摘 要：近年来，上市公司高管“天价薪酬”现象频出，这不仅会引发企业管理效率低下、投资决策困难，同时也严重影响社会公平。以2013—2019年沪深A股新一代信息技术行业公司为样本，对“高管薪酬差距—企业竞争力—企业风险承担”这一传导机制进行系统全面的分析。探究高管薪酬差距能否改善企业竞争力，实现促进企业风险承担的积极作用，为企业经营决策提供完善建议和实践路径。研究结果发现：高管薪酬差距与企业风险承担呈显著正相关，并且这种相关性在非国有企业中更明显;企业竞争力在高管薪酬差距对企业风险承担的作用中具有中介效应。本文的研究结果不仅丰富了企业风险承担的研究内容，同时也拓展了薪酬差距的研究视角，对研究企业发展具有十分重要的现实意义。

关键词：高管薪酬差距;企业竞争力;企业风险承担;非国企;新一代信息技术

中图分类号：F 832.51   文献标识码：A   文章编号：1672-7312（2021）04-0454-06

Corporate Competitiveness，Executive Salary

Gap and Corporate Risk-taking

WU Xuejie

（School of Management， Shanghai University of Engineering， Songjiang District，Shanghai 201600，China）

Abstract：In recent years， there is the phenomenon of “Sky-high salary” for executives of listed companies，which will not only lead to low management efficiency and difficulty in investment decision-making，but also seriously affect social equity. This article uses the 2013—2019 Shanghai and Shenzhen A-share new generation of IT companies as a sample to conduct a systematic and comprehensive analysis of the transmission mechanism of “executive compensation gap-corporate competitiveness-corporate risk-taking”，explores whether the salary gap of executives can improve the competitiveness of enterprises and realize the positive effect of promoting enterprise risk-taking so as to provide perfect suggestions and practical paths for enterprise management decision-making. The results show that there is a significant positive correlation between the executive pay gap and corporate risk-taking，and this correlation is more obvious in non-state-owned enterprises; that corporate competitiveness has a mediating effect in the role of executive pay gaps in corporate risk-taking. The results not only enrich the research content of enterprise risk-taking，but also expand the research perspective of salary gap，which has very important practical significance for the research of enterprise development.

Key words：executive salary gap;corporate competitiveness;corporate risk-taking;non-state-owned enterprises;new generation of information technology

0 引言

隨着我国经济与科技的迅速发展，公司内部治理质量显著提升。由于重视高管的质量对企业的未来发展具有重要意义，因此，高管人员的薪酬问题一直受到公众的广泛关注。然而，越来越多的关注点集中在高管薪酬差距的经济后果，鲜有文章探究薪酬差距能不能改变管理者对待风险的态度，进而调节企业风险承担水平。风险承担水平是企业在日常经营中要重视的问题之一，由于高管薪酬差距的扩大，将对管理者对待风险的态度产生一定影响，可能使公司在投资上错失发展机会，影响风险承担水平。……