| Developing and implementing the scientific, reasonable, and effective compensation incentives, which can effectively reduce agency costs, is an important means to achieve effective incentive and restraint the senior managers of the company. It is also able to achieve long--term development and the gradual growth for a company. In recent years, the company’s executive compensation gradually been concerned by public, especially executive pay in the financial field has attracted the attention of countless people. Although there have been many researches about executive compensation, in the present study of executive compensation, the concern about executive compensation has not been decreased in the academic circles. On the one hand, the salary issue related to the company’s growth is significance factor; on the other hand, the existing studies still can not meet the needs of the practice.The development and improvement of executive compensation incentives, is related to the economic environment and regulatory background. Financial crisis in2009has prompted the international community to re-examine a lot of regulatory issues, and proposed the establishment and implementation of effective macro--prudential supervision, which has become an international financial regulatory trends, and macro--prudential supervision is an important part is to establish the appropriate counter-cyclical regulatory.There are many researches about executive compensation, but most of them focus on one factory that effects executive compensation. As we know, External factors such as economic environment, regulatory background also effect executive compensation. This paper attempts to relate executive compensation incentive mechanism design to the macro-background, analysis the influence factors of executive compensation incentive mechanism design under the background of constraints.In this paper, the research object is insurance companies, first, summarized and generalized theory of counter--cyclical regulatory theory, then analyzed and summarized the foreign experience and the content of the counter--cyclical regulatory, assumptions influencing factors listed insurance company executive compensation mathematical Statistics to use the scientific method to be tested, and explores the impact of counter--cyclical regulatory insurance companies listed, and in this context impact of the factors listed insurance company executive compensation incentives, incentive pay incentives to further improve the listed insurance companies to provide a reference. The full text of the chapter is organized as follows:The first chapter includes three aspects:First, a brief description of the research background, significance and research methods, followed by the research status of combing.The second chapter elaborates concept papers related to executive pay, the counter--cyclical regulatory introduces followed by the two parts of the theory-the theory of counter--cyclical regulatory and executive pay incentive theory.The third chapter describes insurance company executive compensation incentive system. Summarize the foreign company executive incentive system. The next is the executive compensation incentive system for listed insurance company in China.The fourth chapter is divided into three parts, the first part of the analysis of factors that affect the structure and level of executive compensation. The second part is a combination of the characteristics of the insurance industry, and analysis the impact of the insurance company’s executive compensation. The third part of the study in the context of counter--cyclical regulatory executive pay to the insurance company, there are pro-cyclical effect analysis.The fifth chapter includes four parts. The first part is the impact of the introduction of counter--cyclical regulatory executive compensation insurance company. The second part of executive pay impact factors listed insurance companies in the context of counter--cyclical regulatory description of the statistical analysis. The third part is a multiple linear regression analysis to prove counter-cyclical regulatory context in the second part of the corresponding conclusions on the impact of executive compensation factors.The sixth chapter is given personal recommendations about listed insurance company executive compensation incentives under the context of counter-cyclical regulatory proposed listing of insurance companies in the context of counter-cyclical regulatory gradually adjust the salary structure, strengthen the long--term performance of the executives and companies associated, and etc.The seventh chapter is the summary of the whole paper, and points out the research limitations and future research directions.The main contributions are as follows:the paper based on the insurance industry makes up for the researches about executive compensation in industry, and associated compensation incentives with the macro background, and try to research counter-cyclical regulatory background influence the incentive mechanism of executive pay to insurance company.There are inevitable some limitations in this paper. Firstly, it does not take personal factors of top managers as well as industry and area of corporations into account. Secondly, this study only focuses on cash compensation. Third, there are4limited insurance companies which may limit the empirical result because of lack of sample data... |
PDF Full Text Request