| At present,during the adjustment and transformation of China’s industrial structure,high-tech industry is the mainstay of this period,how to promote its efficient and sustainable development has become a crucial issue.Nowadays,scholars focus more on research and development investment and government subsidies in high-tech industry,but often neglect the research on salary.Even the scholars who study this aspect mostly do it from the perspective of internal compensation,but rarely from the perspective of external compensation.Senior managers are very important human resources in high-tech enterprises.How to design compensation policies to form incentive effect on senior executives is a key link to improve corporate performance.In recent years,the sky-high remuneration of senior executives and their excess returns have aroused extensive social discussion.By comparing with managers of the same level in the same industry,the management level will form the perception of the salary gap,which will affect their own behavior and further affect the enterprise performance.Therefore,to study the relationship between the external gap of executive compensation and corporate performance is the premise of designing the compensation system.According to the logic of literature review--theoretical analysis--hypothesis--empirical analysis,this paper studies the relationship between executive external compensation gap and enterprise performance in high-tech industry,and selects executive investment behavior to study the internal mechanism between the two.After defining the basic concepts,this paper reviews the previous literature from three aspects: external compensation gap and enterprise performance,external compensation gap and investment behavior,and intermediary effect of investment behavior,and puts forward relevant hypotheses based on the analysis of the relationship among them,including championship theory,behavior theory and manager market theory.Secondly,the model is constructed according to the regulation path analysis method.Finally,data from 2014 to 2018 of listed companies in medical manufacturing and computer,communication and other electronic equipment manufacturing industries are selected for empirical test.The research results show that:(1)In listed companies of high-tech industry,the relationship between the external pay gap of senior executives and corporate performance is not simple linear,but an inverted u-shaped curve.Within a certain range,there is a positive correlation between the external pay gap of senior executives and corporate performance.Beyond this range,the improvement of enterprise performance will be adversely affected.(2)There is a correlation between investment behavior and external pay gap.Specifically,there is a positive correlation between the external pay gap of senior executives and the investment level,and an inverted u-shaped curve is presented between it and the investment efficiency.(3)Investment acts as an intermediary between external pay gap and corporate performance.The conclusion of the study deepens the discussion on the internal mechanism between the external salary gap and enterprise performance.In addition,according to the actual situation of high-tech industry,the paper also puts forward specific policy suggestions for high-tech industry enterprises according to the empirical results. |
