Macroeconomic Environment,Corporate Governance Quality And Executive Pay Performance Sensitivity

In recent years,there have been a series of corporate pay chaos.From the beginning of the "sky-high salary" of senior executives of ping an company in 2008,there have been such events as "zero pay" and "compensation performance upside down".The issue of executive compensation has been highly controversial,and people can't help wondering about the fairness and rationality of the compensation system.In addition,the country also frequently publishes relevant documents to regulate executive compensation,and the issue of executive compensation has become a hot topic in domestic academic research,focusing on the correlation between executive compensation and corporate performance.Scholars also pay close attention to the related factors that affect the performance sensitivity of executive compensation and carry out many researches.Enterprise is under economic environment,the success of the operation or not,depends not only on the factors of the enterprise itself,also largely affected by the macroeconomic environment,but these studies only stay in the corporate governance structure characteristics of the micro level of executive pay performance sensitivity and the effect of the macro economic environment factor how to influence executive pay performance sensitivity is less involved.For the sake of the adequacy of the research,this paper combines the macro environmental factors that affect the sensitivity of executive compensation and the micro level factors to comprehensively analyze the correlation between executive compensation and corporate performance.In addition,Chinese enterprises can be divided into state-owned holding enterprises and non state holding enterprises according to the property right nature,and there are many different differences in many aspects.Therefore,the study should be carried out in accordance with the property property nature of the two factors in the study of the factors related to the performance sensitivity of executive compensation.Therefore,the study of the relationship between the macro economic environment,the corporate governance structure and the sensitivity of executive compensation performance is of great significance for the enterprise to formulate a reasonable salary policy.Based on the above analysis,this paper takes 2000-2016 A-Share Listed Companies in Shanghai and Shenzhen as samples to examine the relationship between the macroeconomic environment,the corporate governance structure and the sensibility of executive compensation performance.In addition,the results may beaffected by the nature of different property rights.In this paper,the samples are divided into two groups(state-owned holding enterprises group and non state holding enterprise group)according to property rights,and the impact of macro economic environment and corporate governance structure on executive compensation performance sensitivity is explored respectively.The findings are as follows:(1)Macroeconomic environment has a certain impact on executive pay performance sensitivity.Specifically,the sensibility of executive compensation performance in the period of economic expansion is higher than that of economic systole,and the sensitivity of executive compensation performance sensitivity is lower than that of low industry boom when the industry boom is high.(2)Corporate governance structure has a certain impact on executive pay performance sensitivity.Specifically,good corporate governance structure can enhance executive pay performance sensitivity.(3)The influence of macroeconomic environment on executive pay performance sensitivity is more obvious under the condition of good corporate governance structure.(4)Compared with non-state-owned holding enterprises,the sensibility of executive compensation performance of state-owned holding enterprises is less influenced by the macroeconomic environment,and is more affected by the corporate governance structure.