An Study On Contributing Factors Of Executives Compenstion Of Listed Real Estate Companies Pay

With the development of market economy,the modern enterprise system in China has gradually established. The management of executive compensation is increasingly subject to the parties concern. Compensation as an important means of encouraging executives has been a hot discussion for scholars. How to construct executive incentive mechanism suitable for our company. So that companies need to retain talent, particularly for senior executive ,in order to avoid brain drain in thecompetitive market. Based on the background ,the study of executive compensation is of great significance.This paper is based on principal-agent theory, human capital theory, managers theory and management theory of motivation. Thesis is based on 2006-2008 real estate companies listed in Shanghai and Shenzhen for the study sample. From corporate identity,corporate governance, executives of personal characteristics and industry risks in terms of four factors,this paper tries to analysis affecting factors of executive compensation. First, the study of descriptive statistical analysis of samples found that real estate executives pay has a upward trend year by year, but the gap between enterprises gradually increased. Executives of state-owned enterprises pay much higher than that of non-state enterprises. Then, estamblish a mathematical model, and use statistical software on the factors affecting executive pay for empirical research.. The outcome indicates that: listed real estate company's executive pay has a significant positive correlation with company size,company performance and remuneration of independent directors. But it has a negative correlation with The first largest shareholder with equity ratio and two part-time staff. At the same time, executivepay is influenced by the region,where the impact of economically developed areas of executive pay levels will be higher. Executive pay has no significant correlation with the company time to market, all equity structure, board size, the proportion of independent directors, and asset-liability ratio. After that,this paper propose the estamblishment of EVA evaluation systerm,impruve the pay instituions, emphsis on long-term incentive and other five measures.