Case Analysis On Shanghai Real Estate Companies’ Difference Of The Employee Compensation

The worker pay is about people’s livelihood, economic development and social stability. In the country is committed to create a harmonious social environment, labor relations between enterprises and employees become an important aspect in the construction of a harmonious society. At the same time, the government-led market economy reform has formed the unique pattern of \ "double-track\" economy in our country, under the \ "double-track\" economy, the enterprises of different ownership management goal, the external environment and internal management system may lead to worker pay have different nature of equity division level. In nearly a decade, China’s house prices continue to rise, become a hot topic in the country, the real estate industry has become a new growth point of economy in our country, real estate is a capital-intensive enterprises, however, the development cycle is long, investment is large, the financial dependence is very high, but, for a long time, the financing channel of real estate enterprises in China lack of diversity, universal existence financing constraints. Studies how different ownership property of the real estate enterprises to improve their employee compensation level has become the urgent need of research problems. This paper selected the selection in the same area(Shanghai), the same industry(real estate), a state-owned company and a private enterprises as the main research object of case study, on the basis of the information asymmetry theory and equity theory, adopt the method of combining normative research and case studies, research different ownership property of the real estate enterprises is due to the different financing constraints is the worker pay differences.Research results show that in the real estate industry, employee compensation institutional fragmentation under the "double-track" economy as a result, the state-owned enterprises to pay the employee compensation is higher, the state-owned enterprise worker pay levels higher than private enterprises. Further study, based on the perspective of financing constraints, the results show that in the real estate industry, relative to the high degree of financing constraints of enterprises, low degree of financing constraints on enterprise employee compensation is paid a higher, namely financial constraint level of high and low and a reverse change enterprise pay worker pay levels. But in the real estate industry, the different nature of the ownership of enterprise financing constraints, namely relative to state-owned enterprises, private enterprises are more financing constraints, the staff of state-owned enterprises pay levels greater than private enterprises because of the state-owned enterprise financing constraints are less than private enterprises.