The Research On Study On The Relation Capitalization Structure And Pay Of Managers

What are the relationships between the salary of manager and the capital structure in a firm? This problem has very important theories meaning and reality meaning for stateowned business enterprise in further perfect China reform and establishment the modern business enterprise system.This paper anaylize existing cultural heritage of the sorting of the system concerning the capital structure and the agent salary system interaction, and further according to Hart(2000) model of game , and further expanded, So-called here of the standard obligation contract is at the business enterprise have the ability of repay debt request it pay a fix amount of money of contract, if can't pay this amount of money, business enterprise have to bankruptcy.The result of the model of game elucidation, business enterprise of liabilities be advantageous to encouraging agent of effort level, but the gold color parachute disadvantageous in agent effort level of encourage, but realization this target still demand satisfy some other condition.Dissimilarity of the dissimilarity of the profession and profession development stage to this process also existence dissimilarity of influence. Further, this text with 2008 years finance report of Shenzhen and Shanghai two city listed company is research sample.The choice agent year guerdon total,agent hold a ratio and property liabilities rate as a research inside living to change quantity, but pair of whether the property,agent of the scale,growth,business enterprise of the business enterprise is part-time with president or not,the stateowned ratio,company of the company hold more than 5% shareholder number,board of directors number,business profit margin and clean property profit margin etc.s influence in the past the research because of change quantity of factor Be outside living to change quantity.The adoption description statistics analysis the method and relativity analysis method at analysis both it the relation of, on combining the conclusion of the theories model and the foundation of the substantial evidence conclusion, this text give the perfect company manage structure of counterplan and suggestion.The innovation of this paper is China stateowned business enterprise distort of entrust to act for relation to lead into the model of analysis frame, and with China of experience data to both relation carry on a substantial evidence analysis, and get meaningful of conclusion. The shortage is main and didn't consider interest rate, inflation, the market efficiency etc. macro view factor of influence, but these factor doubtless to research both relation have very important influence.