中文摘要：

本文基于竞赛理论发展出高层管理团队协作需要、薪酬差距与企业绩效之间关系的理论假说,并利用2001年到2004年我国264家上市公司年报数据进行了实证研究.研究结果表明,高管团队薪酬差距对于企业绩效的影响是负向的,不支持竞赛理论的预期,而技术复杂性、企业规模和薪酬差距的交互项对公司绩效有正向影响,团队协作需要的调节效应得到部分支持,符合竞赛理论的预期.协作需要对高管团队薪酬差距的影响也部分支持了竞赛理论的预期.因此,研究表明由于文化的差异,竞赛理论对我国企业高管团队薪酬差距的解释能力是有限的,这也为企业管理团队薪酬的制度设计带来政策启示.

英文摘要：

Based on tournament theory, this paper proposes several hypotheses on the relationship between the compensation dispersion of top management team and firm performance and the moderation of team coordination needs. Using the data of China 264 listed companies in recent four years, we found that the relationship between compensation dispersion and firm performance was negative, so this hypothesis was not supported. However, the moderation of team coordination needs partly support this theory. The relationship of team coordination needs and compensation dispersion of top management team was also partly supported. The results show that tournament theory is limited to explain the compensation dispersion of top management team in China because of the culture difference, which gives us some implications on the design of management compensation.