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Research on executive compensation management of state-owned enterprises: Paper 1 Keywords: state-owned enterprise executives; Salary management; Business performance
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At present, China's state-owned enterprise executives' salary is frequently criticized: whether the high salary of state-owned enterprise executives really creates value for shareholders or the extra salary obtained by actual control and partial monopoly is worth pondering and discussing. Taking the state-owned listed companies in 2008 as the research object, this paper probes into the problems existing in the salary management of the top managers of state-owned enterprises by means of correlation analysis, and advances some corresponding solutions.
I. Introduction
In April 2008, 1494 annual reports of listed companies disclosed the annual salary of executives, with an average increase of 57%, which immediately aroused public anger. It is reasonable for the company's efficiency to improve and the executive's salary to increase accordingly. But the problem is that the welfare has not increased, but the salary of executives has increased; Or the benefits have increased slightly, but the executive compensation has increased significantly. Especially for state-owned enterprises, state-owned enterprise executives are a special group. A few people may have the ability of professional managers, but the development of their enterprises still depends on a large number of specific and incomparable factors such as administrative power and resource monopoly. Then, whether the high salary of state-owned enterprise executives really creates value for shareholders, or the extra remuneration obtained by virtue of actual control and some monopoly position, deserves our deep thinking and discussion! Facing the severe financial crisis, it is necessary to further improve the incentive and restraint mechanism of the salary distribution of state-owned enterprise executives, clarify the relevant principles, make the rights and responsibilities of state-owned enterprise executives equal, and put an end to the phenomenon that state-owned enterprise executives set their own salaries at will, so that China's economy can withstand the severe test.
Second, high-state-owned enterprise salary management status analysis
Based on the research of Wei Gang (2000) in the article "Incentive and Operating Performance of Senior Managers in Listed Companies", senior managers refer to board members, general managers, presidents, deputy general managers, vice presidents, chief financial officers, chief engineers, chief economists, chief agronomists, secretaries of the board of directors and members of the board of supervisors. At the same time, for the convenience of obtaining data, the total executive compensation is defined as the total annual salary of directors, supervisors and senior executives disclosed by listed companies. According to the analysis needs, taking the annual report data of state-owned listed companies in 2008 as the main analysis object, considering the adverse impact of extreme net profit on the statistical results, firstly, the state-owned listed companies with negative net profit are excluded; Secondly, because domestic investors are mainly concerned about A-share listed companies, we exclude B-share listed companies; Finally, some state-owned listed companies with incomplete information were eliminated. According to the above principles, the author selected A-share stocks listed in Shanghai and Shenzhen stock markets in 2008, selected 232 A-share stocks with more than 50% state-owned shares, excluded 38 stocks with incomplete information and negative net profit, and analyzed the remaining 195 stocks. All data are compiled from the database of Guoan and Juchao Information Network. This paper uses SPSS 16.0 software for analysis.