CAJ | 학술논문

本文以手工收集的2012年中国民营上市公司高管薪酬数据为例，行为理论、锦标赛理论以及堑壕理论为基础，高管团队规模和控股股东为调节变量，实证分析了公司高管团队（TMT）薪酬差距对于企业研发的影响。本文研究发现，薪酬差距能够提升高管团队对于风险的接受水平，民营上市公司高管薪酬差距与公司的研发支出显著正相关。此外，本文进一步的研究发现，高管薪酬差距对于企业研发的正向影响会受到高管团队规模以及控股股东持股比例的抑制，表明了锦标赛激励实施的局限性。本文的研究为理解民营企业高管薪酬差距与企业研发的关系提供了新的经验证据。
본문이수공수집적2012년중국민영상시공사고관신수수거위례，행위이론、금표새이론이급참호이론위기출，고관단대규모화공고고동위조절변량，실증분석료공사고관단대（TMT）신수차거대우기업연발적영향。본문연구발현，신수차거능구제승고관단대대우풍험적접수수평，민영상시공사고관신수차거여공사적연발지출현저정상관。차외，본문진일보적연구발현，고관신수차거대우기업연발적정향영향회수도고관단대규모이급공고고동지고비례적억제，표명료금표새격려실시적국한성。본문적연구위리해민영기업고관신수차거여기업연발적관계제공료신적경험증거。
Based on manual collection data of executive compensation of Chinese private listed companies in 2012, and according to the behavior theory, tournament theory and entrenchment effect, the paper analyzes the effect of company＇s senior management team （TMT） pay gap on enterprise development, taking the management team size and controlling shareholder as moderating variable. In this paper, the study found the pay gap can provide incentives to senior executives to increase firm risk. And there is significant positive correlation between the executive pay gap of private listed company and R＆D spending. In addition, the further studies found that the management team size and controlling shareholder can inhibit the positive influence of the executive pay gap on enterprise R＆D. The result suggests the limitations of the tournament incentive. In this paper, the research provides new empirical evidence to understand the relationship between the private enterprise executive pay gap and enterprise R ＆ D.