The Empirical Research On Influencing Factors Of Top Executive Compensation In Agricultural Listed Companies

Since the company separation of ownership and control,in order to properly solve the problem of principal-agent relationship of agent,with senior managers organize production and operation,the board of directors is responsible for the supervision and checks and balances of corporate governance mechanism arises at the historic moment.Agreement through the domestic and foreign scholars study,establish and improve the efficient executive compensation system to be able to get a powerful agency problems,perfecting the corporate governance.Because of the influence of the financial crisis in 2008,our country agricultural listed companies exposed the salary incentive mechanism and governance mechanism is unreasonable,caused strong reaction society,the correlation of executive compensation and corporate performance and the influence factors of executive compensation become a hot issue.At the same time,on August 17,2009,six ministries jointly issued "about further standard,head of the central enterprise salary management guidance",by society called "state executive pay limit,the listed companies are influenced by different degree,even agricultura l companies are no exception.Therefore,studies the influence factors of agriculture listed company executive pay,establish an effective compensation incentive mechanism,supplementary compensation theory,to avoid executives through system since the compensation of practical significance.This paper with the entrusted agency,human capital,incentive theory,using the experience of the related research of scholars both at home and abroad,from the company,corporate governance,executive personal charact eristics put forward relevant assumptions,establish regression model.In 2010,2011,2012,2013,2014,2013 shares of listed companies as samples,the time series of descriptive statistics,to our country the present situation of the agricultural class ex ecutive compensation are analyzed.Then the model of regression analysis to research the factors and the relationship between executive pay.Empirical study results show that the company size,senior age,whether executives of part-time work in other company,the proportion of independent director,the top five shareholders’ shareholding ratio on executive pay has a significantly positive influence;Asset-liability ratio have a significant negative impact on executive pay.Company performance,the board siz e,the cash in the investment ratio,size of the board of supervisors,senior executives of gender and executives shareholding has certain influence on executive pay,but not significant.From the point of empirical results,our country listed company exec utive salary structure is still unreasonable,executives shareholding is still very low,long-term incentives need to strengthen;The company’s performance and the influence of the scale of the board of directors was not significant corporate governance i s still not perfect.Finally,based on the results of empirical research put forward the corresponding policy recommendations,in order to provide some reference for salary system of listed companies in China.