| At present,China is accelerating the transformation of the mode of economic development,deepening the reform of quality,efficiency and power,and actively building a new development pattern.In this context,improving the enterprise total factor productivity and deeply tapping the endogenous growth power of enterprises have become an important starting point for China’s economic and social development.In the enterprise management mechanism,executives play an important role in the future development of enterprises.Therefore,giving full play to the initiative of executives is an important part of enterprise governance.As an important part of the enterprise incentive mechanism,the salary system will affect the professional attitude and decision-making judgment of senior executives,and then affect the production efficiency of enterprises,and ultimately affect the quality of enterprise development.With the improvement of China’s market economic system,executives can flow freely in the professional manager market.They will rank and compare their salaries in the same industry and judge their fairness,so as to choose the corresponding management behavior.Therefore,the executive external compensation gap will directly or indirectly affect the management behavior,thus affecting the quality of enterprise development.Based on the data of China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2019,this paper constructs a fixed effect model and a mediating effect model to study the impact of executive external compensation gap on enterprise total factor productivity and the mediating effect of enterprise innovation.In order to improve the reliability of the conclusion,the robustness test was carried out by eliminating the competitive hypothesis,replacing the measurement of dependent variables and independent variables,and using the instrumental variable method for 2SLS regression.The results show that: first,there is a significant positive relationship between executive external compensation gap and enterprise total factor productivity,that is,the executive external compensation gap can promote the productivity of enterprises;Second,enterprise innovation plays a mediating role in the transmission path of the two.Further analysis shows that there are significant differences in the impact of executive external compensation gap between monopoly industries and competitive industries and different levels of financing constraints.The research conclusion helps to further reveal the mechanism of executive external compensation gap affecting enterprise total factor productivity,and provides theoretical support and empirical evidence for enterprises to optimize the compensation incentive system,deeply tap the potential of senior executives and promote the high-quality development of enterprises. |
