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基于2012年全国私营企业调查数据,实证研究了慈善捐赠对私营企业家薪酬—业绩敏感性的影响。研究发现:1)总体而言,私营企业慈善捐赠、企业绩效均与企业家的薪酬正相关,并且慈善捐赠有助于提高私营企业家的薪酬—业绩敏感性;2)基于企业异质性视角的分组讨论结果显示:慈善捐赠对私营企业家薪酬—业绩敏感性的提升效应仅发生于家族企业、小微型企业、东部地区企业、工商联的会员企业、无政治关联的企业、企业家年龄界于30~50岁的企业、开工率界于60%~100%之间的企业。本文的研究是对薪酬—业绩敏感性领域的有益补充,同时也有利于透视我国私营企业慈善捐赠背后的治理策略,对于推动我国私营企业慈善事业的发展以及企业治理机制的完善具有一定的政策含义。
Based on the 2012 Private Sector Survey of the People’s Republic of China, the impact of charitable giving on the pay-performance sensitivity of private entrepreneurs was empirically studied. The findings are as follows: 1) Generally speaking, private-owned charitable donations and business performance are all positively related to the remuneration of entrepreneurs, and charitable giving helps to improve the remuneration-performance sensitivity of private entrepreneurs; 2) Based on the perspective of firm heterogeneity The results of the group discussion show that the promotion effect of charitable donations on private-enterprise pay-performance sensitivity occurs only in family businesses, small and micro enterprises, enterprises in the eastern region, member companies of the Federation of Industry and Commerce, enterprises without political connection, entrepreneurs in the age group In 30 to 50-year-old business, operating rate of 60% to 100% of the business. The research in this paper is a useful supplement to the field of salary-performance sensitivity, and it also helps to see the governance strategies behind the philanthropy of private-owned enterprises in our country and has certain policy implications for promoting the development of philanthropy in private-owned enterprises in our country and perfecting the corporate governance mechanism. .