An Association Study Of Performance And Executive Compensation Of Logistics Listed Companies

Along with the rise of the principal-agent theory and the improvement of the modern enterprise system, information asymmetry producted by two rights separation and the deviation from performance to executive compensation of listed companies, executive compensation has become the focus of academic debate. At the same time, Chinese and foreign scholars have had many research results of the correlation between performance and executive compensation of the listed companies. With the speeding up of economic globalization, as the third profit source,the logistics achieved more and more attention. Scholars have paied more attention to the creation of the returns with the focuse on the path of the cost reduction. As enterprise’s policymakers, the importance of senior management is self-evident. The present situation of saturated low-end talents of logistics and the lack of high-end talents of logistics caused more thinking. Because there are many unpredictable factors in the logistics operation, such as force majeure obstacle, the action of government policies and so on, therefore, the logistics personnel should not only have abundant professional knowledge, also need the ability to face the unexpected strain. Executive ability will be reflected on the corporate performance. The most intuitive performance optimization is the financial indicators and the number of customers. This article selects annual report data of logistics listed companies from2009to2011listed in Shanghai and Shenzhen stock market to carry on the analysis to study the correlation of logistics performance and executive compensation.First of all, it elaborates the research background, the purpose, the significance of this paper, the framework, research methods and the basic concepts;Secondly, from the perspective of research conclusion, it summarizes and evaluates the research literature of correlation with performance and executive compensation of listed companies at home and abroad,and then it defines theoretical basis involved in this article; Again, from the two aspects of financial performance and non-financial performance, this article studies the correlation of logistics performance and executive compensation of listed companies making use of the empirical research method. Through descriptive statistical analysis of executive compensation, this article summarizes the current situation of logistics executive compensation of logistics listed companies. On the basis of correlation analysis of the performance of the companies in a regression analysis, it concluded that the executive pay gap between each industry segment is large, the same subdivision industry executive pay fluctuation is big, the executives shareholding is uneven, the zero holding phenomenon is serious. There is significant positive correlation relationship between performance and executives cash pay in logistics listed companies, executives shareholding is not associated with performance.Finally, on the basis of empirical research, it puts forward some measures of the executive compensation and the improvement of the internal governance structure of logistics listed companies, such as enhancing equity incentive system, and setting the executive pay system that matches the corporate performance, perfecting logistics internal governance structure of logistics listed companies and so on.