Research On The Reform Of The Compensation System Of Chinese State-owned Enterprises In The New Era

In recent years,China's economy has changed from high-speed growth to high-quality development.With the reform and opening up over the past 40 years,the development of state-owned enterprises has gone through multiple rounds of policy adjustment and reform,and the reform of state-owned enterprises has entered the critical and deep-water areas.In this background,in 2015 the state-owned assets supervision and administration commission of the state council issued "on deepening the reform of enterprise salary system,head of the central management of opinions on the current head of the central enterprises pay more specific specification limits,the state-owned enterprises outside the state also has certain reference meaning,start a new round of state compensation control.The implementation of the "salary restriction order" has reasonably narrowed the income gap within soes and standardized the salary structure of soes' managers.However,to some extent,it has frustrated the production enthusiasm of some soes' managers and led to the loss of excellent senior management talents.We should be clearly aware that state-owned enterprises are the mainstay of China's economic development and people's livelihood.As leaders of soes,managers shoulder the responsibility and mission of the Party and the state,and shoulder the Chinese dream of national prosperity,people's happiness and national rejuvenation.Protecting the legitimate rights and interests of the managers of state-owned enterprises and encouraging the innovative and entrepreneurial spirit of state-owned entrepreneurs are an inexhaustible driving force for ensuring the sustainable economic development of China,promoting industrial transformation and upgrading,and pushing state-owned enterprises to turn to high-quality development.Deepening the reform of the salary system of state-owned enterprises in the new era is not only related to stimulating and protecting the entrepreneurship of state-owned enterprises in the new era,but also related to the efficiency and fairness of income distribution in China's socialist market economy Therefore,only by establishing the salary system of state-owned enterprises in the new era,which integrates incentives and constraints,can we stimulate the spirit of state-owned entrepreneurs and regulate and restrain their behaviors,and promote the high-quality development of state-owned enterprisesBased on the political economy of Marx's wage theory,the distribution theory of socialism with Chinese characteristics and state-owned entrepreneur theory,combined with the principal-agent theory in western economics,the optimal contract theory and reasonable component of the theory of management rights,providing theoretical basis for China's state-owned entrepreneur's remuneration distribution and guidance.By sorting out the historical evolution of the salary system of state-owned enterprises in China,the characteristics and achievements of the reform of the salary system of state-owned enterprises in different historical periods are summarized.Through comparative analysis,this paper clarifies the current situation of the salary reform of state-owned enterprise managers in the new era,and points out that there are still some problems in the actual salary distribution of state-owned enterprise managers in China,such as the disconnection between salary and performance,inadequate salary classification management and rigid salary restraint methods.According to the above problems,first of all,through the method of empirical analysis proves that the current state-owned enterprises operators pay and performance is significant positive correlation,and scale of heterogeneity and the heterogeneity of equity and the heterogeneity of two set of state-owned enterprise managers' compensation performance sensitivity exists significant difference,enlightenment to the reform of state-owned enterprises of China should continue to deepen the differentiation and marketization of income distribution.Secondly,the DID model proves that the "salary restriction order" in 2015 DID,to a certain extent,frustrate the enthusiasm of the operators of state-owned enterprises for production,which is not conducive to the sustainable development of State-owned enterprises in China and will lead to a certain degree of brain drain.It also suggests that the salary distribution of state-owned enterprises in China should be more flexible and standardizedIn a word,the new round of compensation system of state-owned enterprises should flexibly use medium-and long-term incentives while restricting the compensation of some state-owned enterprise managers.The one-size-fits-all policy of restricting compensation is not advisable.To further promote the hierarchical and classified management of compensation distribution,multiple efforts should be made to establish the corporate governance structure of "four committees and one layer",to regulate the assessment system and supervision system,and to improve relevant laws and regulations.Based on the differentiation of salary distribution,salary income marketization and salary management standardization,this paper gives some Suggestions on the salary system reform of state-owned enterprises in the new era.