An Empirical Study On Contributing Factors Of Executive Compensation Of Listed Real Estate Company

Along with the establishment of modern enterprise system in the country, the issue of executive incentive has become a hot topic for the academic and the practice circle. Among them, compensation incentive as a most important mean to motivate executive has been a hot discussion for scholars. A reasonable compensation incentive mechanism can effectively improve the working enthusiasm and efficiency of executive; avoid agency failure, brain drain, and other negative phenomena. Therefore, studying the impact factor of executive pay has great significance.Compared 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, previous research position in all listed companies, fewer study specific industry. This thesis will place perspective on the real estate listed companies, with a view to have a more in-depth exploration on the factors affecting the executive compensation on the basis of the previous studies, and propose some targeted recommendations for the establishment of real estate listed companies'executive compensation incentive mechanism.This thesis selected 2004-2006 real estate companies listed in Shanghai and Shenzhen as a sample, using SPSS software to make an empirical analysis of executive compensation impact factors. The outcome indicates that: listed real estate companies'executive pay has a positive correlation with corporate performance, enterprise scale, the age of executive, the equity structure and the scale of board .And it has a negative correlation with centralization of equity . Region and whether there is a remuneration committee have had a notable impact on the executive pay, and the more economically developed areas the higher pay executives obtain, executives get higher pay in the companies set the remuneration committee. Corporate liabilities, duality of CEO and chairman, the proportion of independent directors have not significant impact on executive compensation. In addition, under different incentive system, the contributing factor of executive compensation has some differences; the most significant difference is the relationship of executive compensation and corporate performance.