非效率劳动投资是薪酬激励失效吗？——基于契约参照点效应的证据

摘要/Abstract

摘要： 伴随着我国人口老龄化程度加剧，提高企业劳动投资效率是优化宏观经济要素配置与提升微观企业竞争优势的重要手段。本文采用中国A股上市公司数据，实证检验高管薪酬契约参照点效应对企业劳动投资效率的影响。研究发现，高管薪酬相较于契约参照点的得益越少，企业劳动投资效率越低，且上述影响主要存在于垂直参照点和水平参照点维度。此外，相较于得益区域，高管薪酬契约参照点效应对企业劳动投资效率的影响在损失区域更高。进一步，高管薪酬垂直参照点效应的影响显著高于水平参照点效应。异质性分析表明，相较于劳动投资不足，高管薪酬契约参照点效应更易导致企业劳动投资过度；相较于劳动密集度高的企业，高管薪酬契约参照点效应的影响在劳动密集度低的企业更大。此外，完善的监督机制（分析师关注、企业内部控制）与激励机制（高管晋升预期）能够显著缓解上述影响。本文的结论能够从薪酬契约治理角度为改善企业劳动投资效率提供一定的管理启示。

关键词: 高管薪酬, 契约参照点, 劳动投资效率, 损失厌恶

Abstract: With the aging of China’s population, improving the efficiency of enterprise labor investment becomes an important means to optimize the allocation of macroeconomic factors and the competitive advantage of micro enterprises. Using the data of China’s A-share listed companies, this paper empirically examines the impact of the reference point effect of executive compensation contract on the efficiency of enterprise labor investment. It is found that the less the executive compensation benefits compared to the contract reference point, the lower the efficiency of enterprise labor investment, and the above effects mainly exist in the vertical reference point and horizontal reference point dimensions. In addition, compared with the benefit area, the reference point effect of executive compensation contract has a higher impact on the labor investment efficiency in the loss area. Furthermore, the vertical reference point effect of executive compensation is significantly higher than the horizontal reference point effect. Heterogeneity analysis shows that the reference point effect of executive compensation contract is more likely to lead to excessive labor investment than insufficient labor investment. Compared with firms with high labor intensity, the impact of the reference point effect of executive compensation contract is greater in firms with low labor intensity. In addition, a sound supervision mechanism (analyst attention, corporate internal control) and incentive mechanism (executive promotion expectation) can significantly alleviate the above effects. The findings of this paper can provide some management enlightenment for improving the efficiency of enterprise labor investment from the perspective of compensation contract governance.

Key words: executive compensation, contract reference point, labor investment efficiency, loss aversion

陈邑早, 陈艳, 刘家镇, 岳新茹. 非效率劳动投资是薪酬激励失效吗？——基于契约参照点效应的证据[J]. 管理评论, 2024, 36(7): 219-231.

Chen Yizao, Chen Yan, Liu Jiazhen, Yue Xinru. Is Inefficient Labor Investment a Failure of Compensation Incentives?—Evidence Based on Contract Reference Point Effect[J]. Management Review, 2024, 36(7): 219-231.

