高管货币薪酬能提升企业国际化水平吗——股权集中度的调节作用
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摘要
采用2016年中国制造业上市公司的数据,运用STATA14.0软件和层级回归分析方法,研究高管货币薪酬与企业国际化关系,同时考察股权集中度对高管货币薪酬与企业国际化关系的影响,研究发现:高管货币薪酬越高,越有利于提升上市公司的国际化程度;股权集中度对高管货币薪酬与企业国际化程度之间的关系具有调节作用。
This paper studied the relationship between executive monetary compensation and corporate internationalization, and examined the relationship between equity concentration and executive monetary compensation and corporate internationalization, by using the data of listed companies in China's manufacturing industry in 2016 and using STATA14.0 software and hierarchical regression analysis method. The results show that the higher the executives' monetary compensation, the more favorable it is to improve the degree of internationalization of listed companies; and the concentration of ownership has a regulating effect on the relationship between executive monetary compensation and the degree of internationalization of enterprises.
This paper studied the relationship between executive monetary compensation and corporate internationalization, and examined the relationship between equity concentration and executive monetary compensation and corporate internationalization, by using the data of listed companies in China's manufacturing industry in 2016 and using STATA14.0 software and hierarchical regression analysis method. The results show that the higher the executives' monetary compensation, the more favorable it is to improve the degree of internationalization of listed companies; and the concentration of ownership has a regulating effect on the relationship between executive monetary compensation and the degree of internationalization of enterprises.
引文
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[2]Hitt M A,Tihanyi L,Miller T,et al.International Diversification:Antecedents,Outcomes,and Moderators[J].Social Science Electronic Publishing,2009,32(6):3-4.
[3]Hymer S H.The International Operations of National Firms:AStudy of Direct Foreign Investment[M].Rugman Reviews,2009.
[4]Mckiernan P.Strategies of growth:maturity,recovery and internationalization[C]//Proceedings of the IASTED International Conference on Internet and Multimedia Systems and Applications.ACTA Press,1992.
[5]梁强,周莉,宋丽红.家族内部继任、外部资源依赖与国际化[J].管理学报,2016,13(4):524-532.
[6]宋渊洋,李元旭.控股股东决策控制、CEO激励与企业国际化战略[J].南开管理评论,2010,13(4):4-13.
[7]左晶晶,唐跃军.高管过度激励、所有权性质与企业国际化战略[J].财经研究,2011,37(6):79-89.
[8]李烨,严由亮.高管薪酬激励、产权性质与企业绩效:基于股权集中度的调节效应[J].工业技术经济,2017,36(9):85-92.
[9]黄越,杨乃定,张宸璐.高层管理团队异质性对企业绩效的影响研究:以股权集中度为调节变量[J].管理评论,2011,23(11):120-125.
[10]Aggarwal R K,Samwick A A.Executive Compensation,Strategic Competition,and Relative Performance Evaluation:Theory and Evidence[J].Journal of Finance,1999,54(6):1 999-2 043.
[11]Carpenter M A,Sanders W G.Top Management Team Compensation:The Missing Link between CEO Pay and Firm Performance?[J].Strategic Management Journal,2002,23(4):367-375.
[12]陈霞,马连福,丁振松.国有企业分类治理、政府控制与高管薪酬激励:基于中国上市公司的实证研究[J].管理评论,2017,29(3):147-156.