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通过使用1999—2012年中国非金融上市公司的数据,本文检验了Perotti&Spier(1993)提出的企业负债策略影响员工薪酬的命题,并在此基础上进一步探讨了资本结构变化对企业内部收入分化的影响。分析显示:(1)资本结构提升会扩大企业内部薪酬差距,主要是资本结构对高管和普通员工收入非对称差异造成的;(2)无论高管是否有能力影响董事会决策,资本结构对高管收入具有8%左右的正面激励作用,而对普通员工的薪酬具有4%左右的负面影响;(3)资本结构提升在一定程度上导致了企业内部劳动者的收入分化,但这实际上是企业降低委托代理成本的一种策略性选择。资本结构以及激励标的物的差异,都会使高管在一定程度上采取相机决策的方式谋求自身利益最大化。企业在可持续发展过程中,需要同时注意内部收入分化可能带来的负面影响以及高管的机会主义倾向,根据资本结构适时调整激励强度和激励标的物。
By using the data of China’s non-financial listed companies from 1999 to 2012, this paper examines the proposition that corporate debt strategy affects employee’s salary proposed by Perotti & Spier (1993) and further explores the impact of capital structure change on intra-firm income differentiation . The analysis shows that: (1) The increase of capital structure will enlarge the internal salary gap, which is mainly caused by the asymmetry of capital structure on the income of senior executives and ordinary employees; (2) Whether the senior executives have the ability to influence the decision-making of the board of directors, The income of the management has a positive motivation of about 8% and a negative impact of about 4% on the remuneration of the general staff; (3) the capital structure improvement has, to a certain extent, led to the income differentiation of the internal workers, but this is actually Enterprises to reduce the cost of a commission agent a strategic choice. Capital structure and the differences between the incentive targets, will make executives to a certain extent, take the camera to make decisions to maximize their own interests. In the process of sustainable development, enterprises need to pay attention to the possible negative impact of internal income differentiation and opportunistic tendencies of senior executives, and adjust the incentive intensity and motivation targets timely according to the capital structure.