高管内部薪酬差距、企业风险承担水平与投资效率OACHSSCD

Regarding the relationship between executive internal pay gap,corporate risk-taking level and investment efficiency,this paper takes A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2008 to 2022 as research samples and adopts an empirical method to explore the influence and underlying mechanism of executive internal pay gap on corporate investment efficiency.The results show that a larger executive internal pay gap is significantly associated with higher investment efficiency;the executive internal pay gap is positively correlated with corporate risk-taking level.Corporate risk-taking level plays a mediating role between executive internal pay gap and investment efficiency.The positive effect of executive internal pay gap on corporate risk-taking level is more pronounced in firms with higher environmental uncertainty and non-state-owned enterprises.The research conclusion provides a reference for giving full play to the incentive effect of executive internal pay gap in corporate investment decision-making and promoting the improvement of corporate investment efficiency.