| In2008,u.s.subprime mortgage crisis triggered a global financial crisis,the crisi not only affeected the financial system in Eurpoe and America,but also to the Chinese capital market. The performance of listed companies has dropped significantly. However, the phenomenon of the decline of corporate performance did not decline to the corporate executive pay.on the contrary, there is a lot of corporate executive pay not only did not decline but increased. Fu Chengyu, Chairman and CEO of CNOOC Group; Ren Zhiqiang CEO of Huayuan Group annual have a high salary.The phenomenon did not uncommon in our country. we called the executive compensation viscous. as early as1925, Baker and Taussings found by study that business performance and corporate senior managers pay did not exist a significant relationship. The asymmetrical relationship between this executive pay and corporate performance attracted the attention of many scholars. Gaver&Gaver (1998) study found that CEO compensation of U.S. listed companies has been improved when the rise of the performance.but, CEO compensation did not reduce when the reduce of the performance. Subsequently, Jackson will be the definition of this phenomenon for the existence of the salary viscosity characteristics. Namely:he executive pay increases in the performance of the marginal increase is greater than in the marginal decline in performance reduction. In China of such studies, Fang Junxiong (2009) found that in China there are also salary sticky problem by the study of China’s listed companies executive pay.2010annual report of listed companies after, a total of11executives of listed companies in China last year’s income exceeds5000000yuan. compared with the previous, the executive pay has been a significant increase,and this kind of phenomenon is increasing day by day. This executive pay increase was not affected by the enterprise achievement effect the phenomenon not only pay more profound changes, the reaction of the executive compensation viscous existence. So, what the cause of the executive compensation viscous exist? How the reasonable control of executive pay viscosity, but also to ensure the promotion of the development of long-term health?...... These problems have gradually aroused the concern of many scholars.Based on previous research for the viscosity of executive compensation, most of them are basic concepts and phenomena, there is no breakthrough detailed analysis of the sticky problem of executive compensation on this basis, the bold articleviews innovation, select the entry point of the corporate governance structure, and thus a more detailed analysis of the sticky problem of executive pay, according to the contents of the corporate governance structure to study the relationship between corporate governance and executive compensation viscousto prepare the ground for executive compensation issues that may arise in the corporate governance process in the future. The corporate governance structure is a mechanism, in the case of the separation of corporate ownership and management rights, the corporate owner of the enterprise by the operators for operation and management, while the business owner operators to engage in the kind of checks and balancesmechanism. Arrangements through this mechanism to the rational allocation of powers and responsibilities between business owners and operators, enabling enterprises to achieve the optimal state in the governance game. This corporate governance posed by the shareholders, board of supervisors and management of internal corporate governance structure of the company management, supervision, in order to prevent the operators deviate from the owner of the interests of effective protection of the maximization of shareholders’ interests. The article first review and comment on the theory of executive pay, and defining the concept, clear the scope of the article studies the corporate governance structure between the shareholders, board of supervisors and executive compensation viscousrelationship. Explore the effects of meeting of shareholders, board of supervisors, board of directors and firm size in the corporate governance structure of executive pay viscous.In the study of executive compensation sticky, our late start, the results in this field, mainly in our country whether there is a test of executive compensation viscous whether the presence of executive compensation sticky affect the pay incentives for executivesthe source of the remuneration viscous little studied. This paper summarizes a lot of experience of their predecessors, select the corporate governance structure as the starting point, the research firm’s governance structure and the correlation between executive pay viscous. According to the collected data, the article will pay viscosity is defined as:executive compensation performance rose when the marginal increase greater than the decline in performance when the marginal decrease, and choose different indexes representing the company management functions of the various departments, in addition, also selected the company scale and other indicators as control variable. Design model of corporation governance structure and top management compensation viscous conducts empirical analysis on the relationship between, say simply, is a clear corporate governance structure of the impact of executive pay, how to standardize corporate governance, to the effective and reasonable regulation of executive compensation viscous.On the basis of a literature review, this study constructed a empirical research frame, put forward6research hypothesis. Select a different index representing the corporate governance structure of the board of directors, board of supervisors, board of shareholders and other variables, and the design of research model. This paper selects2008--2010, the Shanghai and Shenzhen two A shares of listed state-owned enterprises as samples, to pay to performance ratio represents compensation stickiness, to corporate ownership structure, board size, scale of the board of supervisors, the proportion of independent directors, chairman and general manager, whether the enterprise scale as self-care structure representation of the target, using the sample statistics descriptive and multivariate linear regression method, the analysis of corporate governance structure and top management compensation stickiness between relation.Through the analysis and summary, the hypothesis of this study are verified, the specific empirical research conclusions are as follows:(1) State-owned listed companies as study samples, the corporate governance structure and top management compensation viscous there exists significant correlation between. The corporate governance structure of the representation of the target concentration of ownership, the proportion of independent directors, board size, scale of the board of supervisors, the chairman and general manager of a concurrently, total assets and executive compensation stickiness between have significant influence.Through the analysis and summary, the hypothesis of this study are verified, the specific empirical research conclusions are as follows:(2) Listed state-owned enterprise corporate governance structure of the board size, the proportion of independent directors, board of supervisors and executive pay scale viscosity negatively related.