Research On The Influence Mechanism Of Executive External Compensation Gap On Enterprise Growth In High-tech Enterprises

At present,China is in the critical period of economic structure transformation and upgrading,and high-tech enterprises are the backbone of this period.The principal-agent problem of high-tech enterprises is prominent.In order to solve this problem,the relationship between the external compensation gap of executives and the growth of hightech enterprises has become one of the hot issues concerned by the academic circle.Existing studies focus more on the absolute pay or internal pay gap in the relative pay of executives,and less on the impact of the external pay gap on the growth of enterprises from the perspective of the external pay gap.There are many factors involved in enterprise growth,and it is lack of pertinence to measure enterprise growth by using a single index.Therefore,the construction of a comprehensive index system for enterprise growth,measuring enterprise growth,and clarify the impact mechanism of external compensation gap on enterprise growth will help to build a reasonable executive salary system and promote the growth of enterprises.On the basis of literature review and theoretical analysis,the panel data of 295 hightech enterprises in China from 2012 to 2019 were selected as the research samples to study the impact mechanism of executive external compensation gap on enterprise growth.This paper mainly includes the following aspects: first,the entropy method is used to evaluate the growth of high-tech enterprises from four dimensions of profitability,development ability,solvency and operational ability;second,based on the mediating effect of enterprise innovation,a fixed effect regression model of the panel data is constructed to establish the regression relationship between executive external compensation gap and enterprise growth,and test the impact mechanism of executive external compensation gap on enterprise growth;third,according to the different nature of enterprise equity,the impact of executive external compensation gap on enterprise growth is tested in groups and its differences are compared;fourth,based on the relevant theoretical research and the research conclusions of this paper,the countermeasures for optimizing the executive compensation system are proposed.The main conclusions of this paper are as follows:(1)the growth index of high-tech enterprises has increased overall.There is a significant difference between the maximum growth index of state-owned enterprises and non-state-owned enterprises,indicating that non-state-owned high-tech head enterprises have grown rapidly during the sample selection period.(2)Executive external compensation gap has a significant positive impact on enterprise growth.(3)From the perspective of mediating effect,executive external compensation gap affects enterprise growth through the path of enterprise innovation.(4)From the perspective of moderating effect,the expansion of executive external compensation gap in state-owned enterprises does not have a significant impact on the growth of enterprises,and the expansion of executive external compensation gap in non-state-owned enterprises helps to promote the growth of enterprises.