董事会对高管薪酬契约制定具有决策权和监督权,其团队特征会对高管薪酬契约的结构和执行效 果产生影响。文章以2009-2019年沪深 A 股上市公司为样本,考察董事会断裂带对高管薪酬粘性的影响。研究发现:董事会断裂带加剧了高管薪酬粘性,内部控制质量在其中发挥部分中介作用。此外,相对于表层断裂带,深层断裂带对高管薪酬粘性的影响更显著;相对于“奖优-罚劣”型高管薪酬粘性,董事会断裂带对“奖优-奖劣”型高管薪酬粘性影响更大。同时,董事会断裂带对高管薪酬粘性的作用在国有企业和产品市场竞争较弱的企业中更显著。研究结果为推动中国上市公司薪酬制度改革以及改善董事会团队治理效能提供了理论借鉴。
The board of directors has the decision-making and supervision authority over the executive compensation covenants, and the characteristics of its team will also affect the structure and effectiveness of the executive compensation contract. Taking a sample of A-share listed companies from 2009 to 2019 in Shanghai and Shenzhen Stocks, this paper investigates the impact of directors board fracture zone on executive compensation stickiness. It turns out that the board fracture zone aggravates stickiness, in which internal control quality exerts a partially mediating role. In addition, compared with the shallow fracture zone, the deeper one has a more significant effect on the executive compensation stickiness. In contrast to the "rewarding the best and punishing the worst" pattern, the board fracture zone has a greater influence on the "rewarding both the best and the worst" in executive compensation stickiness. Considering the influence of governance environment, the effect of board fracture zone on the stickiness of executive compensation is more significant in state-owned enterprises and firms with weak product market competition. The research results provide a theoretical reference for the reform of the compensation system and the improvement of the governance efficiency of directors board for China's listed companies.
殷俊明;罗 丹;李仲泽;程 晨.集思广益还是不相为谋:董事会断裂带与 高管薪酬粘性[J].长沙理工大学学报（社会科学版）,2023,38(5):66-76.
Yin Junming;Luo Dan;Li Zhongze;Cheng Chen. Brainstorming or Disagreement: Directors Board Fracture Zone and Executive Compensation Stickiness[J]. Journal of Changsha University of Science & Technology Social Science,2023,38(5):66-76.