参考文献

[1] Jung B., Lee W. J., Weber D. P. Financial Reporting Quality and Labor Investment Efficiency[J]. Contemporary Accounting Research, 2014,31(4):1047-1076
[2] 李小荣,韩琳,马海涛.内部控制与劳动力投资效率[J].财贸经济, 2021,42(1):26-43 Li X. R., Han L., Ma H. T. Internal Controls and Labor Investment Efficiency[J]. Finance and Trade Economics, 2021,42(1):26-43
[3] 孔东民,项君怡,代昀昊.劳动投资效率、企业性质与资产收益率[J].金融研究, 2017,(3):145-158 Kong D. M., Xiang J. Y., Dai Y. H. Labor Investment Efficiency, Firm Nature and Return on Assets[J]. Journal of Financial Research, 2017,(3):145-158
[4] Ghaly M., Dang V. A., Stathopoulos K. Institutional Investors'Horizons and Corporate Employment Decisions[J]. Journal of Corporate Finance, 2020,64:101634
[5] 白智奇,陈艳,王晰.高管非货币性私有收益与薪酬有关吗——基于契约参照点理论的实证检验[J].山西财经大学学报, 2019,41(2):63-79 Bai Z. Q., Chen Y., Wang X. Are Executive Non-monetary Private Earnings Related to Compensation-An Empirical Test Based on Contractual Reference Point Theory[J]. Journal of Shanxi Finance and Economics University, 2019,41(2):63-79
[6] 孔东民,唐琦,项君怡.劳动保护与企业劳动投资效率[J].华中科技大学学报(社会科学版), 2020,34(5):36-47 Kong D. M., Tang Q., Xiang J. Y. Labor Protection and Efficiency of Labor Investment in Enterprises[J]. Journal of Huazhong University of Science and Technology (Social Science Edition), 2020,34(5):36-47
[7] 褚剑,方军雄.卖空约束放松能够改善企业劳动投资效率吗?[J].外国经济与管理, 2020,42(2):84-96 Chu J., Fang J. X. Can Short-selling Constraint Relaxation Improve the Efficiency of Corporate Labor Investment?[J]. Foreign Economics and Management, 2020,42(2):84-96
[8] Do T. K., Le A. T. Shareholder Litigation Rights and Labor Investment Efficiency[J]. Finance Research Letters, 2022,46:102296
[9] 卜君,孙光国.环境不确定性会影响企业劳动投资效率吗?[J].经济管理, 2020,42(10):23-38 Bu J., Sun G. G. Does Environmental Uncertainty Affect the Efficiency of Firms'Labor Investment?[J]. Business Management Journal, 2020,42(10):23-38
[10] Kong D., Liu S., Xiang J. Political Promotion and Labor Investment Efficiency[J]. China Economic Review, 2018,50:273-293
[11] 陈婧,方军雄,秦璇.证券分析师跟踪与企业劳动投资效率的改善[J].投资研究, 2018,37(12):80-99 Chen J., Fang J. X., Qin X. Securities Analyst Tracking and the Improvement of Firms'Labor Investment Efficiency[J]. Review of Investment Studies, 2018,37(12):80-99
[12] Khedmati M., Sualihu M., Yawson A. CEO-Director Ties and Labor Investment Efficiency[J]. Journal of Corporate Finance, 2020,65:101492
[13] Hölmstrom B. Moral Hazard and Observability[J]. Bell Journal of Economics, 1979,10(1):74-91
[14] 冯根福,赵珏航.管理者薪酬、在职消费与公司绩效——基于合作博弈的分析视角[J].中国工业经济, 2012,(6):147-158 Feng G. F., Zhao J. H. Managerial Compensation, On-the-Job Spending and Firm Performance-A Cooperative Game-based Analytical Perspective[J]. China Industrial Economics, 2012,(6):147-158
[15] Efendi J., Srivastava A., Swanson E. P. Why do Corporate Managers Misstate Financial Statements?The Role of Option Compensation and Other Factors[J]. Journal of Financial Economics, 2007,85(3):667-708
[16] 刘春,孙亮.薪酬差距与企业绩效:来自国企上市公司的经验证据[J].南开管理评论, 2010,13(2):30-39 Liu C., Sun L. Pay Gap and Firm Performance:Empirical Evidence from Listed State-owned Enterprises[J]. Nankai Business Review, 2010,13(2):30-39
[17] 梁上坤,张宇,王彦超.内部薪酬差距与公司价值——基于生命周期理论的新探索[J].金融研究, 2019,(4):188-206 Liang S. K., Zhang Y., Wang Y. C. Internal Pay Gap and Firm Value-A New Exploration Based on Life Cycle Theory[J]. Journal of Financial Research, 2019,(4):188-206
