| 摘要: |
| 以2011—2015年A股上市公司财报数据和高管个人特征数据为样本,实证检验高管团队成员年龄、性别、受教育程度和任期的异质性对企业过度投资行为的影响,并进一步揭示团队内部薪酬差距的中介作用。研究结果表明,高管团队成员在年龄、性别和受教育程度上异质性水平的提高扩大了团队内部的薪酬差距并加剧了企业的过度投资,而任期异质性水平的提高则产生了相反的作用。影响高管团队过度投资行为的心理因素和能力因素的内部薪酬差距,在其中起到部分中介的效应,并且随着薪酬差距的扩大,企业过度投资的程度也愈加严重。为提高企业投资效率,建议构建合理的高管团队,制定合理的薪酬政策,建立健全投资决策、执行和监管机制。 |
| 关键词: 高管团队异质性 过度投资 内部薪酬差距 中介效应 |
| DOI：10.13216/j.cnki.upcjess.2019.04.0004 |
| 分类号:F275.1 |
| 基金项目:国家自然科学基金项目(71502138);陕西省统计科学研究计划项目(LX2018LZ12);西北大学研究生自主创新项目(YZZ17015) |
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| Top Management Team Heterogeneity and Over-investment: Mediating Role of Pay Gap |
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YANG Kun, GU Ying, ZHAO Jiaren
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(School of Economics and Management, Northwest University, Xi 'an, Shaanxi 710127, China)
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| Abstract: |
| Based on the financial report data and personal characteristic data of A-share listed companies from 2011 to 2015, this paper analyzes the impact of top management team(TMT) heterogeneity in age, gender, education level and tenure on over-investment and further reveals the mediating role of the internal paygap. The results show that the increase of heterogeneity in terms of age, gender and education level leads to the widening of pay gap and exacerbation of over-investment,while the increase of heterogeneity in terms of tenure has the opposite effect. As a variable that affects the mentality and ability of the TMT 's investment behavior, internal pay gap plays a part of the mediating effect, and with the widening of pay gap, over-investment becomes more serious. To improve investment efficiency, suggestions are made on construction of TMT, salary policies, comprehensive investment strategies and regulatory mechanisms. |
| Key words: TMT heterogeneity over-investment internal paygap mediating effect |
