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The Research on the Payment of Executives in Chinese Financial Listed Companies

Author: WangJiNa
Tutor: LiuWenChao
School: Southwestern University
Course: Finance
Keywords: Financial listed companies Executive pay Incentive and restraint mechanisms
CLC: F832.3
Type: Master's thesis
Year: 2010
Downloads: 495
Quote: 4
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Abstract

The worldwide economic crisis in 2007, was originally due to Wall Street's financial crisis in the United States spread, since the development of the world economy is still in the stage of low-level hovering. Most people think of financial executives in order to chase the high salaries and bonuses to create a high-leverage, asset-backed junk bonds, resulting in the entire country's economic and financial risk and jeopardize the overall level of development of the national economy and the people quality of life, U.S. President Barack Obama on February 4, 2009 along with new Treasury Secretary Timothy Geithner announced the salary limit for Wall Street: any government bailout of the financial enterprises in the future, executives of the highest annual salary shall not be over 500,000 U.S. dollars , equivalent to 3.5 million yuan. Fannie Mae and Freddie Mac announced on December 24, year remuneration package, including bonuses, Fannie Mae Chief Executive Officer (CEO), Michael Williams, and Freddie CEO Charles Huo colonialist up will get $ 6 million salary limit non-existent, but this is for our country to take measures to limit executive pay for financial enterprises to provide a reference. Financial enterprise itself is built to bear the risk on the basis of a special industry, listed financial enterprises are state-owned enterprises, for various reasons to identify and study of the making of China's banking, insurance, securities and other financial executives of listed companies pay more full of complex and volatile nature. Only for the pay level of disagreement, financial executives generally reflect the level of their remuneration is not proportional with the responsibility they bear on the grounds that their salaries, compared with Wall Street executives' pay levels is quite low; executive pay in the financial industry is far too high for ordinary people,. This has resulted in the public opinion on the financial executives of listed companies in China pay a great deal of controversy and doubts. This paper argues that any industry pay incentive and restraint mechanisms determine according to their actual level of economic development and social average labor productivity, our financial executive pay current incentive and restraint mechanisms to reform, to improve, the first thing to consider is national level to avoid the problem of the gap between rich and poor is too large, the gap is too large industry. Therefore, this paper analyzes the current financial listed companies in China's executive pay incentive and restraint mechanisms, identify problems and propose ways to solve the problem in the draw on executive pay in the United States and Japan on the basis of the advanced experience of the incentive constraint. China's financial listed companies to improve corporate governance, improve business performance, and promoting the reform of the financial system, to play a support national economic development mode with Chinese characteristics of the financial industry has a profound and important significance. The paper summarizes the basic theory of executive compensation incentive restraint mechanisms; incentive constraints of the status quo of China's financial executives of listed companies 26 financial listed companies and combined analysis of samples, data analysis and build financial executives of listed companies pay static game model; according to status quo come to China's financial listed companies executive compensation incentive and restraint mechanisms existing problems and analyze its causes; rebuilding learn from the advanced experience of the United States and Japan on the basis of China's financial listed companies executive compensation incentive and restraint mechanisms, and application of game theory analysis annual salary system, and the pros and cons of the stock option system, pay design, re-design the annual salary system and the system of stock options given financial listed companies constraint mechanism path reconstruction.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks
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