The Study On The Relationship Between Executive Compensation And Enterprise Performance Of Listed Companies In Coal Industry

With the development of the modem enterprise system and the disclo.sure of executive compensation,all sectors of the society are constantly discussing the executive compensation.Under the"separation of powers"system,in order to reduce agency costs and improve corporate performance,effective executive compensation is determined.The incentive mechanism is the core of the constraint incentive mechanism is particularly important.That is,it can coordinate the contradictions arising from the inconsistency between the two parties,and can effectively maintain the interests of senior management,and encourage executives to ensure their own interests and values while striving to achieve corporate performance and goals.At present,the coal industry is undergoing market-oriented operations such as mergers and integrations,and it faces severe challenges.Performance has become the key to competition among coal-listed companies.It studies the internal relationship between executive compensation and corporate performance of listed companies in the coal industry,and improves the performance of coal listed companies.It is of great significance to promote the transformation and upgrading of China’s energy economy.Firstly,based on the summary of the existing research results at home and abroad,the relevant concepts are clarified,and the status of executive compensation and enterprise performance of listed companies in China’s coal industry is analyzed.Secondly,theoretically deducing the relationship between the two and proposing research hypotheses,taking the data disclosed by 20 coal listed companies in Shanghai and Shenzhen stock markets in 2008-2017 as samples,from four functions of debt repayment,operation,profit and growth.Dimensional selection of 14 financial indicators through the principal component analysis method to obtain the enterprise’s comprehensive performance indicators as the explanatory variables,executive compensation,salary gap,senior management share ratio as an explanatory variable,according to the characteristics of the coal industry and previous research conclusions,The proportion of independent directors,the size of executives,the concentration of ownership,the proportion of the largest shareholder,and the size of the company were introduced as the control variables of the regression model.Finally,using SPSS24.0 for descriptive analysis,correlation test and regression analysis to study the correlation between variables,the empirical results show that:executive compensation,executive compensation gap is positively related to corporate performance,executive shareholding ratio There is no significant correlation with corporate performance.According to the research results of this paper and the actual situation of the coal industry,the countermeasures for further improving the executive compensation incentive system to improve the performance of coal listed companies are proposed,including establishing a perfect executive compensation incentive system,improving the transparency of executive compensation,and establishing a reasonable salary measurement index.Etc.,trying to provide necessary basis for the establishment of incentives and effective compensation mechanisms for listed companies in China’s coal industry.