The Research On The Influence Of The Pay Gap Of Top Management Team To Corporate Performance In Listed Companies

In the 21 st century, economic globalization is getting faster and faster, high-tech enterprises as the mainstay of the its development, playing a more and more important role. High-tech industry is gradually improve its contribution in the development of national economy in our country, is an emerging industry in the our country economy development. Faced with constantly updated information technology, its executives as a business decision makers, than traditional industry leader must accept more severe challenges, executives is the core of the enterprise, the development of the central, the most valuable resource. Therefore, the enterprise operators or management problem of incentive and constraint, in today’s high-tech enterprise leading economic development, not only cannot be avoided, and plays a more important role. But, the present situation of executive incentive in China is not optimistic, the phenomenon such as "management astronomical salaries" shows that executive incentive system in our country remains to be perfect. Establish reasonable perfect executive compensation incentive system, to better solve the principal-agent problems, maintain the healthy and stable development of capital market in China is of great importance.Executive compensation incentive design has two focus problems: pay levels and wage gap. The main research focus at home and abroad in the absolute level of executive pay, less research on executive pay gap within the team. Executive pay gap within the team reflects the compensation in distribution and allocation efficiency of the executives.Based on the principal-agent theory, the tournament theory and behavior theory, this paper adopts the normative analysis and empirical analysis, empirical analysis research methods, combining with our high-tech enterprises as the research object, the executive pay gap within the team and the correlation of enterprise performance is studied. The empirical analysis is divided into two parts, descriptive statistical analysis and regression analysis respectively.This article focuses on the principal-agent theory, the tournament theory and behavior theory, through normative analysis and empirical research, this article selects two industry information technology and medical biological products industry as a representative of the high-tech enterprises, with a 2010-2013 annual report data as sample data, respectively from the basic characteristics of company, corporate governance and corporate performance factors in three aspects, studies the main factors influencing the executive pay gap within the team. Get tournament theory and empirical test is suitable for the high-tech listed companies in our country, the expectations for the future salary system reform to provide a meaningful reference. Through this paper study the following conclusions: the high-tech listed companies apply tournament theory in our country, but the pay gap and there is no inverted U relationship between enterprise performance; company scale, the executive team size, last year’s enterprise performance and nature of equity is significant positive correlation in executive pay gap; the proportion of independent directors, ownership concentration and company growth ability and regional differences failed to pass the test of significance.