| Although a large amount of literature has conducted in-depth research on the tunneling of the large shareholders,these studies have not paid enough attention to the role of executives in the tunneling process.In fact,without the cooperation and support of executives,it will be difficult to achieve it.As the ownership and operating rights of the company are almost completely separated,even if the controlling shareholder does not directly participate in the daily operation and management of the company,the company’s internal affairs are completely under the control of professional managers,and the motives of the major shareholders must be achieved through executives.Based on the motivation of executive conspiracy and social comparison,this paper analyzes the mechanism of the external compensation gap for executives on the tunneling of the large shareholders,and then based on high-level management theory,introduces gender differences of executives and market competition as adjustment variables to broaden the scope of research.Through China’s 2011-2018 non-financial listed companies as a research sample,the following conclusions were obtained by empirical testing: the higher the external compensation gap for executives,the greater the possibility of the tunneling of the large shareholders;increasing the proportion of female executives will weaken the positive correlation between external inequities in pay and the tunneling of the large shareholders;Compared with companies with low level of industry competition,the positive correlation between the external gap of executive compensation and the hollowing out of major shareholders is more significant in companies with high level of industry competition.The research results and policy recommendations of this paper are of great theoretical and practical significance for optimizing the design of corporate executive compensation,improving the incentive mechanism of corporate executives,restraining the tunneling of the large shareholders,protecting the interests of investors,and maintaining the healthy and orderly development of the Chinese capital market. |
