The Pay Gap Of High Management Staff And Employee On Tourism Enterprises: Economic Consequences And Governance Of News Media

Our country have deeply influence on equalitarianism, and it is widely concerned with the problem of fair income distribution, but a series of information disclose that our income distribution has heavy distance. And the event of executives’ "sky-high compensation" has disclosed frequently, so the compensation gap further into the vision of the world. Investment efficiency is an important index to reflect increasing enterprise value and scale growth, it is also another manifestation of economic consequences. The managers’ investment decision-making behavior, which vulnerable to the restriction of enterprise internal and external factors, directly determines the investment efficiency, so the investment efficiency also has affected.Therefore, which role of the compensation gap to investment efficiency? This question is this article main research content.In recent years, the development of tourism in China is fast, many places contributed to a tide of tourism, people also gradually listed tourism and leisure activities as an important part of daily life. The development of tourism cannot be separated the leading of tourism enterprises, and the listed tourism companies is in the leading position in the industry, and play a key role to develop the tourism in China.Therefore, this paper takes the listed tourism companies in China as the research object, selected 17 listed tourism companies’ panel data from 2006 to 2013 as the research sample. First of all, it analyzes preliminarily the compensation gap of executives – employee in the tourism enterprise and investment efficiency. After that it mainly researches the relationship of compensation gap of executives –employee and investment efficiency, and researches the function of the news media for this relationship to analyze the external governance effect of the news media, and compares the difference between the internal and external corporate governance effects.Main research conclusions: In the tourism enterprises, executives- employee compensation gap in whole rising trend year by year, and the number of insufficientinvestment samples more than excessive investment, but the excessive investment’s degree of inefficient investment is more serious. Executives- employee compensation gap and investment efficiency in tourism enterprises appears curve relationship of inverted "U" model, that is with the executives- employee compensation gap in tourism enterprises is increasing, the trend of investment efficiency is increasing firstly, and then delinking. Bring in the external governance pattern of news media, it finds the news media takes certain effect on the relationship of between executives-employee compensation gap and investment efficiency in tourism enterprises, and through compare internal and external corporate governance effects, it thinks that the governance mode construction of investment efficiency in tourism enterprises needs to consider the combination of internal and external governance models in the round.