And in the empirical analysis of 76 listed pharmaceutical companies from 2006 to 2010,it focuses on the moderating effects of corporate life cycles on the influence factors. The results indicate： the CEO pay gap is positively related to duality of manager and chairman,per- formance of the year before and the enterprise scale. However,there is a negative correlation between the ratio of ownership-concentration and CEO pay gap. In addition,corporate life cycles have moderating effects on some influence factors. When a corporate is in increasing period,the positive correlation between perfor- mance of the year before and the CEO pay gap becomes significantly weaker,and the negative correlation between the ratio of ownership concentration and CEO pay gap will also be significantly weaker.