Research On The Executive Incentive Of State-owned Enterprises Under The Background Of Dividend Payout

Dividend payout ratio is an important part of the reform of state-owned enterprise (SOE), the government requests the state-owned enterprise payout dividend from 2007, and the 'State-owned New Deal' issued in November 2010 demanded to raise the ratio 5%. Based on this background, this paper constructs two principal-agent models. They are a single task for production of SOE manager model and a multi-task for production and consumer service of SOE manager model. By the two principal-agent models, we research the influence factor of incentive and effort level in SOE managers.In the issue of the factors in the Optimal dividend ratio, single task and multi-task principal-agent model studies show that the more the cost of SOE managers, the higher risk aversion of SOE managers and the higher the external market uncertainty lead to a lower incentive, and it also show that the higher the proportion of the performance royalty and the higher working ability lead to a higher incentive. In the issue of incentive in SOE managers, analyses shows that the more the cost of SOE managers, the higher risk aversion and the higher external market uncertainty lead to a lower effort intensity, but the higher the proportion of the performance royalty and working ability lead to a higher effort intensity.In addition, research on multi-task model shows that the level of production and service consumption are positive, this means that the service consumer can not be eliminated. Also, the result shows that when the incentive is lower, the SOE managers tend to service consumption, and when the incentive is higher, the managers tend to production. Meanwhile, the study also showed that when the service consumption is considered, incentive is higher than single-task model.Based on the theoretical model, this paper also used the listed companies' relevant data in 2010 to make an empirical research. The results of empirical study indicate that the level of effort intensity of SOE managers have a relationship with salary, equity, risk aversion and dividend ratio and so on. Finally, combined with the theory and empirical, this paper makes suggestions in the dividend ratio can be fixed by the type of companies, in the remolding of entrust theme and in the perfecting the incentive mechanism of state-owned enterprise operator and the employing mechanism and so on.