Review of Financial Studies · VOL30. , NO. 10 · October 2017

公司内部的薪酬不平等

作者：Holger Mueller（New York University, NBER, CEPR, and ECGI）, Paige Ouimet（University of North Carolina at Chapel Hill）, Elena Simintzi（University of British Columbia）

摘要：金融监管机构和投资者表达了对公司内部高度的薪酬不平等的担忧。本文利用公共和私人企业的专有数据，表明薪酬不平等程度较高（在高层和底层职位之间的工资差距较大）的公司规模更大、估值更高，经营绩效也更高。此外，薪酬不平等程度较高的公司表现出更高的股票回报和更高程度的盈余意外，这表明薪酬不平等并没有完全由市场定价。我们的研究结果支持了这样一种观点，即不同公司之间薪酬不平等的差异反映了管理人才的差异。

Within-Firm Pay Inequality

Holger Mueller（New York University, NBER, CEPR, and ECGI）；Paige Ouimet（University of North Carolina at Chapel Hill）；Elena Simintzi（University of British Columbia）

ABSTRACT

Financial regulators and investors have expressed concerns about high pay inequality within firms. Using a proprietary data set of public and private firms, this paper shows that firms with higher pay inequality—relative wage differentials between top- and bottom-level jobs—are larger and have higher valuations and stronger operating performance. Moreover, firms with higher pay inequality exhibit larger equity returns and greater earnings surprises, suggesting that pay inequality is not fully priced by the market. Our results support the notion that differences in pay inequality across firms are a reflection of differences in managerial talent.

原文链接：https://academic.oup.com/rfs/article-abstract/30/10/3605/3855264/Within-Firm-Pay-Inequality?redirectedFrom=fulltext

翻译：黄涛