An Empirical Study On Relationship Among The Process Of Marketization,performance Risk And Managerial Remunerates-performance Sensitivity

How design effective incentive mechanism, on the one hand, with limiting lower agency cost, on the other hand, letting agent work diligently with the degree ground of biggest and ensuring the client benefits , which acting for the key problem that the theory wants to work out. An empirical study on managerial remuneration speaks from the essence which is a kind of verification of the usefulness of theoretical incentive mechanism design.Currently, the research of the sensitivity of managerial remuneration and the company performance show from the inner part manages, a circumstance and manages angles, such as person's characteristic and ownership of a share structure...etc. but hardly realizing, business enterprise is always in the particular system environment, and the behavior tends to avoid to be harm and orients to environment, thus much behavior of business enterprise should be living to the location of system environment. Therefore, the understanding of the business enterprise environment should be a foundation of studying companies entrust- agency problem. According to this, this text tries to lead into system environment and attend to meet the influence of the system environment of performance and performance sensitivity. Secondly, the performance risk whether influenced managerial remunerates-performance sensitivity, for this problem, no matter it is domestic or abroad, the academic circles hasn't reached a consensus. Consequently it is necessary that a substantial evidence research will be carried on in larger scope and new sample.This text listed Chinese company data on 2001-2008 managerial remunerates for foundation, studied the sensitivity of managerial remuneration and performance from the system environment and the performance risk angles substantial evidence. The research discovers a result that the more perfect region in the system environment, the higher company managerial remunerates- performance sensitivity, vice versa; Along with the enlargement of the company performance risk, managerial remunerates- performance sensitivity will show to lower. The study turns out that perfect encouraging measure of the agent has to consider the performance risk facing with the system environment, but not all talk about it. This result is also further popular solid to classic acting for a theoretical estimate.