Contributing Factors Of Top Management Compensation: Evidence From China's Listed Realty Company

Establishing an effective system of encouragement to attract and motivate top management to work positively rather than negatively (like agency-failure) is a hot topic for many scholars in circles of economics and management all along. Study of top management compensation is an important branch in this field. Compare with abroad research, some problems still exist in domestic research: most of them are normative research, positive research only take a small part; on the other hand some characteristic factors are not considered simultaneously, including some worthy factors. In addition, the criteria of industry demarcation are not objective. This thesis amends the defects before and furthers the study on influencing factors.Samples are sieved out of the listed companies which take realty business as the main industry in Shanghai&Shenzhen Stock Exchange. SPSS is used to carry out bivariate and regression analysis:foundation variables(scale and performance) pass the tests, supporting mainstream results of the past empirical research; Different from most scholars' all industries reserch,we find 5 variables about stock structure are all expelled by the model, such ass the proportion of state-owned shares which doesn't appear negative to the compensation; Accord with our expectation, the variable of independent director proportion passes the test; As the third group of company characteristic variables, region and company age enter the last equation, particularly region enters the equation first showing a strong relation, not only matching with assumption but also proving that our classification standard is appropriate. Other variables may show certain related relation (the type of office etc.) in Pearson test, but can not be verified by regression finally.