第
30
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第
3
期
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Research on Relationship among Executive Compensation
,
Corporate Dividends and Enterprise Performance
XUE Wenbo
(
Business School
,
Tianjin University of Finance and Economics
,
Tianjin 300222
,
China
)
Abstract
: From the perspective of property right reform of state鄄owned enterprises (SOEs),this paper explores the interac鄄
tion effects among executive compensation, corporate dividends and enterprise performance of SOEs, in which a simultaneous e鄄
quation model is established by selecting the data of SOEs in the years from 2006 to 2013. Further, executive compensation is di鄄
vided into dominant compensation and implicit compensation. The results show that the dominant compensation, to a certain ex鄄
tent, has the effect of the incentives to enhance corporate value, which also has a positive effect on corporate dividends. At the
same time, the implicit compensation also have a positive effect on corporate dividends. Finally, by coordinating the conflict of in鄄
terest between managers and shareholders, it puts forward the scientific policy recommendation and implementation scheme to de鄄
sign SOEs蒺 incentive mechanism and constraint mechanism.
Key Words
: state鄄owned enterprises (SOEs); executive compensation; corporate dividends; enterprise performance; sim鄄
ultaneous equation model
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