主题：Pay Ratio Disclosure and Employee Turnover (薪酬比率披露与员工离职)

主讲人：美国加州大学欧文分校Paul Merage商学院助理教授 梁楚楚

主持人：会计学院 赵珂意 老师

时间：10月27日上午10:30-12:00

地点：柳林校区诚正楼650会议室

主办单位：会计学院 科研处

主讲人简介：

梁楚楚现任美国加州大学欧文分校 Paul Merage 商学院会计学助理教授。她获康奈尔大学会计学博士学位，此前于清华大学获得会计硕士及信息管理与信息系统学士学位。她的研究主要聚焦于企业信息披露、员工以及企业间关系等领域，研究成果发表于 Journal of Accounting and Economics、Review of Accounting Studies 等国际顶尖会计学期刊。

内容简介：

The widening CEO-employee pay gap in U.S. corporations and its mandated disclosure have generated significant debate. This paper investigates how disclosure of the CEO-to-median employee pay ratio (i.e., CEO pay ratio) affects employee turnover, a pivotal determinant of organizational health and financial performance. Using granular workforce data, we find that firms disclosing high pay ratios experience higher turnover, especially among junior and lower-paid employees. The effect is concentrated in the unexpected component of the disclosed ratio and is accompanied by more pay-related and more negative employee discussions on Glassdoor. Further analysis shows that firms experiencing high employee turnover are more likely to change their subsequent pay ratio methodology in ways that lower the reported ratio, suggesting both the importance of the disclosed pay ratio and firms’ strategic responses to mitigate potential negative employee reactions. Finally, elevated turnover at high pay ratio firms is associated with lower firm financial performance, highlighting the broader economic consequences of the disclosure. Our study underscores the impact of CEO pay ratio disclosure on human capital retention and offers insights into the implications of pay transparency for policymakers, investors, and practitioners.

美国公司中首席执行官（CEO）与普通员工之间日益扩大的薪酬差距及其强制披露，已引发广泛讨论。本文考察了CEO与员工薪酬中位数之比（即CEO薪酬比率）的披露如何影响员工离职——员工离职是决定组织健康与财务业绩的关键因素。基于细粒度的员工层面数据，我们发现披露高薪酬比率的公司离职率更高，这一现象在初级员工和低薪员工中尤为突出。该效应集中体现在所披露比率中的"非预期"部分，并伴随着Glassdoor平台上更多与薪酬相关、且更为负面的员工评论。进一步分析表明，经历高员工离职率的公司更有可能在后续调整其薪酬比率的计算方法，以降低所报告的比率，这既说明了所披露薪酬比率的重要性，也反映出公司为缓解员工潜在负面反应而采取的策略性应对。最后，高薪酬比率公司离职率的上升与较低的公司财务业绩相关，凸显了该项披露更广泛的经济后果。本研究强调了CEO薪酬比率披露对人力资本留存的影响，并为政策制定者、投资者和实务工作者理解薪酬透明度的意涵提供了启示。