| Top Manager Compensation has attracted great attention for both theoretical community and practitioners over a long time. In modern corporate mechanisms, due to the existence of principal-agent relationship, targets between shareholders and top managers sometimes are not the same. How to make the top managers to do the job which were cared by the proprietary? The key answer is researching influencing factors of Top Manager Compensation and designing the proper incentives.This paper consists of the following six parts: the literature review, theory basis, influencing factors of Top Manager Compensation, rigid analysis between Top Manager Compensation and company performance, longitudinal analysis between Top Manager Compensation and company size, the influencing path of Top Manager Compensation, at last, comparing with domestic research results. This paper is on the foundation of principal-agent theory, human capital theory, incentive theory and tournament theory, combines with research fruits at home and abroad. The paper analyses Influencing factors form the following three issues : the individual dimension, the organizational dimension and the environmental dimension. Then, the article make hypothesis on the basis of this three aspects. Taking small and medium listed companies which cover 2008 as samples, this article has researched the following Influencing Factors: company size, company performance, manager age and so on. The results of the empirical research in this article show that top manager compensation is affected by many factors. Specifically speaking, at the individual level, the age of top managers and top manager education were positively correlated with Top Manager Compensation, what is more, the age of managers showed a significant positive correlation. At the organizational level, share concentrations , whether the general manager take a part-time job of chairman, as well as company performances were positively related to Top Manager Compensation, and company performances has the most significant influences, while the board size and the proportion of independent directors has a negative relationship with Top Manager Compensation, and board size has no significant effect. At the environmental level, industry and region both have a certain effect on Top Manager Compensation. The effect was decreasing from the eastern regions to the central regions , then the western regions.On the basis of above empirical research, this paper have a deep study of the following three issues : rigid analysis between Top Manager Compensation and company performance, longitudinal analysis between Top Manager Compensation and company size, the influencing path of Top Manager Compensation. Rigid study found that: the stickiness between company performances and Top Manager Compensation exists. At the same time, the further study between company size and manager compensation had showed that: In the horizontal level, manager compensation was significant positive with company size. In the vertical level, manager compensation was also significant positive with company size.Subsequently, the path analysis have found the following results: board size, the proportion of independent directors, as well as degree of share concentration do not have direct impact on Top Manager Compensation, but have an indirect impact on Top Manager Compensation, what is more, such indirect impact play roles through the company performance which is an intermediate vary.Generally, the thesis'purpose is to designing variables comprehensively, doing empirical research of influencing factors of Top Manager Compensation comprehensively. In the end, the paper summarized the results of this study. Then compared with other research results which based on the samples of domestic listed companies... |
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