(3) Listed corporate governance structure in the proportion of the first shareholder and the total assets of enterprises and executive compensation viscous showed a positive correlation.(4) Compensation stickiness is mainly characterized in:enterprise outstanding achievement rises, executive pay will increase, in enterprise performance drops, executive pay will not fall or drop below the enterprise performance declines, and enterprise outstanding achievement rises bring salary increase is greater than the value of company outstanding achievement to drop brings the performance reduction value.(5) Overall, different corporate governance structure will inevitably lead to a different agency power distribution. Different agency power distribution on senior manager compensation effect and effect is also different. When internal governance structure is more reasonable, standardized, enterprises can effectively restrain and control senior managers have too much power, then design a more effective management compensation contract. In contrast, when the internal corporate governance structure is not reasonable, not standard time, will cause the enterprise power distribution is uneven, managers have greater powers, so that they may breach of privilege for their own pursuit of greater interest, further damage to the rights and interests of business owners.Finally, according to the above conclusion, this study confirms the company governance structure and top management compensation between significant correlation, pointed out the representative index of executive compensation viscous effects, for the future of the executive compensation viscous provided academic basis, at the same time, the conclusion also for enterprises to effectively control executive compensation viscous existing management measures provides effective management foundation. Finally, the article also points out the limitations of this study and future research directions.According to the research conclusion and our existing theoretical basis, the article puts forward some optimizing corporate governance structure, effective control of executive compensation viscous problems measures:(1) The company interior each function branch between independence needs to be improved. The board of directors, board of supervisors function more independently, the more they are able to better play its role. Rational, scientific and standardized corporate executives unreasonable behavior, through the optimization of the proportion of independent directors can effectively regulate the company’s governance structure, thereby reasonable grasp and regulation of executive compensation viscous phenomenon, so as to promote the healthy development of enterprise. At present with respect to our country enterprise governance structure, most enterprises of our country is only in accordance with the securities and Exchange Commission documents required to the corporate governance structure of set, not to be able to play an active role in the enterprise, the corporate governance structure of the independence is not strong, not only can not play its due role in the development of the enterprise will bring certain effects or resistance. Therefore, enterprises need to continuously improve the governance structure of the functional departments of the independence.(2) Strictly control the chairman and general manager of the phenomenon. Chairman and general manager by an individual makes enterprise" centralization" phenomenon, caused by a variety of internal communication between the various departments and coordination problems, not conducive to the effective management of enterprise, then influence the healthy development of the enterprise, how to strictly control the chairman and general manager by an individual happens to avoid" the phenomenon of centralization of state power" important task, therefore, improve the chairman and general manager of independence, so that the two against each other, promote each other, thereby reducing the executive compensation viscous existence.(3) Strengthens the construction of the remuneration committee. In the developed capitalist market, most enterprises have a Remuneration Committee remuneration committee functions, through reasonable regulation and control of executive compensation, effectively restricts the executive compensation viscous problems. Our country can draw lessons from the successful experience of the developed country, the enterprise corporate governance structure established a remuneration committee functions, while ensuring the Remuneration Committee, member of the personal quality and ability, at the same time, to ensure that the Compensation Committee Department functions and safeguard their rights to exercise normally, in order to optimize the corporate governance structure, stimulative enterprise to develop quickly development of enterprises.In short, the innovation of this research is mainly reflected in the following aspects:(1) Subject. Executive compensation has been the focus of the study, especially executive compensation problem of viscosity, the academic research in our country in the occasional scholars to explore, but for attention. The2008global financial crisis to China’s capital market has had a huge impact, enterprise performance generally affected, sharply. However, appeared however in enterprise performance decline of executive compensation is lower, not only that even does not fall to rise instead appeared "executive compensation price " of such an asymmetry phenomenon, this is worth us to ponder, to study. The article after the financial crisis in the background, research of our country executive compensation viscous problem has strong theoretical support and practical significance.(2) Research perspective. In our country executive compensation problem of viscosity of a late start, most studies focus on whether our country existing executive compensation viscous problems inspection and our executive compensation viscous problems will affect the salary incentive mechanism and so on, and no actual in-depth analysis and research, therefore, for the executive compensation viscous source research about. The article takes the field as the scope of the study, there is a strong innovative. At the same time, the article selects corporate governance structure as the cut-in point of the research, the corporate governance structure of a company is the core of management, is one of the core of enterprise development. Combination of corporate governance structure and top management compensation viscous study the relationship between there is a very strong necessity.Based on the above, this article will take corporate governance structure as a starting point to make a new attempt, an empirical test of Chinese listed corporate governance structure of state-owned enterprises and the relationship between executive compensation stickiness, separately from the board of directors, board of supervisors, board of shareholders and so on several aspects of the representation of the target and executive compensation viscous relationship, hen clear correlations between them. and later how to standardize corporate governance structure to constraints or controls on executive pay viscous provide a strong support. |
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