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本文以企业政治关联为突破点,探究不同产权性质的企业的政治关联对高管薪酬的影响,以及对企业绩效的影响。研究发现,影响高管薪酬的其他经济因素被控制下,无论是国有企业和民营企业,有政治关联的高管会获得更高薪酬。在国有企业中,有政治关联的高管薪酬与企业绩效显著负相关;在民营企业中,有政治关联的高管薪酬与企业绩效显著正相关。
This paper takes corporate political connections as the breakthrough point to explore the influence of the political connection of different types of property rights on executive compensation, and the impact on corporate performance. The study found that under the control of other economic factors affecting executive compensation, both state-owned and private enterprises, politically-related executives will receive higher pay. Among state-owned enterprises, there is a significant negative correlation between politically-related executive compensation and corporate performance; among private enterprises, there is a significant positive correlation between politically-related executive compensation and corporate performance.