Pay Gap Of Top Management Team And The Factors On Compensation Dispersion Of Top Management

In the 1980's,the issue of senior management pay has increasingly become the focus of academic attention,and become a major study areas of corporate governance statement. Since 2009,along with the global economic downturn and turmoil,as a special group of corporate executives,senior management pay has become a hot issue of publia concern after Obama's"salary limit order" and "astronomical salaries" event in home.Most people pay much attention on the executive pay gap between ordinary workers,which seriously affected the fairness of society.In fact,the astronomical salaries is only the superior part of the executive remuneration and other senior management's salaries is much different.The lowest annual salary of them is even as low as the ordinary workers.As executive pay become a public hot topic,we can see that some general executive compensation executive pay is several times than the others from the annual data published by listed companies.Moreover,the pay gap between top managements is quite different from the gap between internal executives and ordinary employees,top managements are occupying top management positions,their decisions always play a role on the development of enterprises,so the incentive between the senior management may be a greater impact on the company.China has disclosed the remuneration of senior management since 1999,relatively late compared to abroad.The disclosure made public concern about the senior management pay,especially in the economic crisis,which also probvided for the executive compensation of the driving force.At present,about senior management compensation,domestic and international forcus on executive pay and corporate performance relationship and factors affecting executive compensation,while studies on the pay gap between senior management are very few.The purpose of this study is to test whether the pay gap between senior management affect Corporate Performance of China's listed companies,and research the factors which affect salary gap and provide practical suggestions on this basis.First of all,this article introduces the thesis's background,the research statement at home and abroad,the structure of the thesis etc.Secondly,it verifes that the tournment theory is applicable to the listed companies in China.Thirdly, combining the characteristics of Chinese society,it analyzes the factors affecting the pay gap between senior management,mainly from the ownership structure, corporate governance structure,business growth,industry characteristic, and regional differences.By the data of 2008 of the listed companies in China,we found that,①the proportion of state shares have negative correlationship with the gap between executive compensation.With the increase in the proportion of state-owned shares,senior managements will have a smaller pay gap.Ownership concentration negatively correlated with the pay gap,the higher the ownership concentration, the smaller the pay gap;②In the relationship of the pay gap between senior management and internal corporation governance structure,we can ge that the proportion of independent directors have a unsignificant causal relationship with pay gap;and the size of the board of supervisors have a significant negative relationship with the pay gap of senior management;③company's growth level has a positive correlation with the pay gap;④it exists a different pay gap of senior executives in different parts;⑤xecutive pay gap is different in different industries.