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1、AbstractAbstractExecutiveincentiveissuehasbeenahottopicofcorporategovernance,theseniormanagersareresponsibleforthedailybusinessmanagementandmajorstrategies,thatistosay,Executivesisdirectlyrelatedtobusinessperformanceisgoodorbad.Inanincreasinglycompetitivesituation,Businessexecut
2、iveshowtoestablishaneffectiveincentivepaysystemandhowtosolvetheprincipal-agentproblemhasbecomeaconcerninrecentyearsmoreresearchquestions.Executivecompensationincentiveasonekindoftheseniorincentive.Ifdonewellcanhelpeasetheproblemscausedduetoshareholdersandproxymanagerlayerseparat
3、ionofownershipandmanagement,sothattheinterestsofmanagersandshareholderstendtobemoreconsistent,therebyreducingagencycosts.Thepurposeofthisstudyistoverifytheimpactofcorporategovernancestructureofexecutivepayperformancesensitivitythroughempiricalanalysis.Inthispaper,thetheoryofcorp
4、orategovernance,managementincentivetheoryandprincipal-agenttheorytheoreticalframework,combinedwiththebackgroundofthecurrenteconomicreforminChina,selected201020122919samplesofA-sharelistedcompany'sboard,inaccordancewiththeoverallsample,asampleofstate-ownedenterprisesnon-state-own
5、edenterprisessamples,industry,year,regionforsampledescriptivestatistics.DescribethecurrentstatusofChina'sA-sharelistedcompany'sboardofcorporategovernanceandexecutivecompensationstructure.Intheempiricalpartofthisstudy,theestablishmentofthreemodels,respectivelycorrelationbetweenex
6、ecutivepayandperformancemodel,thesensitiveoneandtwopostsofexecutivepayandpayperformancesensitivitymodelsandownershipconcentrationandexecutivepayandperformancepaymodel.Fromtwojobs-one,twoaspectsofownershipconcentration,thesystemanalyzestheimpactofthecorporategovernancestructureof
7、executivecompensationandperformancesensitivityofexecutivepay.IIAbstractThroughempiricalstudyfound:1,companyperformanceandexecutivepaywerepositivelycorrelated.2,twograde-onenegativecorrelationwithexecutivecompensation.3,ownershipconcentrationwasnegativelycorrelatedwithexecutiveco
8、mpensation.4,gradesoneandtwoexecutivepayperform
