Research On The Influence Of Compensation Stickiness And Debt Constraints On Investment Efficiency Of Animal Husbandry And Fishery Executives

Whether the investment activities are effective or not is directly related to the company’s sustainable operation and future development.Investment efficiency is one of the important criteria to determine the effectiveness of investment activities,scholars have confirmed the effects of executive pay stickiness and debt constraint on investment efficiency,but there is little literature to study the difference of the two combinations on investment efficiency of different companies in the same industry.In addition,animal husbandry and fishery play an important role in the national economy,and its development is related to the national economy and People’s livelihood.The Central Committee of the Communist Party of China and the State Council have issued a series of policies to promote the development of animal husbandry and fishery in China.Therefore,what kind of China’s listed animal husbandry and fishery companies in the executive pay stickiness and debt constraints conducive to the improvement of investment efficiency? After sifting through the characteristic elements that influence the executive pay stickiness and the debt restraint,we further ask: Which of the executive pay stickiness characteristic elements match the debt restraint characteristic elements,can promote the investment efficiency of the company?In view of this,This paper combines the three aspects based on the theoretical research of “Executive compensation stickiness — Debt constraints — Investment efficiency”.In addition,it summarizes the three factors influencing the executive compensation stickiness:administrative expense ratios,ownership concentration,the proportion of independent director,two factors influencing debt constraints: commercial credit and short-term debt,and constructs the theoretical model of the influence of each factor of executive compensation stickiness and debt constraint on investment efficiency,proposing the research hypothesis of this paper.Then,26 China’s listed animal husbandry and fishery companies are selected from 77 listed companies of Chinese agriculture,animal husbandry,feeding and fishery sector.At this point,fuzzy-set qualitative comparative analysis is used to explore the combination mechanism among the factors,Finally,the six condition combinations of executive compensation stickiness and debt constraint which have a positive impact on investment efficiency are explored.In the best condition combination,a typical case of Muyuan Foods is selected for specific analysis to further explain the feasibility of the condition combination.The results show that: A single factor does not constitute a necessary condition for China’s listed animal husbandry and fishery companies to obtain efficiency investment,but the different combinations of these factors are conducive to China’s listed companies to obtain efficient investment,it has the obvious characteristic of “different roads lead to the same destination”.There are six conditional portfolios of efficiency investment of China’s listed animal husbandry and fishery companies,the one that has the most samples is portfolio 1(～ Mc*Dd*Credit).It indicates that for China’s listed animal husbandry and fishery companies,excluding the existence and reduction of the administrative expense ratios of the monetary compensation of top executives,to some extent,it will enhance the stickiness of the monetary compensation of top executives,the high proportion of independent directors and the combination of commercial credit can reduce the unreasonable investment decision-making made by senior managers under the salary stickiness,and help China’s listed animal husbandry and fishery companies to obtain efficiency investment.From the perspective of configuration,this paper researches the condition combination of obtaining efficiency investment of China’s listed animal husbandry and fishery companies,it is helpful to set up a whole analytical train of thought to discuss the influence of various factors of executive compensation stickiness and debt constraints on investment efficiency of China’s listed animal husbandry and fishery companies.It provides a new way of thinking for the establishment of executive compensation,the adjustment of debt structure and the perfection of independent director mechanism in China’s listed animal husbandry and fishery companies.