Pay Gap,Property Right Nature And Enterprise Risk Bearing

The level of enterprise risk-taking is closely related to whether the enterprise can achieve long-term sustainable development and the future value of the enterprise.How to encourage e.xecutives and employees to increase enterprise risk-taking is an Important governance issue.This paper studies the impact of salary gap on enterprise risk-taking,and puts forward corresponding suggestions for enterprises to formulate reasonable salary pricing.Based on the championship theory,equity theory and principal-agent theory,this paper selects 5339 listed companies in Shanghai and Shenzhen A-share motherboard from 2012 to 2017 as the research object,and makes an empirical analysis of the relationship between the pay gap between employees of different levels and enterprise risk-taking.The empirical results show that:(1)the pay gap between CEO and VP-level senior managers(deputy general manager)is positively correlated with enterprise risk-taking;the pay gap between CEO and non-VP-level senior managers is riot significantly correlated with enterprise risk-taking;the pay gap between VP-level and non-VP-level senior managers is positively correlated with enterprise risk-taking,which verifies Jin.Competition theory;the pay gap between top management team and employees is significantly negatively correlated with corporate risk-taking,which verifies the behavioral theory.(2)The external pay gap is positively correlated with enterprise risk-taking.The external pay gap of CEO,VP-level executive,non-VP-level executive and staff are positively correlated with enterprise risk-taking,which verifies the championship theory.(3)The nature of property right has no moderating effect on the relationship between internal pay gap and enterprise risk-taking;the nature of property right has moderating effect on the relationship between external pay gap and enterprise risk-taking.In non-state-owned enterprises,the positive impact of external pay gap on enterprise risk-taking is greater,and the application of championship mechanism is more effective.The above research in this paper is helpful to understand and theory the risk-taking behavior and risk-taking of enterprises,and also to allezviate the agency problem within enterprises,improve the value of shareholders' wealth and shareholders' returns.