| 国企薪酬改革与公司现金股利 |
| State-owned Enterprise Salary Reform and Firm Cash Dividends |
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| 中文关键词:国企薪酬改革 现金股利 薪酬－级别倒挂 |
| 英文关键词:state-owned enterprise salary reform cash dividends salary-rank inversion |
| 基金项目:国家社会科学基金项目（25BGL093） |
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| 中文摘要: |
| 股利分配是企业重要的财务决策。国有企业的现金股利发放对提高资本配置效率，保障国民经济的发展有不可忽视的意义。当前，国企薪酬改革引致的“薪酬－级别倒挂”现象为识别企业现金股利的差异化决策提供了契机。文章基于社会比较理论与股利迎合理论，以2015 － 2021 年的国有企业集团下属A 股上市公司为样本，采用Tobit 模型，实证检验薪酬－级别倒挂程度对公司现金股利政策的影响。研究发现：公司高管与所属国企集团负责人之间的薪酬－级别倒挂程度越高，公司迎合集团的动机越强烈，发放现金股利的水平越高。进一步分析发现，高管的职业生涯考虑、公司的业绩水平、行业竞争程度以及集团的倒挂容忍度是影响上述关系的重要因素。与此同时，公司的现金股利发放成本越低，越有可能将现金股利作为迎合手段。本研究为理解特殊薪酬现象的经济后果提供了新的视角，并从迎合集团的角度丰富了企业现金股利发放的动因研究。 |
| 英文摘要: |
| Dividend distribution is an important fi nancial decision of enterprises. The cash dividend of state-owned enterprises (SOEs) is of great signifi cance to improve the effi ciency of capital allocation and ensure the development of the national economy. Recently, the phenomenon of “salary-rank inversion” caused by the salary reform in SOEs provides an opportunity to identify the differential decision-making of firm cash dividends. Based on social comparison theory and dividend catering theory, this paper takes A-share listed fi rms affi liated with SOE groups from 2015 to 2021 as samples and employs the tobit model to empirically examine the impact of salary-rank inversion on firm cash dividend policies. The study finds that firms with higher salary-rank inversion tend to pay more cash dividends to cater to SOE groups. Further analysis finds that the career concerns of management, firm’s performance, industry competition intensity, and group heads’ tolerance for salary-rank inversion are the main factors that aff ect the above associations. At the same time, the lower the fi rm’s cost of paying cash dividends, the more likely it is to choose to pay dividends as its catering device. The fi ndings of this paper off er a novel perspective for comprehending the economic implications of salary anomalies, and enrich the studies on fi rm’s dividend payment motivation by examining it from the perspective of catering to specifi c groups. |
| 张文婷,卢闯,焦焰.国企薪酬改革与公司现金股利[J].科学决策,2025,(11):37~56 |
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