Corporate Performance?Executive Pay And Cash Dividends

Executive pay and cash dividends of listed companies are the hot spot in the past years,and they are more and more supervised and valued by the countries.In order to strengthen the enterprise's cash dividend will and improve the level,the securities and futures commission constantly adjusts regulatory policy of share out bonus.In recent years,executive pay of listed companies is growing rapidly,but the companies give the shareholder rare returns,even to zero.Existing research shows that executive pay and cash dividends are closely linked with performance level,why the companies are generous for executives,but they are mean for shareholders? Because of information asymmetry,executives are likely to encroach on shareholder returns for their own benefits;people have to guess whether executives encroached on the interests of the shareholders? Based on this,how to distribute the benefits between the executives and shareholders also becomes an urgent problem needed to solve.According to the related research at home and abroad,this paper thinks deeply about the bad social phenomenon of the "poor boss,rich steward",uses the data of private enterprises in Shanghai and Shenzhen A shares in 2003-2014 as sample,first,analyzes respectively if cash dividend will and performance changing trends impact on executive pay and performance levels? And we analyze preliminarily the reason of causing sky-high compensation for executives and meager bonuses for shareholders according to the general theory of income distribution.Then according to the analysis results,we use multiple linear regression models,and research on the effect between the two of performance level?cash dividends and executive compensation.The results show that: executive pay is tied to performance level in private enterprises on the whole,compared to the enterprises of performance being on the rise,the enterprises of performance being on the decline that compensation performance sensitivity is stronger,cash dividends can promote the performance level positive impact on executive pay,the enterprises of without cash dividends that executive pay and performance level are no significant correlation;cash dividends are positively related to performance level;the effect between executive pay and cash dividends is positive,rather than executives encroach on the interests of the shareholders,Finally,according to the theory and empirical research results,from moderating principal-agent conflict,improving corporate governance,and reasonably distributing the income between different elements,this article puts forward the corresponding suggestions on the executive incentive and the regulation of share out bonus of listed companies in China,thus promoting the healthy and benign development of enterprises in our country.This paper classifiably comprises different enterprises that cash dividend will and performance changing trends are different,and introduces the general income distribution theory of element distribution to the research concept of reference,shows the related research in the field of new perspective.Invisible compensation can be included in research scope for a more comprehensive research in follow-up studies.