(A) variables and data keys, is to link executive compensation with the company's performance. How to better realize top management
The related variables of empirical research are divided into the following groups: incentive mechanism linked to the long-term performance of enterprises, the first group of designing reasonable compensation, and the independent variable: executive compensation group. At present, the contract of executive compensation promotes the maximization of company performance through executive compensation, which is expressed by the logarithm of the total salary of the top three companies. The definition of senior managers is an important problem to be solved urgently in China.
Deputy general manager, etc. Layer members, such as general manager,
The second group, dependent variable: company performance group. The financial indicators used in this paper are: 1. Theoretical analysis of the relationship between executive compensation and company performance.
(1) profitability indicator: return on equity (ROE), which is used to measure the company's performance. According to the principal-agent theory, in the process of mutual game between shareholders and managers
The calculation method is: net profit/average balance of shareholders' equity. (2) Shareholders' profitability refers to the index that shareholders will inevitably improve to managers in order to maximize shareholders' interests: earnings per share (EPS), and the calculation method is: net profit/total number of shares. Incentive mechanism. As a self-interested manager, in order to pursue higher remuneration and realization.
The third group, control variable: corporate governance group. The quality of corporate governance environment will have a positive impact on shareholders' incentive expectations, strengthen the management of the company, and make greater efforts to manage the company's performance and executive compensation. (1) Executive shareholding improves the company's performance, so executive compensation incentives will positively affect the company's performance.
Proportion (MPS): number of shares held by senior management/total number of shares. (2) Company directors also have the following effects on the relationship between executive compensation and company performance. In addition,
INDE: expressed by the proportion of independent directors in the board of directors. (3) Factor: (1) Management shareholding. With the increase in the shareholding ratio of executives, it has
Company size: expressed in terms of annual sales of the company (100 million yuan). (4) There are more opportunities for equity to get other rewards and rewards, which will be superior to cash compensation under certain conditions.
C): expressed by the sum of the shareholding ratios of the top ten major shareholders of the company. (5) Focus (o) Executives will therefore play a more prominent role in motivating executives.
Proportion of state-owned shares (GD): number of state-owned shares/total number of shares of listed companies. Only entrepreneurs can manage the company well and promote the increase of enterprise value. (2) Listed companies
The sample of this paper is selected from the A-share data of Shanghai and Shenzhen stock markets in 2006-20 10. The stronger the capital, the higher the return on assets and the larger the enterprise scale. The bigger the company,
First, randomly select 1 000 listed companies, and then realize more shareholder wealth through elimination. At the same time, the larger the enterprise scale, the more complex and high the management.
The more talents and energy the ST and PT stocks, listed companies with incomplete data and financial insurance companies pay, the stronger the funds and capital they can use.
Company, the company whose return on net assets is less than-1000%, has invested and expanded production for more than three consecutive years, which has created greater profit space and new prices for enterprises.
Companies with zero sustainable growth rate finally selected 633 listed companies with five values. (3) the independence of the board of directors. The board of directors has the following functions in the process of making executive compensation
Sample data during the year. Supervisory role. With the enhancement of the independence of the board of directors, it will better promote the effective implementation of the model construction performance contract to a certain extent and reduce the agency cost of enterprises.
(4) concentration of equity. Equity is concentrated in the hands of major shareholders,
The executive compensation of the city company has a certain continuity. The previous executive compensation level will make shareholders aim at enhancing the company's value and increasing shareholders' wealth.