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| Research on the Influence of the Vertical Pay Gap on the Corporate Innovation′s "Quality" and "Quantity" |
| Fu Yi, Yao Qianwen |
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Abstract Innovation depends not only on management's decisionmaking, but also with the support of employees inseparably ,then how does the vertical pay gap(pay gap between management and employees) affect corporate innovation? Based on the theory of the tournament and the theory of social comparison, the article use the Tobit covering with the sample of the Ashare nonfinancial listed companies in China from 2007 to 2015 to examine the above relationship.The research shows that the vertical pay gap can play the role of championship incentives for corporate innovation, and the promotion effect on the innovations number is significantly in the lower pay gap group ;at the same time, corporate finance constraints will adjust the relationship between vertical pay gap and corporate innovation reversely; executive compensation premium can significantly increase the quantity and quality of enterprise innovation, and employee compensation premium will significantly reduce the company's innovations number ,but improve the quality of innovation, and the incentives for nonstateowned companies is more significant. The research suggests both promoting company's remuneration design and strengthening corporate innovation for financial support and the talent building.
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