十九大指出，我国当前主要矛盾是“发展不平衡不充分”。目前，高管与雇员及企业间的收入差距已引起政府与媒体的广泛关注。然而，在企业层面针对“公平与效率”的研究大多围绕锦标赛理论，分析薪酬差距如何影响企业财务绩效，仍缺乏系统的研究评估薪酬差距的影响因素、激励机制与经济后果。.基于此，本课题结合我国多次自然实验、地区差异（文化/政治）与企业差异：一、利用Python爬虫捕捉企业各层级员工招聘的薪酬数据，从多视角刻画薪酬差距（高管与员工、员工内部与企业间）的现状和趋势；二、结合制度环境及变化、地区与公司差异探讨薪酬差距的决定因素；三、基于自然实验，识别薪酬差距对生产率、创新与企业价值的因果关系；四、考察利益相关者激励、地区与企业差异等因素的调节与中介效应。.整体上，本课题将在学术上丰富对薪酬差距决定机制与经济后果的理解，在实践上为我国经济转型期“公平与效率”提供微观解释，从而为监管部门提供政策参考。

The 19th CPC National Congress claims that the principal contradiction of our society is the imbalanced and inadequate development. Thus far, the governments and media have paid great attention to the pay gap between management and employees within and between firms. However, the literature of fairness and efficiency is always based on the championship contest theory, and analyzes the effect of pay gap on firm accounting performance, without systematically examining the determinations, mechanisms, and consequences of pay gap..Accordingly, by taking advantage of China’s natural experiments, regional differences (culture/politics) and unique firm characteristics, 1) this project captures the salary information of employees in different positions from firms' recruitment information collected by a web crawler in Python. It describes the status quo, tendency, and development of firm pay gap within and between firms. 2) It examines how institutional, regional and firm characteristics impact firms’ pay gap decisions. 3) Based on our natural experiments and unique database, we identify the causality between pay gap and firms’ total factor productivity, innovations, and performances. Last, it examines the moderating and mediating effects of the aforementioned factors in the relationship between pay gap and firm consequences..Overall, this project enriches the understanding of the determinations and consequences of firm pay gap, and provides illustrations for the fairness and efficiency problem in our transition economics, and policy advice for the regulators.