经理自主权对高管薪酬差距的操纵效应研究评述与展望

Study on the Manipulation Effect of CEO Power on Managerial Compensation Dispersion: A Literature Review

摘要: 学术界在委托代理理论框架之外引入了经理自主权理论来研究高管薪酬差距问题。由于这一研究视角有机整合了公司治理、战略管理和人力资源管理三大理论的核心观点与方法，兼具前瞻性与继承性特征，因此经理自主权理论已日渐成为当前高管薪酬差距研究的主流视角。有鉴于此，从高管团队内部薪酬差距、高管–员工薪酬差距两个方面回顾并评述了国内外基于经理自主权理论视角研究高管薪酬差距的历史进程与最新动态。结果表明，经理自主权对高管团队内部薪酬差距的操纵效应存在正向操纵效应、倒U型操纵效应和无操纵效应三种竞争性观点，而对高管–员工薪酬差距则呈现出具有初步共识性的正向操纵效应。整体而言，该领域研究在研究方法和研究内容上已经历了从粗放到精细、从简单到复杂、从单一到多元的发展历程，研究结论的有效性越来越高，但也存在着诸多研究不足。未来研究应秉持扬弃精神，沿着纵深化发展、强调比较研究、强调权变视角的三大发展趋势向前推进。

Abstract: Existing studies have found that the traditional principal-agent theory has been unable to explain the reality of managerial compensation dispersion issues effectively, so scholars have to introduce a new theoretical perspective to study the decision mechanism of managerial compensation dis-persion. As the result of interdisciplinary and theoretical integration, the study based on CEO power (managerial discretion) perspective has become the mainstream of the decision mechanism of managerial compensation dispersion. It has integrated closely core ideas of three theory, respectively corporate governance theory, strategic management theory and human resources management theory, thus it is of both prospective and inherited characteristics. Under this back-ground, the paper reviews the history progress and the status quo of the literature on Managerial Compensation Dispersion, which mainly includes two sub-dimensions, i.e. Pay Gap between ex-ecutives-employees and Pay Gap among top executives, from the perspective of CEO power Theory. Results of the summarization show that: Firstly, studies on the manipulation effects of CEO power on Pay Gap between executives-employees reach three conclusions respectively: positive effect, inversed-U-shaped effect, or none effect at all; Secondly, the conclusions on the manipulation effects of CEO power on Pay Gap among top executives have nearly reached a consensus, i.e., there is a positive effect between the two. On the whole, the studies in this field have experienced a good developing progress moving from a relatively simple, extensive and single-faced state to a more complex, lean and multiple-faced state both in the research methods and research contents. Though such a change necessarily leads to many more effective study results than before, there are still many unreached tasks on this issue. In the future, scholars should try to move the study forward following the three trends, respectively, the trend of further deepening the insight, the trend of emphasizing comparative methods, and the trend of focusing on contingent perspective, by adopting the Sublation Spirit.