Research Of Legal Regulation Of Executive Compensation In The Listed Company

Listed companies executives refer to the senior management of listed companies,including the listed company's directors, general manager, deputy general manager,chief financial officer, chief executive officer. Executive remuneration of listed companies refers to the returns paid by executives to their own companies and their salaries, including basic salary, bonuses, benefits, job subsidies, housing grants, stock dividends, equity incentives and other forms all the gains. As the agency cost in corporate governance, executive compensation is actually the result of the value identification of the market mechanism during the process of internal autonomy of listed companies. However, the moral hazard caused by the high degree of autonomy in management will inevitably damage the regulatory role of the market itself, and then damage the corporate governance structure and the legitimate rights and interests of many investors. An important goal of legal regulation of executive compensation of listed companies is to provide appropriate incentives for executives, reduce agency cost, improve the corporate governance structure, standardize the company's autonomous behavior, promote the healthy functioning of the corporate governance,and ultimately promote the overall social progress. Therefore, it is necessary to supervise and control the executive pay of listed companies. This paper is divided into four parts, the first part is mainly on the basic concepts of legal regulation of executive compensation of listed companies and its necessity is expounded, based on agent theory based analysis of essence of executives and executive compensation in corporate governance, put forward suggestions for the deficiencies in the existing legal provisions, from the corporate governance structure and from the perspective of social fairness and justice, elucidates the necessity of legal regulation of executive compensation of listed companies. The second part is about the foreign listed companies on executive pay legal regulation legislative practice and evaluation, this paper selected the United States, Britain, Germany and Japan, the legal practice is representative, and its are evaluated respectively, to improve China's listed company executive compensation legal regulation system has an important reference value. The third part of this paper, from the information disclosure system, salary decision mechanism, the judicial review of the three aspects of executive compensation of Listed Companies in China legislation are introduced, based on the analysis of the decision-making mechanism exists in our country's legislation is not perfect,imperfect information disclosure system, the system of judicial review in the absence of such issues. The fourth part of the content is to undertake the third part of the analysis of the three issues, and puts forward some measures to improve the legal regulation of executive pay in Listed Companies in China.