An Empirical Research On The Contributing Factors Of Top Managemsnt Compensative Of Commercial Department Listed Company

With the rapid economic development of China, under the circumstances of the increasingly separation between public corporations'ownership and their management rights, agency problem is particularly prominent, the executives'payment incentive mechanism as the key problem of the agency problem has always been the hot issue of the scholars' research. Scientific and rational payment mechanism not only could enhance the enthusiasm of the executives'work, but also could improve the allocation efficiency of the human, material and financial resources of the corporations, which is beneficial for the long-term healthy development of the corporations. Therefore, the research on the executives'payment incentive mechanism has great practical significance.Scholars in the past have study the executives'payment incentive mechanism either focusing on the all the public corporations or targeting on the popular industries, such as the real estate industry, while references on the public commercial department corporations are rarely found. However, as China has establish its policy of expanding domestic demand and consumption, the retailing industry is particularly important. The researchers have paid more and more attention on the public commercial department corporations of the retailing industry. In this case, this dissertation will turn to the perspective of the public commercial department corporations. Under the former scholars'researches, this dissertation will focus on the effecting factors of the executives of the public commercial department corporations, and put forward some scientific and rational policy suggestions on the executives'payment mechanism.This dissertation selects our countries'public commercial department corporations from 2005 to 2009 as the sample data, and builds the panel data models. Depending on the Eviews software, we have made the empirical analysis of the effecting factors of the executives' payment mechanism. Through the empirical analysis, we find that:firstly, the executives' payment of the public commercial department corporations in China has a positive correlation with the total assets, return ratio of the net assets, locations and corporations' ages, the operating income growth. That means the larger the size of the corporation, more beneficial returns of the corporations, more years of the corporations on the stock market,the higher operating income growth, the more payment of the executives; secondly, the executives'payment of the public commercial department corporations in China has a weak negative correlation with the executives'ages; thirdly, the executives'payment of the public commercial department corporations in China has no correlation with the corporations'debt, the proportion of state-owned share's, the ratio of the stake of the largest shareholder and the board of the directors'scale.