Abstract: The subjective well-being of employees has always been an important focus for theorists and practitioners. As an important organizational situation, the influence of leadership on well-being has been widely investigated. However, researches on the relationship between authentic leadership and employees’ well-being are very limited, researches focusing on the transmission effect comparison and contingency mechanism between them is even more scarce, further exploration of which is urgently needed. The findings of the analysis based on the data of 309 employees show that the authentic leadership has a significant positive predictive effect on employees’ subjective well-being and that the psychological capital and leadership identity have a transmission effect between authentic leadership and employees’ well-being respectively. The results of multiple mediating effect analysis show that the indirect effect of psychological capital accounts for 60.7% of the total effect, which is significantly higher than that of leadership identity and leadership trust. Even in China’s society which favors the human relationship, the unique explanation from the perspective of Western positive organizational behavior is still the most powerful. The perception of workplace climate of authenticity strengthens the positive relationship between authentic leadership and psychological capital and the mediating effect of psychological capital between authentic leadership and employees’ well-being, but it will offset the positive effect of authentic leadership on leadership trust. This study verifies the strengthening and substituting effects of the“hard”environment system on the“soft”leadership behavior and provides a theoretical basis for the follow-up boundary researches. The conclusion of the study provides useful references for the management and intervention of organizational practice to improve employees’ well-being.

Key words: authentic leadership, climate of authenticity, psychological capital, subjective well-being