| In recent years,with the listed company’s executive pay gradually increased,the internal compensation gap of executives also tends to expand.Relevant theories show that a reasonable salary gap can motivate the executive team to a certain extent,and at the same time can effectively reduce the principal-agent problem,improve the hard work level of the company’s executives,and then enhance the overall value of the company.For the exploration of salary gap,in the past,from the perspective of championship theory and behavior theory,to explore its impact on company performance,and the other side of improving corporate performance level is always accompanied by certain risks,that is,executive salary gap not only affects the performance of the company.The company’s performance has an impact,and at the same time,it will also affect the degree of volatility of the company’s performance,which in turn will change the company’s operating risk level.Since scholars have rarely studied the relationship between the salary gap of the management team and the volatility of corporate performance in the past.On the basis of tournament theory,principal-agent theory,expectation theory,behavior theory and management power theory,this paper also combines the relevant research of past scholars to theoretically deduce these contents,and put forward corresponding research ideas accordingly.This paper takes the private A-share listed companies of our country in 2012-2018 data of the sample,uses the multiple regression model to carry on the empirical analysis research to the above sample data.As the degree of dispersion increases,the promotion effect of the salary gap within the management on the volatility of corporate performance will also be enhanced;when the corporate governance structure is that the chairman and the CEO are both served by the same person,the positive relationship between the two will also be stronger.The innovation and contribution of this study are as follows:(1)This study explores the relationship between internal pay gap and enterprise risk from the perspective of company performance volatility,and further enriches and perfects the study on the impact of internal pay gap on company value.(2)This study introduces the impact of corporate governance structure on the relationship between the two,and explores the moderating effects of the integration of two positions and the degree of ownership dispersion on the relationship between the two.Provide a reference for companies to design salary incentive systems. |
