| The modern enterprise system-the two right separation system,produces the position of the senior manager,that is,the Chief executive officer.In the process of enterprise development,CEO has played the role of the helm,controls the management of the company,and is responsible for the daily operation of the enterprise.Because of the special status and rights of CEO,it makes it the spokesperson and business card of the company?CEO is naturally concerned by the outside world,and has become the focus of society and investors.It has attracted mass media and various journals and magazines to report that CEO has become a public figure.For example,some major companies' CEO,their usual behavior will be the topic of media coverage,which attracts the attention of the world.It can be said that the impact of CEO on the company is huge.Taking this as a starting point,this paper studies the role of CEO incentives in corporate finance corporate governance.At present,most of the research on the incentive effect of CEO at home and abroad is to study the impact of CEO reputation or CEO compensation on enterprise value alone.Few studies have integrated CEO reputation with CEO pay to consider their interaction.Based on the existing research literature and summarizing the existing research results,this paper puts CEO reputation and CEO salary in the same research framework,and studies the impact of the two on the value of the company.This paper selects the Shanghai and Shenzhen A shares listed companies from2012 to 2016 as the research object,considering the the panel data type and the company value,selecting the dynamic panel regression model and the interaction test to study the impact of CEO reputation and CEO salary on the company value.Considering the environment of enterprise system in China,the interaction between CEO reputation and CEO pay will be affected in different ownership companies.Therefore,according to the nature of stock ownership,the sample is further divided into sample group of state-owned enterprises and sample group of non-state-owned enterprises.Through empirical tests,the following conclusions are reached.1,CEO reputation is positively related to the value of the company.CEO reputationenhancement can improve the value of the company.It is an effective means of governance.And the estimation coefficient of the CEO reputation index(CHI)is about4 times than the estimated coefficient of the CEO reputation(MCI)estimated by the total media coverage,and the positive effect of the positive report is stronger.In non-state-owned enterprises,the reputation of CEO is more obvious to the value of the company;2.CEO salary is positively related to the value of the company.The increase of CEO salary can significantly improve the value of the company,and in the non-state-owned enterprises,the incentive effect of CEO pay is greater.In the whole sample,the CEO reputation and CEO pay have synergistic effects on improving the company's value;in non-state-owned enterprises,the impact of both on the value of the company is complementary and has synergistic effect;in the state-owned enterprises,the two have the substitution effect.Through the combination of theoretical analysis and empirical research,this paper studies the impact of CEO reputation and CEO compensation on corporate value,which is of great significance to mitigate the problem of principal-agent and improve the means of corporate governance in China. |
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