Non-listed Joint-stock Enterprise Executives On-the-job Consumption Research

Joint stock company was born in the west, the earliest after hundreds of years of perfection and improvement, joint-stock company has gradually become the main mode of contemporary company operation, and as an important characteristic of joint-stock company two rights separation phenomenon is more obvious. This two rights separation refers to the separation of ownership and management rights, the company owner or shareholders no longer management operating their own assets directly, but entrust others namely professional managers to complete the daily management work, through professional management to adapt to the increasingly fierce market competition.Two rights separation is the developing trend of The Times, its helps to promote the development of economy. But with the development of two rights separation, many problems also appear constantly, the management for private gain of on-the-job consumption problem has always been the focus of public concern.On-the-job consumption refers to the management with its own power, to complete some work, and consumer spending, such spending is outside the normal pay gains, is a privilege. When the imperfection of the monetary compensation contracts, on-the-job consumption have incentive effect, arouse the enthusiasm of executives. But, because of on-the-job consumption itself is not the owner and manager signed an agreement the two sides as guarantee, when a supervision system, it is easy to lead to the proliferation of on-the-job consumption, thus wasting its resources. Therefore, we should to control the on-the-job consumption within a reasonable range.Through the literature collection and sorting, the academic study of on-the-job consumption can be found more focused on listed shares in the company, for non-listed joint-stock company but little attention, but the non-listed joint-stock company on-the-job consumption and not we ignore. This article main theories both at home and abroad, on the basis of collecting and shenzhen A shares information disclosure good15property company on-the-job consumption data, combined with the city T real estate company case, this paper compares and analyzes to explore some effective control of non-listed joint-stock company on-the-job consumption ideas. This article structure mainly for the following parts:the first chapter mainly introduces the research background, significance, methods and concepts, etc.; The second chapter mainly for the domestic and foreign literature review; The third chapter is the introduction to the basic theory of; The fourth chapter analyze the collected sample data; The fifth chapter analyze the target company T real estate company; The sixth chapter is based on the analysis of the four, five chapter two some research conclusions, and recommendations for non-listed joint-stock company how to control the on-the-job consumption.In contrast analysis, the T company as a private equity company, it has certain advantages in the management of on-the-job consumption, such as separation of two rights, shareholders to actively participate in the supervision and administration, etc., and at the same time, such as equity structure need to be further improved. In view of the above results, this paper puts forward the following Suggestions:to strengthen the understanding of on-the-job consumption; Perfecting the information disclosure; The role of the shareholders’supervision and equity checks and balances; Specification free cash flow; Improve the incentive mechanism; To establish early warning mechanism.