| Manager creates company value through management activities. Company’s owners and managers are different interest subjects, and they connect because of company. Company owners design more reasonable salary system to encourage the manager and the managers utilize the salary system to get their max profit. This intermediate compensation mechanism design is one of the focuses of the game.In modern corporate governance research, a lot of academic discussion and analysis focus on executive pay. The domestic research literatures introduce perquisite-consumption concept late, and empirical study on monetary compensation and perquisite-consumption come out in recent period. In most domestic academic study, the research object concentrates on state-owned enterprises. Along with the economic system market-oriented, the status and role of non state-owned enterprises promoted rapid. Compared with state-owned enterprises, non-state-owned enterprises’development starts late. Their small, unscientific, and enterprise-operation is not standard. The disclosure of information quality is also not high, so the private enterprise’s academic research is late. And private enterprises constantly improve their competitiveness in market competition. Private enterprises and SOE compete with each other, common development, and draw lessons from each other. They complement each other as to form our country current economy development pattern.In May2004, CSRC approved to setup SME board in Shenzhen stock exchange via approval of the State Council. Private enterprises get majority in SME board and the proportion of two types of business reflect character of our country’s small and medium-sized enterprises. Relative to the main board companies, SME board of listed companies have small size, high-tech and company growth is advanced. In the aspect of corporate governance, SME internal control system design and implementation have a certain gap with the main board listed companies.Then, how extent the management compensation influences the value of the SME? How the Manager influence the results of monetary compensation and Perquisite-Consumption? How different the incentive pays effect of SME’ state-owned enterprises and non state owned enterprises? This paper wants to get the answer through the theoretical analysis and empirical test.The article is divided into four parts, as follows:The first chapter is the introduction, mainly explains the research background and research significance, and finishing the research thought and writing frame.The second chapter is the literature review. The review mainly from the management incentive literature, and divided it into foreign literature studies and domestic literature studies.The third chapter is the related concepts and basic theories. In the theoretical part of this paper lists the four theories.The fourth chapter is the empirical part. The paper put the managers’incentive into monetary compensation incentive and perquisite consumption. The samples are listed companies on the SME board in the period2007-2010. Then divide the samples into state-owned enterprises and non-state-owned enterprises as comparative analysis.The fifth chapter is list the conclusion of the study, suggestions and lack of paper’s analysis.The main contributions of this thesis:1. Based on the SME board listed company, the listed company according to the nature of an enterprise group is a SOE and non-SOE.2. The management incentive for monetary compensation and perquisite-consumption, respectively two kinds of incentive methods to company value influence.3. Research data update to the years2007-2010. After the year2007, new guidelines for information disclosure of companies is stricter, weakening the management company to operate within the space, so the data update improves the conclusions of the study of reliability.4. In contrast to SOE and non-SOE managers’compensation and corporate value, transverse contrast is more convincing. Both descriptive statistics and regression analysis are always grouped data comparison, data results in the difference of more representatives.The inadequacy of the paper:l.The study sample year is relatively short, the regression results may have certain effect, this paper choose regression panel data GLS regression, sample annual cross period is longer, the regression results more convincing.2. Research data time section by the macroeconomic impact of large. Sample selection for during the year2007-2010, the period of the international financial crisis and national economic rescue plan for the value of the company and management compensation is disclosed to have certain effect, the article did not consider.3. Perquisite-Consumption data worthy of further improvement. |
