An Empirical Research On Influencing Factors Of Executive Compensation Of Listed Companies

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.Firstly, based on foreign related theory and some research results of domestic scholars, introduces the related concepts and theoretical foundation of executive pay, and analyzes that the influence factors of executive compensation are internal factors and external factors, a personal factors of manager.Secondly, this article selects parts of listed companies of 2009 and 2010 in Shanghai and Shenzhen stock market as sample, and has an overall descriptive statistical analysis of the executive compensation of China's listed companies. On this basis, analyzes the present situation of executive pay of China's listed companies.Again, combined with the analysis of executive pay before influence factors, and puts forward ten research hypotheses, through choosing variable, constructing model and the help of SPSS, then has a empirical research on the influence factors of executive compensation of Chinese listed company by using stepwise regression method and multivariate linear regression method. The results show that there are many influence factors of executive compensation. Area, firm size, business performance, equity balance degree, industry compensation levels, the integration of the chairman and general manager is positively correlated with executive pay, and ultimate owner is negatively correlated with executive compensation. Though executive age, executive shareholding and capital structure have a certain correlation with executive compensation, the correlation is not significant.Finally, according to the empirical results, this paper provides some corresponding countermeasures.