Research On Executive Compensation And Dividend Effect Of Non-state-owned Listed Companies

Conflicts of interest between shareholders and senior managers has always been a high-profile problems in the research of corporate governance around the world, executive compensation and corporate governance as a dividend distribution of incentive and restraint mechanisms is important in reducing agency costs role. From the perspective of corporate governance together, executive compensation and dividend distribution at the enhance corporate value, whether two mechanisms inside will influence each other?Executive pay is implicit throughout the executive incentive compensation system, an important part, especially when the lack of explicit incentive pay, is playing a very important role. Executive incentive should be a combination of a series of explicit and implicit incentive contract. However, most studies only focus on the explicit or implicit incentives, ignoring the interaction between the two is a whole, so that is not a good interpretation of the phenomenon in corporate governance incentive. Therefore, to reveal the effects of executive incentive compensation and dividend distribution constraints on corporate governance must be combined with the actual situation of enterprises, and to take the combination of the incentive contract as a starting point.Therefore, through empirical research and theoretical research combination, from two aspects of executive compensation and implicit compensation, namely to investigate the effect of the dividend distribution of mutual relations. The study found that the different nature of executive compensation, and dividends without mutual effect. The former and the dividend distribution in terms of enterprise value shows a synergistic effect, the latter with the dividend distribution to enhance corporate value in terms of showing the substitution effect, and these two effects in the market is low areas in the enterprise performance is more evident. Finally, according to the results, combined with our institutional background and market environment, this article on how to adjust the internal executive compensation structure, improve the corporate governance mechanism, improve enterprise value put forward the policy Suggestions accordingly.