| 摘要: |
| 摘要：高管薪酬制度设计是能否缓解委托代理问题的重要治理机制，高管薪酬与社会责任履行影响着企业价值创造成效。选取2016－2020年沪深两市A股上市公司作为研究对象，实证探究高管薪酬对价值创造的影响机制，并考察社会责任的中介效应。研究发现：高管薪酬越高，企业价值创造越高，社会责任在高管薪酬与价值创造中具有中介效应。本文将高管薪酬、社会责任与价值创造相结合，在丰富价值创造理论研究的同时，为企业设置合理高管团队薪酬、引导企业动态调整高管薪酬提供依据并提出相关建议：完善管理层激励方式，设置合理的薪酬制度，建立完善的薪酬激励约束机制；完善高管绩效考核制度，关注高管工作效率，健全企业内部监督机制；将社会责任作为高管薪酬考核的标准，完善公司治理结构，将社会责任履行纳入企业战略；积极披露履行社会责任的信息，向各方利益相关者传递积极信号，树立企业的良好形象，增加企业声誉资本。 |
| 关键词: 关键词：高管薪酬；社会责任；价值创造 |
| DOI： |
| 分类号:F832 |
| 基金项目: |
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| Executive Compensation,Social Responsibility and Value Creation——Empirical Evidence from China’s Capital Market |
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ZHANG Ting1,2，LI Gang2，PU Yong-qiu2，DU Hai-xuan31,2,3
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1.（1.College of Science and Technology,Assumption University of Thailand;2.Department of Management Engineering,Sichuan Water Conservancy Vocational College;3.Management College,Sichuan Agricultural University）
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| Abstract: |
| Abstract：The design of executive compensation system is an important governance mechanism to alleviate the principal-agent problem.Executive compensation and the fulfillment of social responsibility affect the value creation effect of enterprises.This paper selects A-share listed companies in Shanghai and Shenzhen from 2016 to 2020 as research objects,empirically explores the impact mechanism of executive compensation on value creation,and examines the mediating effect of social responsibility.The research finds that the higher the executive compensation,the higher the value creation.Social responsibility has an intermediary effect between executive compensation and value creation,and can strengthen the positive impact of executive compensation on value creation.On the basis of summarizing previous studies,this study combines executive compensation,social responsibility and value creation to enrich the theoretical research on value creation.At the same time,it provides a basis for enterprises to set reasonable executive team compensation and guide enterprises to dynamically adjust executive compensation,and puts forward relevant suggestions,with a view to enlightening practice.Improve the management incentive mode,set up a reasonable salary system,establish a perfect salary incentive and restraint mechanism.Improve the performance appraisal system of senior executives,pay attention to the efficiency of senior executives,and improve the internal supervision mechanism of enterprises.Take social responsibility as the standard of executive compensation assessment,improve corporate governance structure,and incorporate social responsibility fulfillment into corporate strategy.Disclose the information of fulfilling social responsibility actively,transmit positive signals to all stakeholders,establish a good image of the enterprise,and increase the reputation capital of the enterprise. |
| Key words: Key words：Executive Compensation；Social Responsibility；Value Creation |
