Study On Senior Manager Compensation Mechanism Of Chinese Listed Companies Based On EVA

China Corporation is faced with austere challenge along with taking part in WTO and global economic incorporation. How to get competition advantage is important task under this condition. Mirrlees getting the Nobel Prize of economic said that incentive problem is core problem of all economic area. Top-managers is important investor of enterprise human capital element, his effort degree and operation competence is key factor driving corporation performance. So incentive mechanism to top-managers is the most important in all about incentive problem.Established in enterprise goal theory, value management theory and incentive theory, and combined the basic goal of top managers compensation incentive, this thesis analysis the actuality tradition compensation incentive. Based on this, this thesis constructed theory analysis framework system about influence factors of listed companies' top-managers compensation, and studied the function mechanism of key factors among these influence factors. This thesis constructed top-managers' compensation incentive system based on EVA, put forward incentive model of bonus and stock option based EVA. These provide theory guidance for designing of top-managers compensation.Secondly, This thesis studied calculation principle and accounting adjusting proceeding of EVA firstly, then calculated value of 2003 EVA & 2004 EVA of 366 listed companies in Shanghai stock exchange market. Based on this, the thesis studied the EVA's validity in measuring corporation performance through qualitative analysis and quantitative analysis methods; these methods include comparative analysis, principle component analysis, stepwise regression and spearman correlation coefficient.Thirdly, the thesis put forward hypothesis of demonstration research, and demonstrated the compensation of top-managers and their team by stepwise regression. The demonstration indicated that the manager compensation positively correlates with industry average salary, area average salary, asset scale, and power...