The empirical results shows that managerial discretion can prompt managerial pay gap at first, and then depress it, which shows that the Lazear Model can not explain managerial pay gap effectively.

• 实证结果则发现自主权对高管报酬差距具有先促进后抑制的效应，表明Lazear模型不能有效解释高管报酬差距。