| The mixed ownership was discussed as an important topic after the third plenary session of 18. Driven by the reform policy, more and more state-owned enterprises in the competitive domain have been reorganized into the mixedownership enterprises.Discussion about the senior executive compensation in this kind of enterprise has been more and more heated.The specialists have different ideas about thedual-compensation systemand compensation limit. This paper holds that reformation is an opportunity to realize marketability salary of the senior executives.Due to the separation of enterprise from government, the mixedownership enterprises are free from government intervention.Shareholders, board of directorsand board of supervisors need to assume independent liability for its acts. Classification reform made operation targetsof the mixed ownership enterprisesclear.In order to make marketability salary plan in the mixedownership enterprises, which factors should be considered in, these factors woud have what kind of impact on the senior executive compensation, and the incentive compensation program wouldhave what kind of effect on the enterprise performance, these are all the problems to to be researched in this paper.For the sake of those problems, this paper makes a brief review of the mixed ownership reformation and the senior executive compensation system.On this basis wemake a summing up of the characteristics of the mixed ownership enterprises and the controversial problems about the senior executive compensation, and then put forward the view of this paper. This article builds a model of the senior executive compensation influencing factors based on grounded theory.And then carry out an empirical study by using three years data of 197 sample enterprises. The study finds that:(1) Influencing factors of the senior executive compensation in the mixedownership enterprises can be summarized into four categories,including external environment factors, internal governance factors, enterprise characteristics and the senior executive characteristics,these four catagories should be considered when design the senior executive compensation plan;(2)For 197 sample enterprises,the scale of capital, the aggregation of multi-position, ownership control,and enterprise performance all have positive relationship with the senior executive currency salary;Leverage ratio,the scale of the supervisor board and the senior executive currency salary present the negative relation;The proportion of the independent director, compensation committees,and the concentration of ownership enterprise all have no significant relationship with the senior executive currency salary.The senior executive in the enterprises controlled by the state-owned shareholders or located in the estern part tend to get more currency salary;(3) The concentration of ownership,the scale of the supervisor board,the age of the senior executives are negatively related tothe proportion of executives shareholding;The aggregation of multi-position, ownership control and the proportion of executives shareholding present the positive relation.The distribution, the proportion of the independent director, compensation committees,the enterprise performance,leverage ratio don’t have significant influence on the proportion of executives shareholding.In contrast with other sample enterprises, the senior executives work in the enterprises controlled by the state-owned shareholders tend to get lower shareholding ratio;(4)In 197 sample enterprises,currency salary has positive influence on enterprise performance,stock ownership incentive doesn’t play the expected utility.To this end, this paper conclude the problems found in the research and discussed the reason.By analyzing Chinesemixedownership enterprises development status,this paper put forward a series of optimization suggestions to improve the senior executive compensation incentive mechanism in Chinesemixedownership enterprises... |
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