房价与企业高管薪酬业绩敏感性

贵州财经大学学报 ›› 2020 ›› Issue (06): 20-28.

房价与企业高管薪酬业绩敏感性

张兴亮¹, 温日光²

1. 南京审计大学会计学院, 江苏南京 211815;
2. 汕头大学商学院, 广东汕头 515063

收稿日期:2020-05-11 出版日期:2020-11-15 发布日期:2020-11-19
作者简介:张兴亮(1975-),男,江苏邳州人,南京审计大学教授,博士,研究方向为公司治理与会计信息有用性;温日光(1978-),男,广东惠州人,汕头大学副教授,博士,研究方向为公司理财。
基金资助:
国家社会科学基金项目"基于高管递延薪酬设计视角的国有企业杠杆率研究"（19BGL063）。

Housing Prices and Enterprises' Executive Pay-performance Sensitivity

ZHANG Xing-liang¹, WEN Ri-guang²

1. School of Accounting, Nanjing Audit University, Nanjing, Jiangsu 211815, China;
2. School of Business, Shantou University, Shantou, Guangdong 515063, China

Received:2020-05-11 Online:2020-11-15 Published:2020-11-19

摘要/Abstract

摘要： 非房地产企业受房价上涨的吸引投资于房地产业务，虽然能给企业带来业绩增长，但这使得企业业绩很难衡量高管的努力程度，业绩质量也不高，根据高管薪酬的最优契约理论，企业业绩在高管薪酬契约中的使用权重会被降低。基于中国35个大中城市的房价数据以及中国非房地产业的上市公司数据，研究发现：高房价显著降低了企业高管薪酬业绩敏感性，这一影响在高管薪酬契约有效性较高时更显著；以上结论在使用DID模型控制反向因果内生性问题后依然成立。

关键词: 房价, 高管薪酬, 企业业绩, 薪酬业绩敏感性

Abstract: This paper argues that, in non-real estate businesses, high housing price attracts high investments by firms, which improve firms' performance; however, the performance is difficult to measure executives' effort, and its quality is also poor. According to optimal contract theory, the importance of firms' performance in executive compensation contracts will decline as well, indicating a decrease in executive pay-performance sensitivity. Using the house price data of 35 large- and medium-sized Chinese cities and of listed firms in China's non-real estate industry, this study reveals that high housing price significantly reduces executive pay-performance sensitivity, particularly when the executive compensation contract is effective. The above findings are robust to difference-in-differences (DID) model. The paper is not only an important supplement to the research literature on executive pay-for-performance sensitivity, but more importantly, provides a new perspective to study the impact of house price on enterprises.

Key words: housing prices, executive pay, enterprise performance, executive pay-performance sensitivity

中图分类号:

F276
F290

张兴亮, 温日光. 房价与企业高管薪酬业绩敏感性[J]. 贵州财经大学学报, 2020(06): 20-28.

ZHANG Xing-liang, WEN Ri-guang. Housing Prices and Enterprises' Executive Pay-performance Sensitivity[J]. Journal of Guizhou University of Finance and Economics, 2020(06): 20-28.

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