[18] 顾海峰,朱慧萍.高管薪酬差距促进了企业创新投资吗——基于中国A股上市公司的证据[J].会计研究, 2021,(12):107-120 Gu H. F., Zhu H. P. Does the Executive Compensation Gap Promote Firms'Investment in Innovation-Evidence Based on Chinese A-share Listed Companies[J]. Accounting Research, 2021,(12):107-120
[19] 王站杰,买生.企业社会责任、创新能力与国际化战略——高管薪酬激励的调节作用[J].管理评论, 2019,31(3):193-202 Wang Z. J., Mai S. Corporate Social Responsibility, Innovation Capacity and Internationalization Strategy-The Moderating Role of Executive Compensation Incentives[J]. Management Review, 2019,31(3):193-202
[20] Kahneman D., Tversky A. Prospect Theory:An Analysis of Decision Under Risk[J]. Econometrica, 1979,47(2):363-391
[21] Hart O., Moore J. Contracts as Reference Points[J]. The Quarterly Journal of Economics, 2008,123(1):1-48
[22] 徐细雄,谭瑾.高管薪酬契约、参照点效应及其治理效果:基于行为经济学的理论解释与经验证据[J].南开管理评论, 2014,17(4):36-45 Xu X. X., Tan J. Executive Compensation Contracts, Reference Point Effects, and Their Governance Effects:Theoretical Explanations and Empirical Evidence Based on Behavioral Economics[J]. Nankai Business Review, 2014,17(4):36-45
[23] Yates J. F., Stone E. R. The Risk Construct[J]. Risk-Taking Behavior, 1992,1:1-25
[24] Fiegenbaum A., Hart S., Schendel D. Strategic Reference Point Theory[J]. Strategic Management Journal, 1996,17(3):219-235
[25] Bizjak J., Lemmon M., Nguyen T. Are All CEOs above Average?An Empirical Analysis of Compensation Peer Groups and Pay Design[J]. Journal of Financial Economics, 2011,99(3):538-555
[26] Lim E. Social Pay Reference Point, External Environment, and Risk Taking:An Integrated Behavioral and Social Psychological View[J]. Journal of Business Research, 2018,82:68-78
[27] Pindyck R. S. Irreversible Investment, Capacity Choice, and the Value of the Firm[J]. American Economic Review, 1988,78(5):969-985
[28] 段梦然,王玉涛,徐瑞遥.两职分离背景下高管权力差距与投资效率[J].管理评论, 2021,33(8):196-210 Duan M. R., Wang Y. T., Xu R. Y. Executive Power Gap and Investment Efficiency in the Context of Dual Job Separation[J]. Management Review, 2021,33(8):196-210
[29] Jensen M. C., Meckling W. H. Theory of the Firm:Managerial Behavior, Agency Costs and Ownership Structure[J]. Journal of Financial Economics, 1976,3(4):305-360
[30] Pagano M., Volpin P. F. Managers, Workers and Corporate Control[J]. Journal of Finance, 2005,60(2):841-868
[31] 曹越,胡新玉,陈文瑞,等.客户关系型交易、高管薪酬业绩敏感性与非效率投资[J].管理评论, 2020,32(8):166-178 Cao Y., Hu X. Y., Chen W. R., et al. Customer Relationship-based Trading, Executive Compensation Performance Sensitivity, and Inefficient Investments[J]. Management Review, 2020,32(8):166-178
[32] Biddle G. C., Hilary G., Verdi R. S. How does Financial Reporting Quality Relate to Investment Efficiency?[J] Journal of Accounting and Economics, 2009,48(2-3):112-131
[33] Demerjian P., Lev B., McVay S. Quantifying Managerial Ability:A New Measure and Validity Tests[J]. Management Science, 2012,58(7):1229-1248
[34] 周开国,应千伟,陈晓娴.媒体关注度、分析师关注度与盈余预测准确度[J].金融研究, 2014,(2):139-152 Zhou K. G., Ying Q. W., Chen X. X. Media Attention, Analyst Attention and Surplus Forecast Accuracy[J]. Journal of Financial Research, 2014,(2):139-152
[35] 曹伟,杨德明,赵璨.政治晋升预期与高管腐败——来自国有上市公司的经验证据[J].经济学动态, 2016,(2):59-77 Cao W., Yang D. M., Zhao C. Political Promotion Expectations and Executive Corruption-Empirical Evidence from State-owned Listed Companies[J]. Economic Perspectives, 2016,(2):59-77