内部控制、薪酬差距与企业价值
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摘要
高质量的内部控制有助于完善企业薪酬激励机制,提升经营效率与效果。以2007—2015年我国A股上市公司为样本,实证检验了内部控制对企业内部薪酬差距的影响。研究发现:内部控制质量越高,管理层与员工间的薪酬差距越大。进一步,内部控制质量越高,薪酬差距对企业价值的正向影响越显著。此外,从管理者持股、管理者能力以及薪酬公平性视角,检验了不同情境下内部控制作用的差异。总之,内部控制有助于提升公司的薪酬激励效率,进而提升企业价值。
High-quality internal control can improve internal compensation incentives,and increase operational efficiency and effectiveness. Using the sample of A-share listed companies in China from 2007 to 2015,this paper empirically tests the impact of internal control on pay gap in companies. We find that,internal control significantly increases the pay gap between management and employees. Furthermore,we find that,high-quality internal control increases the positive impact of pay gap on firm value. Besides,from the perspectives of managerial shareholding,management ability and fairness of pay,we examines the impact of internal control on the pay gap in various situations. In summary,internal control can improve the efficiency of the company's compensation incentives,thereby enhancing the firm value.
High-quality internal control can improve internal compensation incentives,and increase operational efficiency and effectiveness. Using the sample of A-share listed companies in China from 2007 to 2015,this paper empirically tests the impact of internal control on pay gap in companies. We find that,internal control significantly increases the pay gap between management and employees. Furthermore,we find that,high-quality internal control increases the positive impact of pay gap on firm value. Besides,from the perspectives of managerial shareholding,management ability and fairness of pay,we examines the impact of internal control on the pay gap in various situations. In summary,internal control can improve the efficiency of the company's compensation incentives,thereby enhancing the firm value.
引文
步丹璐、王晓艳,2014:《政府补助、软约束与薪酬差距》,《南开管理评论》第2期。
步丹璐、张晨宇、林腾,2017:《晋升预期降低了国有企业薪酬差距吗?》,《会计研究》第1期。
陈汉文、董望,2010:《财务报告内部控制研究述评---基于信息经济学的研究范式》,《厦门大学学报(哲学社会科学版)》第3期。
邓晓岚、陈栋、陈运森,2015:《专门委员会重叠与CEO运气薪酬:基于国有控股上市公司的证据》,《会计研究》第7期。孔东民、徐茗丽、孔高文,2017:《企业内部薪酬差距与创新》,《经济研究》第10期。
黎文靖、胡玉明,2012:《国企内部薪酬差距激励了谁?》,《经济研究》第12期。
刘春、孙亮,2010:《薪酬差距与企业绩效:来自国企上市公司的经验证据》,《南开管理评论》第2期。
刘启亮、罗乐、张雅曼、陈汉文,2013:《高管集权、内部控制与会计信息质量》,《南开管理评论》第1期。
卢锐、柳建华、许宁,2011:《内部控制、产权与高管薪酬业绩敏感性》,《会计研究》第10期。
罗莉、胡耀丹,2014:《内部控制对上市公司高管薪酬粘性是否有抑制作用?---来自沪深两市A股经验证据》,《审计与经济研究》第1期。
缪毅、胡奕明,2016:《内部收入差距、辩护动机与高管薪酬辩护》,《南开管理评论》第2期。
杨道广、张传财、陈汉文,2014:《内部控制、并购整合能力与并购业绩---来自我国上市公司的经验证据》,《审计研究》第3期。
叶康涛、曹丰、王化成,2015:《内部控制信息披露能够降低股价崩盘风险吗?》,《金融研究》第2期。
张传财、陈汉文,2017:《产品市场竞争、产权性质与内部控制质量》,《会计研究》第5期。
Akerlof G.A.,and Yellen J.L,1990,“The fair wage-effort hypothesis and unemployment”,Quarterly Journal of Economics,105(2):255-283.
