“定价”与“议价”：CEO复合型职业经历如何影响高管团队薪酬差距

何瑛¹　汤贤正¹　李雯琦²

（1. 北京邮电大学经济管理学院；2. 中国农业银行北京分行）

　　内容提要：新时代人才强国战略背景下，具备多元知识储备与全面管理能力的复合型CEO成为企业竞相争夺的对象。本文使用手工收集整理的2007—2018年中国沪深A股上市公司CEO职业经历数据集，探究CEO职业经历对高管团队薪酬差距的影响。研究结果表明：CEO职业经历越丰富，高管团队薪酬差距越大。影响因素方面，经理人市场流动性越强、CEO声誉越高、薪酬外部公平性越高时，CEO职业经历丰富度对高管团队薪酬差距的正向影响越小，而继任来源的调节作用并不明显。进一步研究中，首先验证社会网络在CEO复合型职业经历扩大高管团队薪酬差距时发挥的中介作用，其次验证CEO复合型职业经历在扩大高管团队薪酬差距后对企业价值的提升作用。本文结论为企业完善高管薪酬制度安排与人才选聘机制提供了新的证据支持。

　　

　　关键词：CEO职业经历；高管团队薪酬差距；经理人市场；管理者社会网络；企业价值

　　

　　作者简介：何瑛，北京邮电大学经济管理学院教授、博士生导师，北京，100876；汤贤正，北京邮电大学经济管理学院博士研究生；李雯琦，中国农业银行北京分行职员，北京，100068。

　　

　　基金项目：国家社会科学基金重点项目“双向混合所有制改革中非控股股东治理机制对资本配置效率的影响研究”（20AGL015）；国家社会科学基金重大项目“数字化变革推动中小企业高质量发展研究”（22&ZD148）

　　

　　引用格式：何瑛,汤贤正,李雯琦.“定价”与“议价”:CEO复合型职业经历如何影响高管团队薪酬差距[J].经济与管理研究,2023,44(4):108-130.DOI:10.13502/j.cnki.issn1000-7636.2023.04.007.

　　

　　

Pricing and Bargaining: How CEO with Multiple Career Experiences Affects Executive Pay Gap

HE Ying¹, TANG Xianzheng¹, LI Wenqi²

(1. Beijing University of Posts and Telecommunications, Beijing 100876;

2. Agricultural Bank of China, Beijing 100068)

　　

　　Abstract: In the context of implementing the strategy of invigorating China by developing a quality workforce in the new era, CEOs with multiple knowledge and comprehensive management skills are favored by enterprises. Recruiting and motivating such CEOs becomes a focus of theoretical research and corporate practice. This paper constructs a richness index using manually collected data on CEO career experiences of China’s A-share listed companies in Shanghai and Shenzhen from 2007 to 2018. It then explores the influences, influencing factors, and influencing paths of CEO career experiences on the executive pay gap.

　　The research results show that, in terms of the influences, CEO career experiences strengthen the pricing and bargaining abilities. Enterprises need to incentivize such CEOs with higher pay, leading to a widening of the executive pay gap. In terms of influencing factors, this paper selects four influencing factors from the perspective of professional manager market governance. First, liquidity reflects the competition in the professional managers market. Fierce competition will inhibit CEOs’ pricing and bargaining abilities, thus weakening the contribution of their career experiences to the executive pay gap. Second, the incentive effect of CEO reputation and external pay equity will form a substitute relationship with the executive pay gap. High reputation will inhibit CEO career experiences and widen the pay gap, while low external equity will promote their experiences and widen the pay gap. Third, CEO career experiences have no effect on promoting the pay gap due to the different independence of successors.Further, this paper examines the impact of different dimensions of career experiences on the executive pay gap. It is found that all types of experiences increase the pay gap, with the exception of cross-functional experiences. Then, from a resource perspective, the paper verifies that executive social networks mediate the executive pay gap through CEO career experiences. Additionally, it examines whether CEO career experiences can enhance corporate value after widening the executive pay gap.

　　Based on the above findings, this paper summarizes the practical value from both government and enterprise perspectives. It provides suggestions on motivating CEOs, such as the government’s role in policy guidance and support and the enterprise’s role in establishing a market-oriented compensation system to improve the fairness of compensation.

　　The paper systematically analyzes and tests the impact of complex career experiences on the salary structure of executive team, and provides new insights to help enterprises improve their executive compensation system and talent selection mechanism.

　　Keywords: CEO career experience; executive pay gap; manager market; executive social network; enterprise value