中文摘要：

高管薪酬的同群效应逐渐开始成为理解高管薪酬增加的一个重要视角。本文采用1999--2012年中国非金融上市公司的数据．通过使用倾向得分匹配的方式识别同群企业，并在考虑企业空间和行业异质性的基础上，对中国高管薪酬是否存在同群效应．以及这种同群效应与企业发展是掠夺式还是共享式的关系进行了分析。结论显示：中国非金融上市公司高管存在较为显著的同群效应．其中外聘CEO的同群效应最显著．经济层面和所有制层面因素对结论的影响较小；纳入行业和区域异质性后，发现同一区域内．同行业和其他行业对高管薪酬的影响显著高于不同区域内同一行业的影响：高管薪酬的同群效应有助于企业价值的创造，同时会在一定程度上降低企业在盈利方面的风险．具有一种共享式的发展模式。因此，在调整部分高管薪酬过高的同时．需要重视同群效应可能具有的积极影响，避免因为简单控制高管薪酬数量而弱化同群效应对企业发展可能具有的积极影响。

英文摘要：

Potential peer effect in CEOs＇ compensation is gradually becoming an important perspective to understand the rise of CEOs＇ compensation. This paper tests the existence of peer effects in CEOs＇ compensation while utilizing the non-financial listed companies ranging from 1999 to 2012. The peer firms are recognized through the PSM method. The relation between peer effect in compensation and the development of enterprise is also analyzed. The results show that peer effect in CEOs＇ compensation is found to exist in China＇s non-financial listed firms, which is most significant in CEOs＇ recruited outside. Besides, the effect exists regardless of the insolvency risk, ownership or competition from the industries. The peer effects within the same area and industry are more profound than different areas or industries. In addition, the peer effects in CEOs＇ compensation is beneficial to firm development and risk control, thus exhibit a sharing relationship. Positive influences of peer effect should be noticed when controlling the ceiling of CEOs＇ compensation.