The Impact Of Intellectual Capital On CEO Compensation Of Listed Companies On GEM

Enterprise is a social entity composed of complex social phenomena,and how to realize the balance of power in the organizational structure of modern enterprises is the soft power that a successful scale enterprise must possess.Agent of microeconomics theory explains the principal-agent relationship between the enterprise owners and operators,enterprise owners through the shareholders' committee or the board of directors set up compensation,incentive,supervision and restriction and encouraging the chief executive officer(CEO),in order to achieve the benign development of the enterprise,the most direct embodiment of it is on the CEO pay.Resource base theory points out that when human capital and physical equipment,technology or professional processes are combined in a unique way,it will create a resource that is difficult to replicate.This combination makes the value of the enterprise above its own book value and forms a unique competitive advantage,which we call intellectual capital.In today's knowledge economy,intellectual capital is often considered a kind of strategic assets contribute to organizational performance,and with a variety of intellectual capital measurement model(VAIC model,etc.)the emergence of enterprise intellectual capital between the horizontal comparison,longitudinal growth comparison,their own intellectual capital have become possible.In the new era of intellectual capital,is China's listed companies viewing intellectual capital as a resource advantage? Does the board of directors of domestic enterprises consider intellectual capital as a means of consideration when setting CEO pay? This is the question that this article wants to study.This study extends the performance measurement theory and development of the VAIC model.By studying the influence of intellectual capital on CEO compensation,this study provides new ideas for the use of intellectual capital performance appraisal.In addition,this study provides a new insight into the differences in CEO pay growth,and also helps the board,remuneration committee and shareholders understand the relationship between enterprise intellectual capital and CEO compensation.The purpose of this paper is through the empirical research of intellectual capital and its child part of the influence on enterprise CEO pay,in this paper,based on the theory of agency theory and intellectual capital theory,based on the analysis of the existing relevant research results at home and abroad,the design model based on VAIC judgment on the impact of intellectual capital on CEO compensation function model,set up reasonable and effective sample selection conditions,selected the more high intelligence capital enterprise of the growth enterprise market samples as the research object,the final application panel data model based on generalized least square method to analyze the empirical results.The empirical results show that the domestic gem market enterprise intellectual capital has certain influence to the CEO pay,especially the human capital in intellectual capital has significant positive influence on CEO pay,capital structure had no significant effect on CEO compensation.This proves that the intellectual capital as a measure of corporate performance exists in the board of directors or CEO pay decisions,the other part was not significant results show that the compensation decision on intellectual capital evaluation index set of comprehensive is still limited.