| 2018 is a special year for real estate industry.Looking back at the real estate market in 2018,various local regulatory policies have been introduced intensely.On April 22,Hainan province restricted the purchase of real estate in the whole district;on May 15,Chengdu issued new policies;and on June 25,Changsha improved its regulation.Against the backdrop of the weak global economy,the start of a trade war between China and the United States has made the environment more severe,resulting in frequent problems in the real estate market due to various influences: first,the "auction to fail of more",the annual national land flow fell below 1000;Second,it is difficult to open the market.In the phase of land acquisition,the price of land even exceeds that of real estate.Third,"difficult to sell",the national opening rate of sale continued to decline with the impact of consumers' gradual returning to rational;Fourth,"financial difficulties".Financial supervision has been strengthened continuously.The financial cost of real estate enterprises has increased and the financing scale has decreased.We can see the real estate industry has come out of the frenzy and began to fully enter the consolidation phase.For the considerations of item called “living but not for speculation” and the regulation for chaos in speculative markets after the 19 th CPC national congress,the real estate industry,as one of the important pillars of Chinese economic growth,needs to be further reshuffled and rationally developed.And the senior manager will become the core force to promote the development and transformation of the company in the wave of reform.In fact,many real estate companies are not short of a good judge of talent which has found the "swift horse".The executive compensation is always at the top of the list,and the phenomenon of inter-executive salary gap is also apparently prominent.But for the companies in the critical period of transformation,is the current compensation incentive mechanisms still effective? Is the salary gap incentive advocated by tournament theory still reasonable under Chinese national conditions? What factors are influencing the salary gap? These are the focuses of this article.These problems will be studied by this paper.On the basis of referring previous literatures,this paper summarizes the research ideas and analyzes them mainly based on principal-agent theory and tournament theory.In empirical research,95 real estate companies in stock markets of Shanghai and Shenzhen from 2015 to 2017 were selected as the research samples.Excel2016 and Eviews8.0 software were used to process and analyze the data.Finally the following conclusions were drawn:(1)It is proved that through the three kinds of salary incentive mechanisms including improvement of compensation,compensation gap widens,executives shareholding ratio increasement,the corporate performance can be significantly improved;(2)It is confirmed that the tournament theory advocated by the incentive compensation gap in our country real estate industry has the relative reasonability;(3)It is found that the enlargement of executives study rate,average age and the scale of the company can cause expansion of the salary gap.But,the increasement in nationalization of the company will lead to the narrowing of the salary gap.Through the conclusion,give the corresponding suggestions: first,continue to widen the salary gap within a reasonable range;The second is to improve the executive stock ownership system;The third is to reduce the state shareholder administrative intervention;Fourth,the implementation of "dual channel" promotion mechanism;Fifth,we should ensure the fairness and reasonableness of performance appraisal and encourage the reward of highlevel talents.These suggestions can provide references for Chinese real estate companies to properly solve the agency problem during the transformation period,and have positive significance for the long-term development of the real estate industry. |
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