Ashbaugh-Skaife H.,Collins D.W.,Kinney J W.R.,and Lafond R,2008,“The effect of SOX internal control deficiencies and their remediation on accrual quality”,The Accounting Review,83(1):217-250.
Ashbaugh-Skaife H.,Collins D.W.,Kinney J W.R.,and Lafond R,2009,“The effect of SOX internal control deficiencies on firm risk and cost of equity”,Journal of Accounting research,47(1):1-43.
Bebchuk L.A.,and Fried J.M,2003,“Executive compensation as an agency problem”,Journal of Economic Perspectives,17(3):71-92.
Bull C.,Schotter A.,and Weigelt K,1987,“Tournaments and piece rates:An experimental study”,Journal of Political Economy,95(1):1-33.
Chen H.,Dong W.,Han H.,and Zhou N,2017,“A comprehensive and quantitative internal control index:Construction,validation,and impact”,Review of Quantitative Finance and Accounting,49(2):337-377.
Cowherd D.M.,and Levine D.I,1992,“Product quality and pay equity between lower-level employees and top management:An investigation of distributive justice theory”,Administrative Science Quarterly,37(3):302-320.
Doyle J.T.,Ge W.,and McVay S,2007,“Accruals quality and internal control over financial reporting”,The Accounting Review,82(5):1141-1170.
Feng M.,Li C.,McVay S.E.and Hollis Skaife,2015,“Does ineffective internal control over financial reporting affect a firm’s operations?Evidence from firms’inventory management”,The Accounting Review,90(2):529-557.
Hambrick D.C.,and Mason P.A,1984,“Upper echelons:The organization as a reflection of its top managers”,Academy of Management Review,9(2):193-206.
Harp N.L.,and Barnes B.G,2018,“Internal Control Weaknesses and Acquisition Performance”,The Accounting Review,93(1):235-258.
Jensen M.C.,and Meckling W.H,1976,“Theory of the firm:Managerial behavior,agency costs and ownership structure”,Journal of Financial Economics,3(4):305-360.
Lazear E.P.,and Rosen S,1981,“Rank-order tournaments as optimum labor contracts”,The Journal of Political Economy,89(5):841-864.
Main Brian G.,Charles A.O'Reilly,and James Wade,1993,“Top executive pay:tournament or teamwork?”,Journal of Labor Economics,11(4):606-628.
(1)本文所定义的东部地区包括北京、天津、河北、上海、江苏、浙江、福建、山东、广东、海南10个省市。
(1)以内部控制质量的中位数作为分组依据。
(2)衡量公司经营状况好坏的指标包括会计业绩指标与体现市场价值的指标。由于公司薪酬差距较大时,管理者存在薪酬辩护动机,可能导致会计业绩受到操纵。因此本文选用托宾Q值衡量公司绩效。控制变量除了上文提到的变量,还包括股权集中度、董事会规模、员工数量和是否由国际“四大”会计师事务所审计。
(1)内部控制五要素包括控制环境、风险评估、控制活动、信息与沟通和内部监督。
步丹璐、张晨宇、林腾,2017:《晋升预期降低了国有企业薪酬差距吗?》,《会计研究》第1期。
陈汉文、董望,2010:《财务报告内部控制研究述评---基于信息经济学的研究范式》,《厦门大学学报(哲学社会科学版)》第3期。
邓晓岚、陈栋、陈运森,2015:《专门委员会重叠与CEO运气薪酬:基于国有控股上市公司的证据》,《会计研究》第7期。孔东民、徐茗丽、孔高文,2017:《企业内部薪酬差距与创新》,《经济研究》第10期。
黎文靖、胡玉明,2012:《国企内部薪酬差距激励了谁?》,《经济研究》第12期。
刘春、孙亮,2010:《薪酬差距与企业绩效:来自国企上市公司的经验证据》,《南开管理评论》第2期。
刘启亮、罗乐、张雅曼、陈汉文,2013:《高管集权、内部控制与会计信息质量》,《南开管理评论》第1期。
卢锐、柳建华、许宁,2011:《内部控制、产权与高管薪酬业绩敏感性》,《会计研究》第10期。
罗莉、胡耀丹,2014:《内部控制对上市公司高管薪酬粘性是否有抑制作用?---来自沪深两市A股经验证据》,《审计与经济研究》第1期。
缪毅、胡奕明,2016:《内部收入差距、辩护动机与高管薪酬辩护》,《南开管理评论》第2期。
杨道广、张传财、陈汉文,2014:《内部控制、并购整合能力与并购业绩---来自我国上市公司的经验证据》,《审计研究》第3期。
叶康涛、曹丰、王化成,2015:《内部控制信息披露能够降低股价崩盘风险吗?》,《金融研究》第2期。
张传财、陈汉文,2017:《产品市场竞争、产权性质与内部控制质量》,《会计研究》第5期。
Akerlof G.A.,and Yellen J.L,1990,“The fair wage-effort hypothesis and unemployment”,Quarterly Journal of Economics,105(2):255-283.
