摘 要：随着收入分配不平等现象日益受到关注，企业高管薪酬与员工薪酬差距对企业绩效的影响成为学术界和实践领域的重要议题。本研究旨在探讨不同薪酬差距水平对财务绩效、运营效率及组织氛围等多维度企业绩效的综合影响，并进一步分析其内在机制。通过收集2010年至2022年间中国A股上市公司的面板数据，采用固定效应模型和工具变量法控制内生性问题，研究发现适度的高管与员工薪酬差距能够激励管理层提升企业绩效，但过大的差距则可能引发员工不满，降低团队凝聚力并削弱整体绩效表现。此外，企业文化在薪酬差距与企业绩效关系中起到部分调节作用。本研究的创新点在于同时考虑了薪酬差距的双刃剑效应及其情境依赖性，为相关理论提供了经验证据，并为企业薪酬政策制定提供了实践指导。研究成果有助于优化薪酬结构设计，促进企业可持续发展。
关键词：薪酬差距；企业绩效；高管薪酬；员工满意度；企业文化
The Impact of Executive-Employee Compensation Gap on Firm Performance
英文人名
Directive teacher:×××
Abstract：As income inequality has garnered increasing attention, the impact of the pay gap between corporate executives and employees on firm performance has become a critical topic in both academic research and practical applications. This study investigates the comprehensive effects of different levels of pay gaps on multiple dimensions of firm performance, including financial performance, operational efficiency, and organizational climate, while further analyzing the underlying mechanisms. By collecting panel data from Chinese A-share listed companies between 2010 and 2022 and employing fixed-effects models along with instrumental variable approaches to address endogeneity issues, the findings reveal that an appropriate executive-employee pay gap can incentivize management to enhance firm performance, whereas excessively large gaps may lead to employee dissatisfaction, reduce team cohesion, and weaken overall performance outcomes. Moreover, corporate culture partially moderates the relationship between pay gaps and firm performance. The novelty of this research lies in its simultaneous consideration of the dual-edged nature of pay gaps and their context-dependent characteristics, providing empirical evidence for relevant theories and offering practical guidance for the formulation of corporate compensation policies. The research outcomes contribute to optimizing compensation structure design and promoting sustainable corporate development.
Keywords: Compensation Gap；Firm Performance；Executive Compensation；Employee Satisfaction；Corporate Culture
目 录
引言 1
一、高管与员工薪酬差距的理论基础 1
(一)薪酬差距的定义与测量 1
(二)理论视角下的薪酬差距分析 2
(三)薪酬差距对企业绩效的影响机制 2
二、高管薪酬与员工薪酬差距的现状研究 3
(一)国内外薪酬差距现状对比 3
(二)行业间薪酬差距特征分析 3
(三)薪酬差距形成的主要驱动因素 4
三、薪酬差距对企业绩效的实证分析 4
(一)薪酬差距与企业财务绩效的关系 4
(二)薪酬差距对员工激励效果的影响 5
(三)薪酬差距与企业长期发展能力的关联 5
四、缩小薪酬差距的策略及其绩效影响 6
(一)优化薪酬结构的可行性方案 6
(二)薪酬公平性提升对企业绩效的作用 6
(三)政策干预与企业自主调节的平衡 2
结论 2
参考文献 4
致谢 4
