| During the third revolution of science and technology, a large number of high-tech enterprises was established in many country. With the rapid development of high-tech enterprises, more and more scholars devoted themselves to the study of high-tech enterprises. In the current academic research on high-tech enterprise, scholars focus more on the R&D(research and development) investment and the financial issues of high-tech enterprise. Few scholars devote themselves to the research on the top management team of high-tech enterprise.Compensation management is a hot topic in the research of Human Resource Management. Salary has a very important influence to both enterprises and employees. In1984,Hambrick and Mason proposed the upper echelons theory. In1988,Leazer and Rosen proposed the tournament theory. Since then, the research about top manager team compensation has attracted wide attention of scholars at home and abroad. In our country’s research of top manager team compensation, most scholars focus on pay levels of top management team. Few scholar focus on the research of top management team pay gap. In2003, Junqing Lin and Zuhui Huang began to study on the top manager team’s compensation.This paper aims to study the relationship between the top manager team’s pay gap and enterprise performance in high-tech enterprise. This paper also introduce four moderator according to the characteristics of high-tech enterprise. The four moderator are the complexity of enterprise’s technology, ownership concentration, ownership properties and the power of CEO. They influence the relationship between the top management team’s pay gap and enterprise performance. The research methods of this paper include literature review method, survey research method and statistical analysis method. Firstly, it introduces basic concepts,such as high-tech enterprises, top management team, pay gap and corporate performance. Secondly, it describes the theoretical basis of relationship between pay gap and corporate performance. Thirdly, it summary the research results about this article. The two theories are tournament theory and behavioral theory. On this basis, we propose five hypothesis and explain the way to measure the relevant variables.This paper collect the data of China’s listed high-tech enterprise from2011to2012. We use multiple regression analysis to analyze the data. Firstly, this paper analyze the correlation between the top management team pay gap of high-tech enterprise and corporate performance. Secondly, we add the complexity of enterprise’s technology and ownership concentration in the regression model to examine whether they influence the relationship between pay gap and performance. Finally, the sample data is divided into two groups according to the ownership properties and the power of CEO, to examine whether they influence the relationship between pay gap and performance. Through the empirical study, we draw the following conclusions:(1) At the present stage of Chian, the top management team’s pay gap has a significant positive impact on corporate performance in the high-tech enterprises;(2) The technical complexity of the high-tech enterprise will undermine top management team pay gap’s incentive effects on corporate performance;(3) Ownership concentration will weaken the incentive effects of high-tech enterprise’s top management team pay gap;(4) When the nature of corporate equity is different, top management team pay gap’s impact on corporate performance is also different. Non-state-owed high-tech enterprise pay gap’s incentive effect on corporate performance is more significant;(5) CEO’s power affect the relationship between top management team pay gap and corporate performance in high-tech enterprise. When CEO’s power is large, the pay gap’s incentive effect on corporate performance is more significant. |
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