The Study Of Controlling Natural Shareholders?Executives Compensation Stickiness On Enterprise Value

The small and medium enterprise board is a separate plate was founded by ShenZhen stock exchangefor the small and medium-sized enterprise which has the vigorous development to solve the financing problem,so,the equity structure features of a single-large shareholder or A few strands of dominant in private enterprise stocks exactly have what direction and degree of influence on the enterprise value?In recent years,scholars focus on executive compensation of public companies has been high,involves all aspects of the research on executive compensation in our country,now a lot of scholars have to shift the focus of research on executive compensation to executive compensation stickiness.Now,many scholars on executive compensationstickiness in the enterprise exists,the influencing factors,characteristics analysis,but less attention to the impact of enterprise value.Therefore,based on thepaneldata analysis of small and medium-sized enterprises board research and analysiscontrolling natural shareholder,the executive compensationstickiness effects on enterprise value.This article selects the small and medium-sized enterprise board natural person directly holding 210 public companies,four years data from 2012 to 2015 as sample,on the basis of the the principal-agent,property rights,and human capital theory as the theoretical basis,using statistical analysis software for controlling natural shareholder of enterprise,the executive compensation stickiness and enterprise value correlation and regression analysis.The empirical analysis results show that the natural person direct holdings of public companies in small and medium-sized enterprise board,the first majority shareholder shareholding ratio and equity balance degree are positively related to the enterprise value;Executive compensation stickiness characteristics are widespread in enterprise,and the appropriate scope of executive compensation stickiness characteristics and enterprise value has significantly positive correlation;In addition,the empirical results shows that the first majority shareholder shareholding ratio and executive compensation stickiness interaction relation with enterprise value were positively correlated,impact on the enterprise value.Based on the empirical analysis conclusion,this paper puts forward the proposal of optimizing the equity structure and making executive compensation stickiness in the control within appropriate scopeThe results of this research expects to optimizethe equity structure and make good use of executive compensation stickiness characteristics,of providing practical reference,promoting the development of small and medium-sized plate private enterprises better.