管理層任職網(wǎng)絡(luò)會(huì)影響高管薪酬嗎?——一項(xiàng)基于社會(huì)資本的實(shí)證研究

摘要： 我國(guó)上市公司高管"天價(jià)薪酬"和"零薪酬"并存的亂象引發(fā)了全社會(huì)關(guān)于"高管薪酬由何決定"的廣泛討論,在這場(chǎng)討論中,高管的社會(huì)資本作為人力資源的重要組成部分卻極少被提及。本文從理論上辨析管理層任職網(wǎng)絡(luò)中蘊(yùn)含的兩類社會(huì)資本——信息資本和控制資本。信息資本反映高管對(duì)信息資源的獲取能力,而控制資本則體現(xiàn)高管對(duì)影響力、權(quán)力、人情、支持的獲取能力。進(jìn)而選取2003-2015年我國(guó)A股上市公司為樣本,構(gòu)建以全體管理層成員為結(jié)點(diǎn)的任職網(wǎng)絡(luò),運(yùn)用因子分析得到信息資本和控制資本的動(dòng)因變量,探究社會(huì)資本對(duì)高管薪酬的影響。研究發(fā)現(xiàn):(1)高管社會(huì)資本的增加正向影響其薪酬水平。(2)高控制資本會(huì)降低薪酬業(yè)績(jī)敏感性,而高信息資本對(duì)薪酬業(yè)績(jī)敏感性無顯著影響。(3)高控制資本降低了薪酬對(duì)非操縱性業(yè)績(jī)的敏感性,而高信息資本則降低了薪酬對(duì)操縱性業(yè)績(jī)的敏感性。本文的研究結(jié)論為分辨任職網(wǎng)絡(luò)中的社會(huì)資本及其不同功效提供重要依據(jù),也為高管薪酬的影響因素提供了社會(huì)網(wǎng)絡(luò)層面的經(jīng)驗(yàn)證據(jù)。
The coexistence of "astronomical salaries" and "zero salaries" for executives in Chinese listed firms has led to extensive discussions about "what determines managerial compensation"among academics and practitioners,while social capital,as an important component of human resource,has received little attention. We theoretically distinguish two kinds of social capital-information capital and control capital that both generate from managerial employment network. Specifically,information capital reflects the capacity of executives in obtaining information,while control capital represents the capacity of executives in grasping influence,power,favor and support. Based on a sample include 2003-2014 Chinese A-share listed companies,we establish an employment network with the whole managerial members as its vertices and using factor analysis to get proxy variables for social capital. By further exploring how social capital function in managerial compensation,we find that:( 1) Both kinds of social capital positively affect executive compensation.( 2) Control capital decreases the performance sensitivity of compensation while information capital does not present such effect.( 3) Control capital significantly decreases non-discretional sensitivity while information capital significantly decreases discretional sensitivity. The conclusions of our research shed light on distinguishing various social capitals and their roles in employment network as well as providing empirical evidence about factors that affect managerial compensation from the perspective of social network.