中文摘要：

基于中国制造业上市公司2011-2016年数据的实证研究发现,负债比率对高管收入和员工收入都具有显著的抑制作用,并且对高管收入的抑制作用更大;这种抑制作用从经济意义上看也相当大。同时,资本结构的收入效应受企业财务风险的影响,在低风险的企业里,负债的收入抑制作用更加明显。进一步分析发现,负债比率对高管收入和员工收入的抑制作用是资本结构影响公司价值的机制之一。

英文摘要：

Based on the 2011-2016 data of Chinese Listed Companies in the manufacturing industry,the empirical research found that debt ratio has an significantly inhibitory effect on the executives＇ income and employees＇ income,and a greater inhibitory effect on the income of executives. The inhibitory effect is quite large from the economic significance. At the same time,the income effect of the capital structure is affected by the financial risk of the enterprise,and the income effect of the debt is more obvious in the low risk enterprise. Further analysis found that the effect of debt ratio on executives＇ income and employees＇ income is one of the mechanisms that capital structure affectscorporate value.