Management Salary External Fairness And Corporate Performance:An Empirical Test Of Intermediary Conduction Effect Of Management Investment Behavior

Management incentive has always been a hot topic in academic research,and it is to solve the current system of corporate ownership and management of the separation of the main method.The salary contract is the core of management incentive,and it is also an important factor affecting the management of management.So how to effectively design the salary contract is a difficult corporate governance.It is generally accepted that raising pay can solve the owner's principal-agent problem.However,I do not know what circumstances need to improve management pay.As well as to what extent it is appropriate.This requires a standard,which leads to the fairness of management pay.Since 2005,China's mandatory listed companies to disclose the company's management pay,which makes the executives of their own remuneration and other company executives pay comparison has become possible,their own salary has a fair or not new knowledge,so To adjust their behavior.And management's behavior directly affects the company's performance.Therefore,the economic consequences of the external pay of management pay are the factors that must be taken into account in improving the corporate compensation system.The fairness of management pay includes external equity and internal equity.This paper focuses on the external fairness of management pay.Management Salary External fairness refers to the comparison of remuneration between the outside of the firm and the industry.This paper chooses the manufacturing industry as the research object,and chooses the listed manufacturing enterprise as the research sample because:First,the large number of manufacturing enterprises,the larger base to avoid the impact of special circumstances,increase the accuracy of the study;Second,the manufacturing business a wide range of business,production process and product production cycle is almost synchronized;The proportion of investment in fixed assets and intangible assets is large and the operation time is long.The above characteristics can reflect the general law of typical investment behavior.This paper focuses on the study of managers' investment behavior and draws several conclusions through analysis.1,management pay External fairness is positively related to business performance.2management pay External fairness and management behavior(inefficient investment behavior)is negatively correlated.3,the management of the external pay fairness,management behavior and corporate performance of the three combined analysis,found that management behavior on the management of external equity fairness and corporate performance intermediary role.4,management behavior on the management of external fairness and corporate performance of the intermediary role in the state-owned enterprises is not significant,significant in non-state enterprises.In the structure of corporate governance,the status of management is self-evident,and its actions are essential to the long-term development of the company.However,the current research is to cross the management behavior to analyze the management of remuneration external fairness and the relationship between business performance,there is a "black box" problem.This article will be the management of investment behavior as a study of management pay external fairness and business performance between the bridge to solve the black box problem.And for enterprises,the status of human capital in the enterprise is a top priority,to develop an effective and competitive salary contract is an important measure to attract and retain talent.Therefore,this paper from the management of external fairness of the salary of this novel perspective to study the management of the pay problem.