A Research On The Relationship Among Property Rights、compensation Gap Of Intra-listed Companies And Company Performance

This article research all listed companies in A-shares from 2010 to 2015,research on the relationship of compensation gap of intra-listed companies and company performance in fifteen industries.Through add two mediator variables: Total Factor Productivity(TFP)and Enterprise Capital Investment(INV),study on the relationship between compensation gap of intra-listed companies and company performance from two paths for executive and employee incentive.In the same time,this research study on both relative compensation gap of intra-listed companies(CGAP)and absolute compensation gap of intra-listed companies(JGAP).Choose absolute compensation gap of intra-listed companies about executive(JGAP1),absolute compensation gap of intra-listed companies between executive and employee(JGAP2),relative compensation gap of intra-listed companies about executive(CGAP1),relative compensation gap of intra-listed companies between executive and employee(CGAP2),regard them as independent variable.Remedy a defect of only study on one type of compensation gap in the past literature.Regard Return on Total Assets(ROA)of the year before as dependent variable.The result of study shows increase relative compensation gap of intra-listed companies about executive(CGAP1)will help to improve company performance in most industries.But much relative compensation gap of intra-listed companies about executive(CGAP1)is disadvantageous to improve company performance,CGAP1 and ROA show a relationship of inverted U.As well,the study also shows inverted relationship between relative compensation gap of intra-listed companies between executive and employee(CGAP2)and Return on Total Assets(ROA).The only difference is the relationship of CGAP2 and ROA is negative correlation in the industry of water conservancy,environment and public facilities management.For independent variable of JGAP1 and JGAP2,except for one or two industries,in most industries,whether JGAP1 or JGAP2,both of them have a positive correlation with Return on Total Assets(ROA).Total Factor Productivity(TFP)play the role of Intervening variable mainly in secondary industry,such as manufacturing industry、Power,thermal,gas and water production and supply industry、construction industry and so on;Enterprise Capital Investment(INV)plays the role of Intervening variable both in secondary industry and tertiary industry.In addition,this article regards property right as moderator variable.The sample is divided into state-owned enterprises and non-state-owned enterprises,then research whether the relationship of independent variable and dependent variable changes in different industries.