上市国企高管薪酬业绩敏感性结构化解析.pdf

Finance 金融, 2016, 6(2), 74-88 Published Online April 2016 in Hans. /journal/fin /10.12677/fin.2016.62008 Research on Executive Pay Performance Sensitivity Structure of Chinese State-Owned Listed Companies Li Sun, Liping Yang Department of Finance College of Economics and Management, East China Normal University (ECNU), Shanghai Received: Apr. 2nd, 2016; accepted: Apr. 14th, 2016; published: Apr. 21st, 2016 Copyright ? 2016 by authors and Hans Publishers Inc. This work is licensed under the Creative Commons Attribution International License (CC BY). /licenses/by/4.0/ Abstract In this paper, the sample of the models includes 2561 China’s state-owned listed companies from 2006 to 2013 (including the 1001 state-owned listed companies). By constructing the panel data regression models, this research compares the difference between the executive pay performance sensitivity of central state-owned enterprise and that of local state-owned enterprises, as well as the difference of executive pay performance sensitivity of state-owned financial institutions and state-owned non-financial institutions. The study result shows that: (1) there is a significant cor- relation between the executive pay and company performance of China’s state-owned listed com- panies, but the executive PPS of state-owned listed companies is evidently lower than that of non- state-owned listed companies. (2) Executive PPS of central state-owned companies was signifi- cantly lower than that of local state-owned companies. (3) Executive pay performance sensitivity of state-owned financial enterprises was significantly lower than that of sta