高管薪酬契约参照点效应及其对无效投资、财务绩效 的影响研究
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摘要
高管薪酬契约对协调各方利益和缓解委托代理问题至关重要，依据公平偏好理论，经理人会通过比较他人能力、薪酬，判断自己是否被公平对待，从而对其行为造成影响。为探究高管薪酬对高管行为的影响，本研究选取上市公司2012-2016年的财务数据为样本，通过实证分析发现：薪酬不公平使高管产生嫉妒心理，这种不公平的心理暗示使其减少工作积极性或通过过度投资增加个人收益，因此高管薪酬契约参照点会增强无效投资,而无效投资强度越大，对企业绩效存在的负面影响越大。
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Chinese Journal of Social Science and Management Editorial Division
The Office of Research and Development, Panyapiwat Institute of Management
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Tel. 02 855 01048 E-mail: cjssm@pim.ac.th
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