薪酬差距是学术界重点关注的话题，尤其 2008 年金融危机以来，政府出台了一系列对 国有企业高管的限薪政策。设置高管员工薪酬差距上限是限薪的策略之一，但是上限标准 该如何制定，高管员工薪酬差距的形成机制是怎样的，哪些因素会影响高管员工薪酬差距 都是需要回答的问题。人力资本破产成本概念的提出，在资本结构与员工薪酬间建立了联 系，但目前学者的研究主要集中于高管薪酬，少量涉及员工薪酬。而根据参照点理论，人 们往往会根据与参照对象的比较来感知自身得失进而做出决策。这启发了本文将人力资本 破产成本应用于高管员工薪酬差距的研究。在此基础上，本文基于人力资本破产成本理论， 结合参照点理论和公平理论，推导出基于人力资本视角，解释资本结构影响企业薪酬差距 的补偿效应和公平效应作用机制，并对 2007 年-2018 年我国所有 A 股上市公司的年度-公 司样本数据进行了实证检验。 研究发现，高管在初次进入公司时，企业杠杆率越高，高管普通员工薪酬差距越大， 即呈现出人力资本破产成本的补偿效应作用机制。而对于高管在企业中工作多年以后，企 业杠杆率越高，高管普通员工薪酬差距越小，即呈现出公平效应作用机制。此外，随着企 业杠杆率的提高，相较于非国有企业，国有企业具有更低的薪酬差距。并且，相较于低杠 杆组企业，在高杠杆组中公平效应作用机制更为明显。最后，本文对回归结果进行了稳健 性检验，包括更换变量衡量方式，更换样本区间，同时，为了缓解潜在内生性的影响，采 用了对自变量滞后一期回归，引入工具变量回归的方法。经过以上检验，证明了本文的结 论是比较稳健的。 本文的研究基于人力资本破产成本理论、参照点理论、公平理论，首次将资本结构与 企业薪酬差距联系起来，扩展了人力资本破产成本理论应用于薪酬领域的研究，同时也丰 富了企业薪酬差距影响因素的相关文献。首次区分初次进入样本和全样本，利用中国上市 公司数据对资本结构与企业高管员工薪酬差距的影响进行检验，为基于人力资本视角，解 释资本结构影响企业高管员工薪酬差距的作用机制提供了实证证据。将资本结构纳入企业 高管员工薪酬差距的影响因素之一，有助于更加全面地认识高管员工薪酬差距的形成机理， 为政府的限薪令政策提供决策依据。 

The pay gap is a focus of the academic topics, especially since the 2008 financial crisis, the government has introduced a series of policies to limit the pay of the top executives of state-owned enterprises. The pay gap ceiling is one of the strategies of salary limitation, but how to set the ceiling standard, what is the formation mechanism of the pay gap between senior executives and employees, and what factors will affect the pay gap between senior executives and employees are all questions that need to be answered. The concept of bankruptcy cost of human capital has established a relationship between capital structure and employee compensation. However, at present, the research of scholars mainly focuses on executive compensation, with a small amount related to employee compensation. According to the reference point theory, people tend to perceive their own gains and losses based on the comparison with the reference object and then make decisions. This inspired us to apply the human capital bankruptcy cost to the pay gap. On this basis, we based on the human capital bankruptcy costs theory, the reference point theory and equity theory, to explain the capital structure influence pay gap with compensation effect and fairness effect mechanism, and the 2007-2018 all listed companies has carried on the empirical test sample data. It is found that the higher the corporate leverage ratio is, the greater the pay gap is when the executives enter the company for the first time, which shows the compensation effect mechanism of the human capital bankruptcy cost. For executives who have worked in the enterprise for many years, the higher the leverage ratio of the enterprise is, the smaller the pay gap between ordinary employees and senior executives is, which is the mechanism of fairness effect. In addition, with the increase of corporate leverage, SOEs have a lower pay gap than non-SOEs. Moreover, compared with the low-leverage group, the equity effect is more obvious in the high-leverage group. Finally, we carried out robustness test on the regression results, including changing the measurement method of variables and changing the sample interval. Meanwhile, in order to mitigate the impact of potential endogeneity, we adopted the method of regression of independent variables with one-stage lag and introduced instrumental variables for regression. Through the above tests, it is proved that our results are relatively stable. Through the human capital bankruptcy cost theory , the reference point theory and the equity theory, our research for the first time links the capital structure with the enterprise pay gap, expanding the research on the application of the human capital bankruptcy cost theory to the compensation field, and also enriching the relevant literature on the influencing factors of the enterprise pay gap. It is the first time to distinguish between the initial entry sample and the full sample, and to test the influence of the capital structure on the pay gap based on the data of Chinese listed companies, so as to provide empirical evidence to explain the mechanism of the capital structure on the pay gap from the perspective of human capital. The incorporation of capital structure into one of the influencing factors of the pay gap is conducive to a more comprehensive understanding of the formation mechanism of the pay gap and provides a decision basis for the government's policy of salary restriction.