Abstract: China's state-owned enterprises have innovatively embedded Party building into “Articles of Association” in the new era. “The CPC's Party Building into Articles of Association” regulates matters such as responsibilities and authorities, institutional setting, operating mechanism and basic guarantees of Party organizations, realizing the organic unity of CPC's leadership and corporate governance. As the latest form of the embedding of Party organizations into enterprises, “the CPC's Party Building into Articles of Association”defines the legal status of Party organizations in the corporate governance structure, gives full play to the leading and political core roles of Party organizations and realizes the steady progress of the two “consistency” principles, upholding CPC's leadership over SOEs and establishing a modern enterprise system. “The CPC's Party Building into Articles of Association” may influence the operation and decisions of enterprises profoundly, speed up the perfection of the modern enterprise system with Chinese characteristics and promote the high-quality development of SOEs.
This study hand-collects the data of “Articles of Association” of China's A-share listed state-owned companies from 2015 to 2019, constructs “the CPC's Party Building into Articles of Association” database and empirically examines the potential impact of “embedded Party building” on SOEs' pay gaps. The results of the study are as follows: (1) “The CPC's Party Building into Articles of Association” can decrease SOEs' pay gaps; (2) The effect of “the CPC's Party Building into Articles of Association” on decreasing SOEs' pay gaps is more pronounced in local SOEs; (3) Mechanism tests show that “the CPC's Party Building into Articles of Association” has stronger inhibitory effects on SOEs' pay gaps in competitive SOEs, commercial SOEs, and SOEs without political connections.
From the perspective of “the CPC's Party Building into Articles of Association”, this study investigates the impact of the embedding of Party organizations on SOEs' pay gaps and finds that “the CPC's Party Building into Articles of Association” decreases SOEs' pay gaps effectively by integrating the adherence to CPC's leadership over SOEs and corporate governance, preliminarily revealing the governance effect of “the CPC's Party Building into Articles of Association” on enterprises and its mechanism. The conclusions of this study prove that the institutional arrangement of “the CPC's Party Building into Articles of Association” has important theoretical implications and policy enlightenments for deepening the reform of SOEs and provide new ideas for continuously deepening the embedding of Party organizations into enterprises. It is also revealed that the institutional arrangement of “the CPC's Party Building into Articles of Association” may supplement the executive compensation regulation and make important contributions to continue to narrow the pay gaps of SOEs and promote social equity and common prosperity.

Key words: The CPC's Party Building into Articles of Association, Embedding of Party Organizations, Pay Gaps, State-Owned Enterprises(SOEs)

摘要： 新时期我国国有企业创新性地将党建工作嵌入了“公司章程”,这一制度安排实现了坚持党对国有企业的领导和建立现代企业制度“两个一以贯之”原则的稳步推进。本文手工搜集2015至2019年我国A股国有上市公司的“公司章程”数据,构建“党建入章”数据库,实证检验了“嵌入式党建”对国有企业薪酬差距的潜在影响。研究发现:“党建入章”能降低国有企业薪酬差距,这一作用效果在地方国有企业中更加明显。机制分析表明,在竞争类、商业类以及不具有政治关联的国企中,“党建入章”对薪酬差距的抑制作用更强。本文发现“党建入章”通过将坚持党对国有企业的领导与公司治理相融合有效降低了国有企业薪酬差距,证明 “党建入章”这一制度安排对深化我国国有企业改革具有重要的理论价值和政策意义。

关键词: 党建入章, 党组织嵌入, 薪酬差距, 国有企业