Influential Factors On Top Executive Compensation: Empirical Evidence From Chinese State-owned Enterprise

In recent years, in the management process, the Western developed countries gradually established a comprehensive executive compensation incentive mechanism, the incentive system of executive compensation based on company performance are carried out, and gradually implement management stock ownership plan. Through reasonable executive compensation incentive system, making managers and owners' interests to converge, trying to improve corporate behavior and enterprise performance in the method of salary incentive.In China, the state-owned enterprises is a rather special group.The development of state-owned enterprises are the main force of China's national economy, while the state owned enterprises are endowed with a lot of capital, resources and power, so that in most cases the behaviors of state-owned enterprises are non-market, and executive compensation of the state-owned enterprises are out of control. state-owned enterprises have double identity, both economic organizations and community organization, which determines the compensation of executives of state-owned enterprises has characteristics different from other general business. It is become increasingly urgent problem that how to make executive compensation of state-owned enterprises more reasonable,and make it become an effective means to encourage executives to perform their functions, meanwhile avoide the pursuit of short-term interests of the losses to the enterprise.In this paper, Principal-agent theory, Human capital theory, Corporate governance theory and other theories as the starting point.Ordered literature of domestic and international, and summarized and evaluated the research status in and out.Then reviewed the executive compensation system of state-owned enterprises and the existed issues, and made descriptive statistics and analysis of state-owned enterprises at present. Then presented the data collection and processing, statistical methods and related research hypotheses, constructed a model for executive compensation influencing factors, the Regression results are analyzed and come to the conclusion, trying to find the influencing factors from a practical point of executive compensation of state-owned enterprises, in order to facilitate the establishment of state-owned listed companies in line with the interests of shareholders executives pay contract. Finally, the problems identified during the study, put forward relevant suggestions for improvement.