高管薪酬差距会影响企业数字化转型吗？——基于A股上市公司的经验证据

摘要/Abstract

摘要： 本文基于2008—2020年沪深A股上市公司数据，实证检验了高管薪酬差距对企业数字化转型的影响效应及作用路径。研究结果表明：高管内部薪酬差距与外部薪酬差距均显著促进企业数字化转型。上述结论经过一系列内生性处理和稳健性检验后依旧成立。渠道机制检验发现，高管薪酬差距通过强化企业战略激进程度、提高企业内部控制质量进而推动数字化转型。调节效应检验显示，企业规模与高管团队商业资本发挥负向调节作用。本研究不仅丰富了高管薪酬差距和企业数字化转型相关的文献成果，还为数字化转型进程中企业完善高管薪酬制度与公司治理体系提供了经验和启示。

关键词: 高管薪酬差距, 数字化转型, 战略激进度, 内部控制, 高管团队社会资本

Abstract: Based on the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2020, this paper empirically tests the impact of executive pay gap on enterprise digital transformation and its action path. Research shows that both the internal and external pay gaps of senior executives significantly promote the digital transformation of enterprises. The conclusion is still valid after a series of endogeneity and robustness tests. The channel mechanism test shows that the executive pay gap can promote the digital transformation of enterprises by improving the radical degree of corporate strategy and enhancing the quality of internal control. The moderating effect test shows that the size of the firm and the business social capital of the executive team play a negative moderating role. This study not only enriches the literature results related to the executive pay gap and enterprise digital transformation, but also provides experience and enlightenment for enterprises to improve the executive pay system and corporate governance system in the process of digital transformation.

Key words: executive pay gap, digital transformation, strategic radicalization, internal control, TMT’s social capital

芮正云, 张云芃. 高管薪酬差距会影响企业数字化转型吗？——基于A股上市公司的经验证据[J]. 管理评论, 2025, 37(7): 178-188.

Rui Zhengyun, Zhang Yunpeng. Executive Pay Gap and Enterprise Digital Transformation: Evidence from A-share Listed Companies[J]. Management Review, 2025, 37(7): 178-188.

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