Property Rights,Montary Conpensation And Perk Consumption

Executive explicit monetary compensation and implicit perk consumption are important components of executive incentive contracts.State owned property rights and private owned property rights have different interest demands,and there are differences in compensation incentives for executive.State owned enterprises have compensation control,but they have a large number of invisible perk consumption.The executive in private enterprises take a higher risk of performance related disengagement,and compensation is more closely related to performance.The difference between property rights to the difference of executive compensation incentive has become the focus of attention of scholars.Scholars have studied the property rights based on the state owned holdings or private holding basis,but few scholars select samples to research about private holdings into state-owned,state-owned holding into private holding,the proportion of state-owned shares decline or rise.State owned shares lost control and the proportion of the decline about the state-owned shares all reflect the privatization of the company.The privatization of the company will have an important impact on monetary compensation of executive,pay performance sensitivity and implicit perk consumption,it will bring about the transformation of executive incentive mode.Therefore,based on property rights theory,principal-agent theory,information asymmetry theory,optimal contract theory,incentive theory and management rights theory,this paper studies the impact of privatization on explicit monetary compensation,pay performance sensitivity and implicit perk consumption.This paper testifies the hypotheses based on the sample data of A-share listed companies from 2007 to 2016.The results show that:(1)Under the same circumstances,compared with the non private development company,the monetary compensation of executive is high with the privatization of company;(2)Under the same circumstances,compared with the non private development company,the compensation performance sensitivity is higher with the privatization of company;(3)under the same circumstances,compared with the non private development company,the Perk consumption show lower with the privatization of company;With the development of the privatization of the company,the monetary compensation of executive and the compensation related to performance have increased,indicating that they are complementary relationships.With the development of the privatization of the company,the monetary compensation of executiveand the decline in perk consumption indicate that they are alternative relationships.Based on the above conclusions,this paper puts forward the following suggestions:(1):Continue to deepen the reform of mixed ownership,The cross shareholding of state-owned enterprises and private enterprises is strongly supported.Through the cross shareholding,the private capital is introduced into the state-owned enterprises and the mixed ownership economy is developed;(2):Establish the market-oriented incentive mechanism,and the government should further reduce the intervention to enterprises and accelerate the transformation of government functions,and better serve the enterprise compensation contract market reform.