The Gap Of Internal Salary Of Management,the Level Of Management Pay And The Opportunism Behaviors Of The Management

One of the most important mode to ease the principal-agent problem between consigner with agent is that contact the salary incentive system to the agent.Therefore,both in the theoretical and practical circles,how to make the compensation contracts more reasonable of executives in listed company has always been the focus of attention.However,although the study for compensation contracts of executive in listed company has gone through a long time,but the reality of the situation,the role of executives compensation contacts does not achieve the desired effect,the existing research shows that executives of listed companies can use rights and information advantages they owned to affect their compensation contract through manipulating earning.Some scholars believe that the conpensation contract rather than easing the principal-agent problem,even become part of the principal-agent problem.In this case,set down the compensation contract of executives,the study that make compensation contract of exectives with enterprise performance related is not comprehensive.Management oil motivation,also have tne ability to achieve performance requirements through implementing opportunistic behavior,affecting the compensation contract and then reducing their costs,improving their own income.In fact,the compensation contract first affect the behavior of the executives,and then affecting the corporate performance and corporate value.therefore,in order to deepen the effective of compensation contract of executive to performance,clarifying the pay contract and management opportunistic behavior relationship is very important.The gap of internal salary and the level of management pay are the important components of the management compensation.The salary level of the management is more likely to be observed than the internal salary gap of the management.Therefore,the current research on the management pay,Mainly focus on the analysis of the economic consequences of the management level of the management level,but the management of the internal pay gap directly affects the management of the members of the sense of compensation for the sense of compensation and personal attention to the degree of personal psychological factors,according to Maslow demand theory,If the management level of pay more reflects the management of the physiological needs of members,then the management of the internal pay gap is more reflected in the management of the individual value of the implementation of the spiritual needs,therefore,in the study of the management pay this When the problem is concerned,the management pay level and the management pay gap should be taken into account.Based on the principal-agent theory,this paper takes the two main theories of the internal salary gap of management:the theory of tournament and the behavioral theory,to combined compensation dispersion and pay levels of top manager with non-efficiency investment,earnings management and abnormal in-service consumption to study.Specifically,in chapters 3,4 and 5,first of all,this article theoretical analyze how different management internal pay gays would affect non-efficiency investment,earnings management and abnormal in-service consumption,After that,is the further theoretical analysis of if the pay levels of top manager would affect the relationship between compensation dispersion of top manager and non-efficiency investment,earnings management and abnormal in-service consumption,And then use the hierarchical regression with the data of China's listed companies from 2010 to 2015 to make empirical test,and finally make suggestions based on the conclusions of the study.The main conclusions of this paper are as follows:(1)The internal salary gap of management has a significant impact on the lack of investment,and there is a interval effect between the internal salary gap of the management and the lack of investment.When the internal salary gap of the management is less than 20.898 million yuan,the lack of investment will be reduced with the widening of the internal salary gap of management,when the internal salary gap of management is greater than 20.898 million yuan,the lack of investment will increase with the widening of the internal salary gap of management.When the internal salary gap of management can play a role in restraining the lack of investment,raising the level of compensation will reduce the inhibitory effect,when the internal salary gap of management will increase the lack of investment,improve the compensation level of management will curb the promotion effect between the internal salary gap of management with the lack of investment.(2)The internal salary gap of management has a significant impact on the over-investment of the firm.This effect is monotonous but non-linear.As the internal salary gap widens,the over-investment of the enterprise will decrease,but the rate of over-investment decreases will slow down,the increase in management pay levels will curb the impact of the internal salary gap on the over-investment.(3)The internal salary gap of management has a significant impact on the real earnings management,and there is an interval effect.When the internal salary gap of the management is less than 23.469 million yuan,the real earnings management will be reduced with the widening of the internal salary gap of management,when the management of the internal pay gap is greater than 23.469 million yuan,the real earnings management will increase with the widening of the internal salary gap of management.When the internal pay gap of the management can play a role in restraining the real earnings management,raising the salary level will reduce the reduce the inhibitory effect,when the internal salary gap of management will increase the real earnings management,improve the compensation level of management will curb the promotion effect between the internal salary gap of management with the real earnings management.(4)The internal salary gap of management has a significant impact on the accounting select earnings management.As the internal salary gap widens,the accounting select earnings management will decrease,the increase in management pay levels will curb the impact of the internal salary gap on the accounting select earnings management.(5)There is an interval effect between the internal salary gap of management and abnormal in-service consumption of management in the state-owned enterprises.The abnormal in-service consumption of management will increase with the widening of the internal salary gap of management when the management of internal pay gap is less than 72.942 million,and when the internal pay gap of management is greater than $ 72.942 million,the expansion of the internal pay gap will reduce the consumption of abnormal in-service consumption of management.The level of management pay of state-owned enterprises has played a regulatory role in the relationship between the internal pay gap of management and abnormal in-service consumption of management.When the abnormal in-service consumption of management expenses increases with the widening of the internal salary gap,improve the management pay levels can inhibit the promotion effect of internal salary gap to the abnormal in-service consumption of management,and to improve the management pay levels can reduce the inhibiting effect of the internal salary gap of management to abnormal in-service consumption of management when the abnormal in-service consumption of management expenses with the internal salary gap of management widened.(6)The internal pay gap of management does not have an interval effect on the abnormal in-service consumption of management in non-state-owned enterprises.As the internal pay gap of management widens,the bnormal in-service consumption of management will increase.There is a retroregulation to the promotion effect of the internal salary gap to the abnormal in-service consumption of management when raising the pay level of management.