| Along with the development of the split-share reform and capital market, the equity decentralization tend is becoming more significant.The number of absolute control of listing corporation decreased to 18.67% in 2014 from 37.03% in 2003.Besides, the number of professional managers’ betrayal in listing corporation is raising. It makes scholars focus on agent problem between professional managers and shareholders.This paper is devoted to a study on the relationship of between director and CEO from the angel of compensation or between institutional investors and CEO from the perspective of CEO involuntary change. Based on the principal-agent theory, asymmetric information theory, internal control and corporate conspiracy theory, this paper propose hypothesis.Using the descriptive statistical analysis, correlation analysis of empirical test and multiple regression analysis to explore the relationship of between directors and CEO or between institutional investors and CEO, this paper analyze the test results and make conclusions.In this paper, Director’s compensation is divided to two parts, one part is director’s remuneration related supervision, the other part is director’s remuneration what is not related supervision. First part is named with Director’s normal pay, Second part is named with director’s excess compensation. Then this paper uses mediating effect model to explore the relationship of between directors and CEO, and find that CEO’s compensation and director’s normal compensation have a significant positive correlation, at the same time, listed companies have better performance. This paper also find that director’s excess compensation and CEO’s compensation have a significant negative correlation, at the same time, listed companies have worse performance. The research suggests that have obvious collusion between CEO and directors in private listed companies. At last, this paper put forward advice based on research results. |
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