| With the current economy being complicated and the enterprise increasingly fierce competition,senior management personnel are the company's core resources,because their management decisions directly affect the company's business performance,so it is especially critical to their management incentives.Executive compensation incentive is one of the most important aspects of the research on the theory and practice.In the separation of ownership and management of modern enterprise system,formulate scientific and reasonable compensation for examination and assessment system,that is effectively motivating executives,reducing principal-agent cost,and improving company performance,and increasing enterprise value and shareholder wealth,is the modern company management target and the aspirations of each shareholder.However,listed companies current commonly used salary incentive measures are not ideal.The incentive effect is not big,issues involve that the unreasonable salary incentive mode selects,evaluation method is not comprehensive,index of goal setting is not scientific and so on,often makes the executive income compensation and corporate performance show that the large deviation,the companies operating losses,but executives with "sky-high compensation "phenomenon.Executive compensation incentive is a systematic project,it is a matter of company strategy,and cannot be solved by a single point of view.Therefore,it is a realistic work to set up the compensation and evaluation incentives.This paper discusses the problems of A company's financial performance evaluation and executive compensation reform,through the collection and analysis of Vanke,Dong-e-e-Jiao and Midea companies on performance and executive compensation data and information to study its experience and the pros and cons,And improve the executive compensation system provides the experience and ideas,the final analysis of A company executives pay problems,reform and improve their compensation incentive program.This paper is divided into 5 chapters.Chapter 1,overview.Based on listed companies,the current situation and problems of executive compensation of listed companies in China are analyzed.The executive compensation of listed companies is rising year by year,and the salary growth and performance growth of different listed companies show different characteristics.Executive pay is growing faster than growth;Executive pay growth is slower than growth;the growth of executive compensation and the growth of the performance is stable;Executive pay growth and performance growth have no regularity.Through the analysis of the status quo of compensation,this paper determines that this paper mainly studies the principal-agent problem in corporate governance,namely enterprise performance evaluation and executive compensation incentive research.Chapter 2,literature review.This paper reviews the research results of the relationship between executive compensation and corporate performance at home and abroad,and concludes that equity incentive is an effective way to solve the problem of principal-agent problem.Chapter 3,the selection of three listed companies of different industries.The executive compensation incentive model of the implementation of their analysis and comparison,to analyze its characteristics and successful experience,illustrates the equity incentive for examination and assessment of the compensation incentive model can effectively reduce principal-agent cost,and guard against moral hazard,is both can motivate executives' layer and can improve the performance of good corporate governance modes.Chapter 4,taking company A as an example,analysing its operating financial situation for nearly five years and points out some deficiencies.To its current executive compensation incentive model for analysis,the author thinks that it should increase the financial index as equity incentives,such as EVA,ROE.Forming a set of relatively scientific and effective incentive plan.Chapter 5,there are the conclusions and recommendations of this paper.The paper analyzes the current situation of executive compensation of listed companies and the problems found,many listed companies pay and company performance growth is not synchronized,or pay increases faster than the growth performance,which produce executives high salaries,poor company performance;or salary growth slower than the growth performance,the company develops very fast,but executives did not get the corresponding compensation,is not conducive to the long-term development of enterprises.The study further found that salary growth and steady earnings growth ratio of listed companies,not only with good performance,and pay attention to salary incentive,which promotes the growth performance of the company,to produce a virtuous circle.A common characteristic of the listed company is to implement the long-term salary incentive.Through the research,the restricted stock incentive plan of A company did not bring about the rapid growth of the company's performance,and interest bearing liabilities The rate is increasing year by year,visible on the ROE growth is not caused by the operation of competitive advantage.The author thinks that the A company from three aspects of the reform of executive compensation incentive system:firstly,the company should increase the level of exercise conditions,ROE,EVA as a performance assessment index.Secondly,taking the long-term compensation combination of various incentive mechanisms A company incentives.Thirdly,A company to do strategic performance management,improve the scientific implementation of the salary system. |
