| With the development of economic, the status of talented person is becoming more and more important, and the competition of modern enterprise has evolved into talent competition. From Maslow’s hierarchy of needs theory, the demand for life improve gradually with the improvement of material life. In 1992, Becker & Murphy presented in the published literature that human capital includes the managers and general employees, and the general staff is most occupied. Therefore, enterprises in the development of systems to attract and retain qualified personnel, material is still an important aspect to consider. Therefore, the study of the main employee motivation means of incentive compensation and equity incentive will help enhance our corporate governance capability.This study is divided into five chapters specifically, the main contents are: Chapter 1 is an introduction, mainly introduces the background, purpose and significance of this research topic, research ideas and possible innovations such as; Chapter 2 is a literature review, mainly from executive compensation, terms, and its influencing factors correlated pay gap, staff salaries and stock incentive and corporate performance review of previous literature; Chapter 3 mainly describes the theory involved in this study; Chapter 4 in this study introduces the design ideas and data sources and puts forward the hypothesis, and then sets various variables, as well as empirical analysis, preclude the use of descriptive statistics and linear regression analysis to verify the hypothesis; Chapter 5 summarizes the conclusions of this study and shortcomings while trying to make relevant policy recommendations.In the empirical part of this study selected Shenzhen and Shanghai A-share listed companies from year 2009 to 2013 as samples, based on the purpose of this study, select first announced the implementation of equity incentive of the listed company, and the deleted the following categories of companies:(1) If the company announced the implementation of equity incentive program several times during the five years, just select the first implementation of the program, delete duplicate programs;(2) Some of the equity incentive program announcement or implementation, and later to stop the implementation of these samples can not be an effective response to the real situation of enterprises, so the writer removed these data;(3) Excluding companies of ST and incomplete data samples. Finally this research got 381 listed company as a valid sample. Then the writer get other data such as executive salary and obtain the required variables, and number of employees from the GTA database and RESSET database, and then regression line.The study found that the general staff salaries and executive compensation were all significantly positive correlated with corporate values, but T test results of the pay-gap between executive and staff pay and the management gap were not significant. Regression analysis found that there are U-shaped relationship between the equity incentive and corporate value which verified the effect of the interval between the two. In addition, in order to examine the effect of the interaction of employee salary and equity incentive and the enterprise value, the author regression analysis the interaction with the enterprise value and found no significant between the two correlations. Meanwhile, throughout the course of the study, the correlation between the enterprise value of the control variables was stable, basically in line with expectations hypothesis. Overall, the empirical results and the actual situation of the basic assumptions and expectations consistent with that increase employee salaries and executive pay in the enterprise, enhance employee properly, and take proper pay-gap, release equity incentive policies, would help to enhance corporate value. I hope the results of this study can provide some reference to modern corporate governance. |
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