The Regulatory Mechanism On Compensation Incentive Of Executive Of State-owned Listed Companies

Firstly, according to the 2003-2008 state-owned listed companies, executive's annual data has been published and executive compensation were statistically analyzed, and compared with ordinary worker wages. Through the statistics and comparative analysis, it is found that state-owned listed companies executive compensation generally increases year by year, the gap between the enterprises is in increasing.There exists obvious differences between industry of executive compensation,also the internal company. State-owned listed company's executives generally own low number of shares, per capita quantity of shareholding ratio is not high. Executives lack of zero shareholding phenomenon long-term incentive tools. At the same time, executives and ordinary worker pay salary gap is very large and enlarging. It leads the phenomenon of income distribution gap salary and social injustice polarization between the rich and the poor. Secondly, by the state-owned listed companies in 2008 annual salary as a sample data, we make the regression analysis of salary incentive and the main factors in the senior executives of state-owned listed companies:Executive pay level has positive correlativity with company performance and the company scale; The proportion of state-owned shares executive pay has significant negative correlation with executive compensation; executive compensation has no positive correlativity with executives shareholding; The remuneration committee and the region has positive relationship with executive compensation. The empirical results show that the factors of enterprise performance, enterprise scale and the area has great influence on the executive compensation; the proportion of state has certain inhibition to the executive compensation; State-owned shareholding executives is generally low.Through the statistical analysis and empirical analysis can be found:(1) although state-owned listed companies constantly improve the level of salary incentive mechanism of incentive, but there is still lack of long-term incentives and some unreasonable problems; (2) some senior executives' salary is too high and they are inspired too much.Social income gap is very huge, and executive compensation incentive mechanism is unfair.Based on the solution of the study, for resloving the problmes of state-owned listed companies executive pay existing unreasonable and unjust phenomenon, and make an effective incentive mechanism, this paper attempts to use the gini coefficient to adjust the executive pay incentive level reasonably, especially executives and ordinary worker pay gap. Finally, in order to establish the principle of balancing fairness and efficient executive compensation system, the regulation of proposing the state-owned listed companies'executive compensation is including:(1) design listed company executives incentive principle. Correctly determine the incentive standard, design the executives process of the incentive combination, take care of the principle of social equity incentive;(2) improve listed company senior management incentive mechanism. Reasonable positioning executive pay level executives, pay attention to the long-term incentives, strictly regulate the stock ownership incentive state-owned listed companies, regulating executive expense in-office system;(3) optimization listed company executives salary incentive mechanism of the external environment. To strengthen the property rights reform of state-owned listed companies, enterprises "XinSanHui "and compensation committee, make market competition mechanism perfect.