实施区域协调发展战略是国家在新时代的重大战略之一,长三角城市经济协调会作为一项重要的“区域一体化”政策,在区域协调发展中具有十分重要的作用。现有研究主要从政府间合作方式、协调发展策略、宏观影响等方面来考察其作用,但对其影响微观经济主体行为的机制还缺乏深入研究和全面认识。文章利用长三角区域不同城市在不同时间加入经济协调会产生的准自然实验情境,以中国资本市场上市公司2008−2016年的数据为研究样本,考察区域协调发展政策影响公司治理的一项重要机制−高管薪酬激励。双重差分方法的检验结果显示,加入长三角城市经济协调会导致上市公司的高管超额薪酬降低11.6%,而且这种影响对于那些高管网络中心度大、信息环境差、全要素生产率低的公司更加明显。文章不仅从微观经济主体治理机制的角度为区域协调发展政策的经济后果提供了新的经验证据,而且对于国家的区域协调发展战略与经济发展、公司的最优薪酬合同设计等具有一定的启示。
区域协调发展政策的公司治理作用——城市经济协调会的准自然实验证据
摘要
参考文献
3 徐现祥,李郇. 市场一体化与区域协调发展[J]. 经济研究,2005,(12):57−67. DOI:10.3969/j.issn.1005-1309.2005.12.007
5 Bebchuk L A,Fried J M. Executive compensation as an agency problem[J]. Journal of Economic Perspectives,2003,17(3): 71−92. DOI:10.1257/089533003769204362
6 Bertrand M,Mullainathan S. Enjoying the quiet life?Corporate governance and managerial preferences[J]. Journal of Political Economy,2003,111(5): 1043−1075. DOI:10.1086/376950
7 Bizjak J,Lemmon M,Nguyen T. Are all CEOs above Average?An empirical analysis of compensation peer groups and pay design[J]. Journal of Financial Economics,2011,100(3): 538−555. DOI:10.1016/j.jfineco.2011.02.007
8 Chen T,Harford J,Lin C. Do analysts matter for governance?Evidence from natural experiments[J]. Journal of Financial Economics,2015,115(2): 383−410. DOI:10.1016/j.jfineco.2014.10.002
9 Christoffersen S E K,Sarkissian S. City size and fund performance[J]. Journal of Financial Economics,2009,92(2): 252−275. DOI:10.1016/j.jfineco.2008.06.001
10 Core J E,Holthausen R W,Larcker D F. Corporate governance,chief executive officer compensation,and firm performance[J]. Journal of Financial Economics,1999,51(3): 371−406. DOI:10.1016/S0304-405X(98)00058-0
11 Dessaint O,Golubov A,Volpin P. Employment protection and takeovers[J]. Journal of Financial Economics,2017,125(2): 369−388. DOI:10.1016/j.jfineco.2017.05.005
12 Duranton G,Puga D. Micro-foundations of urban agglomeration economies[J]. Handbook of Regional and Urban Economics,2004,4: 2063−2117. DOI:10.1016/S1574-0080(04)80005-1
13 Faulkender M,Yang J. Inside the black box:The role and composition of compensation peer groups[J]. Journal of Financial Economics,2010,96(2): 257−270. DOI:10.1016/j.jfineco.2010.01.006
14 Francis B B,Hasan I,John K,et al. Urban Agglomeration and CEO Compensation[J]. Journal of Financial and Quantitative Analysis,2016,51(6): 1925−1953. DOI:10.1017/S0022109016000752
15 Frydman C,Papanikolaou D. In search of ideas:Technological innovation and executive pay inequality[J]. Journal of Financial Economics,2018,130(1): 1−24. DOI:10.1016/j.jfineco.2018.06.014
16 Giannetti M,Liao G M,Yu X Y. The brain gain of corporate boards:Evidence from China[J]. The Journal of Finance,2015,70(4): 1629−1682. DOI:10.1111/jofi.2015.70.issue-4
17 Phua J K, Tham T M, Wei C S. Do equity analysts learn from their colleagues? [R]. Working Paper, 2018.
18 Roberts M R,Whited T M. Endogeneity in empirical corporate finance[J]. Handbook of the Economics of Finance,2013,2: 493−572. DOI:10.1016/B978-0-44-453594-8.00007-0
19 Sauerwald S,Lin Z A,Peng M W. Board social capital and excess CEO returns[J]. Strategic Management Journal,2016,37(3): 498−520. DOI:10.1002/smj.2016.37.issue-3
20 Shleifer A,Vishny R W. A survey of corporate governance[J]. The Journal of Finance,1997,52(2): 737−783. DOI:10.1111/j.1540-6261.1997.tb04820.x
引用本文
陈胜蓝, 李璟, 尹莹. 区域协调发展政策的公司治理作用——城市经济协调会的准自然实验证据[J]. 财经研究, 2019, 45(6): 101-114.
导出参考文献,格式为: