中文摘要：

高管薪酬差距是公司治理框架下的重要激励机制。利用高阶梯队理论和企业行为理论对高管薪酬差距激励效应的作用机理进行研究，从目标期望水平与实际绩效比较的角度揭示高管薪酬差距与战略变革之间存在的关联。利用中国基金行业的数据展开经验分析，发现公司内及行业内的基金经理薪酬差距都会对基金投资组合风险程度产生显著的正向影响，且高管学历对上述关系存在着显著的调节作用，对丰富高管薪酬差距激励机理有一定的理论贡献。

英文摘要：

Executive pay gap is an important incentive mechanism under the framework of corporate governance. The paper uses the upper echelon theory and enterprise behavior theory to make a research on the mechanism of the incentive effects of executive pay gap, and reveals the association between executive pay gap and the strategic change from the comparative perspective of target level of expectation and actual performance. The paper uses the data of China＇ s fund industry to analyze and finds that fund managers＇ pay gap within the same company and the fund industry both have a significant positive impact on the portfolio risk, and executive education background has a significant moderating effect five mechanism of executive on the above relationship. This study has a certain theoretical contribution to the incen- pay gap.