Ashbaugh-Skaife H.,Collins D.W.,Kinney J W.R.,and Lafond R,2008,“The effect of SOX internal control deficiencies and their remediation on accrual quality”,The Accounting Review,83(1):217-250.
Ashbaugh-Skaife H.,Collins D.W.,Kinney J W.R.,and Lafond R,2009,“The effect of SOX internal control deficiencies on firm risk and cost of equity”,Journal of Accounting research,47(1):1-43.
Bebchuk L.A.,and Fried J.M,2003,“Executive compensation as an agency problem”,Journal of Economic Perspectives,17(3):71-92.
Bull C.,Schotter A.,and Weigelt K,1987,“Tournaments and piece rates:An experimental study”,Journal of Political Economy,95(1):1-33.
Chen H.,Dong W.,Han H.,and Zhou N,2017,“A comprehensive and quantitative internal control index:Construction,validation,and impact”,Review of Quantitative Finance and Accounting,49(2):337-377.
Cowherd D.M.,and Levine D.I,1992,“Product quality and pay equity between lower-level employees and top management:An investigation of distributive justice theory”,Administrative Science Quarterly,37(3):302-320.
Doyle J.T.,Ge W.,and McVay S,2007,“Accruals quality and internal control over financial reporting”,The Accounting Review,82(5):1141-1170.
Feng M.,Li C.,McVay S.E.and Hollis Skaife,2015,“Does ineffective internal control over financial reporting affect a firm’s operations?Evidence from firms’inventory management”,The Accounting Review,90(2):529-557.
Hambrick D.C.,and Mason P.A,1984,“Upper echelons:The organization as a reflection of its top managers”,Academy of Management Review,9(2):193-206.
Harp N.L.,and Barnes B.G,2018,“Internal Control Weaknesses and Acquisition Performance”,The Accounting Review,93(1):235-258.
Jensen M.C.,and Meckling W.H,1976,“Theory of the firm:Managerial behavior,agency costs and ownership structure”,Journal of Financial Economics,3(4):305-360.
Lazear E.P.,and Rosen S,1981,“Rank-order tournaments as optimum labor contracts”,The Journal of Political Economy,89(5):841-864.
Main Brian G.,Charles A.O'Reilly,and James Wade,1993,“Top executive pay:tournament or teamwork?”,Journal of Labor Economics,11(4):606-628.
(1)本文所定义的东部地区包括北京、天津、河北、上海、江苏、浙江、福建、山东、广东、海南10个省市。
(1)以内部控制质量的中位数作为分组依据。
(2)衡量公司经营状况好坏的指标包括会计业绩指标与体现市场价值的指标。由于公司薪酬差距较大时,管理者存在薪酬辩护动机,可能导致会计业绩受到操纵。因此本文选用托宾Q值衡量公司绩效。控制变量除了上文提到的变量,还包括股权集中度、董事会规模、员工数量和是否由国际“四大”会计师事务所审计。
(1)内部控制五要素包括控制环境、风险评估、控制活动、信息与沟通和内部监督。