首页|共同富裕目标下高管和普通职工薪酬差距的股票市场反应

共同富裕目标下高管和普通职工薪酬差距的股票市场反应

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实现共同富裕是中国式现代化的本质要求,作为初次收入分配的主要内容,薪酬收入分配具有重要的意义.本文采用2008-2022年中国A股市场上市公司数据检验了企业内部高管-普通职工薪酬差距的股票市场收益表现.投资组合分析结果和Fama-MacBeth回归都表明,A股市场对高管-普通员工薪酬过大的差距呈现了显著的负面反应.机制分析结果发现,员工的不平等厌恶影响了企业的收益现金流进而增强了薪酬差距的负面影响,外部投资者的不平等厌恶也发挥了降低股票超额收益的作用.此外,进一步对内部薪酬差距收益异象的来源分析表明,风险补偿解释了股票超额收益.总体上,在推进共同富裕理念的背景下,中国A股市场表现出了对内部薪酬差距的关注,本文的研究有助于更为深刻理解内部薪酬极端差距的经济后果,对推进共同富裕、完善初次分配的薪酬收入制度提供了一定的政策启示.
Stock Market Reactions to the Pay Gap between Executives and Ordinary Employees under the Objective of Common Prosperity
Achieving common prosperity is a fundamental requirement of China's modernization.As a major component of initial income distribution,the allocation of salary income holds significant importance.We utilize data from Chinese A-share market listed companies between 2008 and 2022 to examine the stock market performance related to the pay gap between executives and ordinary employees.Both portfolio analysis and Fama-MacBeth regression indicate that the A-share market reacts negatively to excessive disparities in compensation between executives and regular staffs.Mechanism analysis reveals that employees'aversion to inequality impacts the company's earnings cash flow,thereby intensifying the negative effects of the pay gap.Additionally,external investors'aversion to inequality also plays a role in reducing excess stock returns.Further analysis of the sources of the internal pay gap's impact on returns suggests that risk compensation explains excess stock returns.Overall,in the context of advancing the concept of common prosperity,the Chinese A-share market demonstrates concern for internal pay disparities.This study contributes to a deeper understanding of the economic consequences of extreme internal pay gaps and offers policy insights for promoting common prosperity and improving the salary income system in initial distribution.

Internal pay gapStock returnInequality aversionMarket performance

周方召、高梦瑶、贾少卿、金远培

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江南大学商学院

浙江大学经济学院

无锡市惠山区洛社镇人民政府

内部薪酬差距 股票收益 不平等厌恶 市场表现

教育部人文社会科学研究项目

20YJA790095

2024

中央财经大学学报
中央财经大学

中央财经大学学报

CSTPCDCSSCICHSSCD北大核心
影响因子:1.238
ISSN:1000-1549
年,卷(期):2024.(7)
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