| Domestic and foreign news reports often appear executive compensation and business performance does not match the event.In recent years,the news media reported that the state-owned enterprises executives pay attention to the endless stream of events,the executives "high price" and "zero pay" of the various problems were pushed to the cusp of public opinion.This cannot help but raise the public on the effectiveness of state-owned enterprises executive incentive system questioned.This paper starts from the actual situation of our country,and thinks that the power of state-owned enterprises in our country is gradually formed under the background of special system.The continuous decentralization of government power promotes the expansion of management power objectively.There are many problems in the internal governance structure of the company,such as "insider control" and "a dominance" and so on for the C hinese state-owned enterprises executives too much power to provide an opportunity to have enough space to use its power to affect the pay contract.Even if the state-owned enterprises to use the power of self-defined remuneration there is a certain system of reasons,but the use of power to seek income is not without boundaries.When the high pay exposure in the public eye,the state-owned enterprises executives will become the target,facing the risk o f being replaced or demoted,and even affect their own political future.In addition,with the continuous changes in market reform,China's media industry has also been a great development,the degree of openness of information to improve,so that the public have the opportunity to understand the state-owned enterprises executive remuneration,information transparency to a certain extent,The Power Effect in Executive Compensation.The media as the behavior of the main body,bear a strong role in the dissemination of information and diffusion functions,it will often further expand the social influence.Based on the theory of optimal contract theory and management power,th is paper aims to analyze the relationship between executive power and salary,and to explore the influence of media supervision in restricting management po wer.This paper divides the state-owned listed companies into two sub-samples of the central enterprises and local state-owned enterprises by dividing the state-owned listed companies with only A shares in 2010-2010.The executive com pensation is divided into two categories,The total amount of remuneration of t he top three executives "and the on-the-job consumption measured in terms of"travel expenses,conference fees,vehicle fees,office expenses,service charges,hospitality fees and board training fees " Group test model;through the sum mary of previous achievements and theoretical analysis and empirical analysis o f the sample data,and put forward four different views: First,the expansion of China's state-owned enterprise management power to improve the level of exe cutive currency pay and on-the-job consumption Level,the two there is a clear positive correlation,state-owned enterprises and even the use of the power of the hands of the excessive pursuit of excessive consumption.Second,based o n different levels of control,China's state-owned enterprises executives will be their own hands into the power to obtain high-paying tools,they are too muc h to pursue the amount of monetary remuneration,especially on the level of c onsumer spending show a strong preference,central enterprises prefer to use P ower to seek higher on-the-job consumption,while local state-owned enterprises tend to customize higher monetary remuneration.Thirdly,there is a significant negative correlation between media supervision and executive pay,which mea ns that media supervision can restrict the power effect of executive compensati on in state-owned enterprises to a certain extent.When the media supervision and supervision are the greater,The state-owned enterprise management power on the executive pay the smaller the positive impact of state-owned enterprises executives will reduce the use of their own power to develop monetary comp ensation behavior;media supervision will be on the management of consumer behavior have some constraints,Public funds squandered behavior will be great ly reduced.Fourthly,the Board's Remuneration Committee has a significant neg ative correlation with executive pay,which sugge sts that the establishment of a board of directors of the board of directors of the enterprise,its executives ar e subject to more stringent monitoring,executives to obtain higher authority to operate more difficult increase.In the above conclusions,the setting of salary system and the measuremen t of management power must be scientific and reasonable.This paper puts for ward some suggestions on the above issues: First,C hina's listed companies sho uld strengthen the establishment and improvement of the re muneration committe e system and employ external personnel To ensure the independence of the re muneration committee,the members of the committee should use the profession al knowledge to enhance the rationality and scientific nature of the salary,so as to effectively control the level of executive compensation.Second,to improv e the level of internal governance,the independent director system should be i ntroduced into the company law,and in practice,the strict implementation of t he system,independent d irectors of the terms of service and qualifications to b e strictly controlled,but also to improve the corresponding legal system,And t o develop scientific and reasonable incentives to enable independent directors t o take the initiative to exercise their authority to monitor executive behavior.T hird,try to improve the external oversight mechanism,the Government should be appropriate to relax the constraints on the media,and establish a sound leg al system to restrict media behavior,the media regulate t heir own supervision,give full play to the role of public supervision,the proposed microblogging,W eChat Such as emerging media,market intermediaries and other ways to monit or executive compensation issues. |
PDF Full Text Request