Study On Pay Factorsabout Senior Management Of Listed Companies Based On Shanghai Stock Exchange

As the modern enterprise system was established in China, Many scholars are very concerned about the issue of executive remuneration. Reasonable salary incentives can improve the efficiency of senior executives, and reduce agency costs. Therefore, It is very important to study on the CEO pay factors.This paper selected all companies listed in Shanghai stock market as a sample in 2008. get various factors of pay for executives. Through researching will prove its impact on executive remuneration levels. Investigate the incentive and restraint mechanisms about the CEO.First, descriptive statistics were conducted to investigate the remuneration of senior executives of China's listed companies, Listed companies in China found that the remuneration of senior executives showed an upward trend year by year, but the absolute level is not high, the pay gap is serious in the different industries. By describing the statistical analysis, Company executives held a very low percentage of stock, we found that various factors are Impact on executive remuneration by the descriptive statistics.Second, The test results show that:(1):there is a significant positive correlation between the listed company performance and executive compensation; (2):there is a positive correlation between remuneration of senior executives and the size of the company's assets; (3):there is no significant negative correlation between executive compensation and The nature of the largest shareholders; (4):there is a significant positive correlation between the board size of Listed company and executive compensation,and a weak negative correlation between executive compensation and The proportion of independent directors of listed companies,and a strong negative correlation between the size of supervisors of listed companies and executive compensation; (5):there is a weak negative correlation between executive compensation and the largest shareholder,and a significant positive correlation between executive compensation and the second largest shareholder;(6):Regional characteristics have different effects about Listed Companies, there is a significant positive correlation between t executive compensation and Developed areas in eastern,and there is a negative correlation between t executive compensation and Underdeveloped western regionThrough the descriptive statistics and empirical test, We found that:(1):pay incentives have gradually established about Listed Companies in China; (2):there is no correlation between the proportion of listed companies and senior executives with the company holding stock.; (3):Salary constraints play a role but not significantly for Remuneration of executive. We will give some recommendations About three parts, Three factors:Improving the company's executive remuneration incentives, designing the Reasonable performance evaluation system, improving the Constraint mechanism about the pay of executives.