China's Listed Companies, Fair And Preference For Empirical Research

Departed research has shown that the fairness preference as one of the society preferences not only exists generally and objectively, but also impacts the socio-economic activities widely. As one of the countries who has the largest gap between rich and poor, equity of social distribution has become a prominent contradiction in China's economic construction. In this paper, a special group of managers of China's public company were selected to be the object for the study. Researching the existence of the fairness preference in this group and the features of its path of decay, empoldering a utility function expression of inequality aversion (fairness preference) which can demonstrate this special group's feature, has great significance in guiding China's listed companies staff incentives, corporate governance system and so on.At first, this paper used the survey method to prove the existence of the fairness preference in the group of managers of China's public company, selected the pay, promotion mechanism, outside contacts, as well as a few of the classic game as the four dimensions to design the questionnaire. Then this paper designed a reference dependence experiment, using the experimental data to analyze the features of the sensitivity of fairness preference's path of decay. And at last, on the basis of departed research in the west, this paper has gotten a utility function expression of inequality aversion to demonstrate the fairness preference's feature of this group.The main research results are as follows:The findings of the statistical analysis of survey data were: the fair degree of their pay and promotion mechanism that the managers feel about and their effort levels are positive correlation; about contacting the outside world, whether in-house colleagues or external partners, managers had shown fairness preference which was based on "reciprocity"; also this paper have designed questionnaire including the ultimatum game, dictator game, as well as public goods game, and the results showed that the managers' behavior accorded with the experimental results of the experimental economists by and large. And the experimental results showed that: the fairness preference's path of decay of the managers of China's listed companies were shown different feature in terms of jealousy preference and sympathy preference. To sympathy preference, the path of decay shows feature of sensitivity diminishing, and to jealousy preference, the path of decay shows feature of sensitivity increasing.Besides, this paper has gotten the utility function expression of inequality aversion to demonstrate this feature basing on the departed research.