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Incentives for Top-Management and Performance of Listed Companies

Wei Gang  
The problem of incentives for top management has been focus of every one since the reform and opening up in China.This paper mainly investigates the relationship between corporate performance and incentives for top management based on empirical evidence of Chinese listed companies.The findings show that annual pecuniary compensation of top management is rather low;the system of remuneration is unreasonable, and the form is monotonic.Moreover,there is obvious difference in compensation levels across industries.In addition,the phenomenon of “Zero Pay”to top management is grave.We also find that the amount of shares allocated to top management is insignificant,and “Zero Share”is fairly general.The findings of regression demonstrates that there is no significant positive relationship between annual compensation and corporate performance.The shares allocated to top management does not produce the expected incentive effect.It is only an arrangement of welfare system.We also find that no“interzone effect”exits between the amount of shares allocated to top management and corporate performance.Whereas,there is significant positive correlation between the compensation level and corporate size,and negative correlation between the compensation level and the amount of shares held by top management,and the prosperity of industry affects the compensation level of top management.
【CateGory Index】: F276.6
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