Geographical Location and the CEO Compensation: Empirical Evidence from Chinese Listed Companies
- 管理学院－已发表论文 
笔者以我国五大国家级中心城市和六大国家区域中心城市作为地理位置的替代变量,研究了地理位置与公司高管薪酬之间的关系。地理位置对高管薪酬的影响主要通过两个途径:一个途径是企业总部、中介机构、各类人才在中心城市的集聚,促进了高管人力资本的积累,从而提高了位于中心城市的企业的高管薪酬;另一个途径是在公司高管薪酬制定的过程中,会以周围企业的高管薪酬作为参照点,这使得高管薪酬受到本地区其他企业的影响。研究发现,在控制人均GDP、CPI指数等变量的情况下,注册地为中心城市的上市公司,其CEO薪酬要高于其他地区的CEO薪酬,且距离中心城市越近的上市公司,CEO薪酬越高;一个地区上一年的平均高管薪酬,以及该地区领导企业的高管薪酬,均对其他上市公司的高管薪酬有显著影响。本文的发现在一定程度上证实了在中国,地理位置是公司高管薪酬的一个重要影响因素。本文的研究结论,对上市公司制定合理的高管薪酬有重要的参考意义。Using five national level central cities and six regional level central cities as the proxy for geo- graphical central city, we explore the relationship of geographical location and the CEO compensation. Geo- graphical location has impact on the CEO compensation through two ways. The first is the spatial clustering of firms, agencies and talents in big central cities which results in high CEO compensation. The other is that near- by firms＇ CEO compensation would act as the reference point to that of this firm, which makes CEO compensa- tion influenced by other companies in the region. This paper finds that the compensation of CEOs whose compa- nies locate in the central cities is statistically significantly higher than that of CEOs whose companies are not when controlling the common variables such as per GDP, CPI index etc. The study also find the shorter of the distance between the headquarter and the central city, the higher the CEO compensation. Further research shows that both the average CEO compensation in a specific province last year and last year＇s top three highest CEO compensation of state owned enterprises in a specific province have strong influences on the next year＇s CEO compensation. In sum, this research systematically proves that geographic location is an important factor deter- mines CEO compensation in China. This study provides a reference proof to the CEO compensation policy of lis- ted company.