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- W2363206745 abstract "The cost of capital is the first concept of modern corporation financial theory,a scientific and reasonable executive compensation incentive system must be based on the cost of capital constraint.The paper reconstructs the core idea of executive compensation incentive,and puts forward the view of cost of capital constraint of executive compensation,that is,executive compensation is not only constrained by the cost of capital on the total amount,but also sensitively constrained by the cost of capital movement on the changes speed,and sticky constrained by the cost of capital movement on the changes range.Using the cost of capital and its volatility as a benchmark to measure and evaluate the quality of the behavior of the executives,integrating the change of shareholders' wealth with the rise and fall governance mechanism of executive compensation together organically,could maximize the executive compensation incentive function.The paper takes 2009—2011 China's listing corporations as samples to carry out an empirical test,the results show:there was a negative correlation between China's listing corporation's executive compensation and cost of capital;executive compensation's cost of capital sensitivity is very significant;relative to the cost of capital,monetary compensation has the downward stickiness,while equity compensation with upward rigid.Analysis also confirms,however,the almost monotonous up characteristics of Chinese executive compensation will nearly removes the incentive functions of the equity compensation,which should be corrected.Strengthen the compensation incentive function from the dynamic perspective is a basic way of the executive compensation mechanism optimization.The conclusions of this paper have important significance to strengthen the cost of capital restraint mechanism in the designing of executive compensation system,as well as further promote the compensation reform." @default.
- W2363206745 created "2016-06-24" @default.
- W2363206745 creator A5066562420 @default.
- W2363206745 date "2014-01-01" @default.
- W2363206745 modified "2023-09-23" @default.
- W2363206745 title "Core Reconstruction of the Executive Compensation Incentive:The View of Cost of Capital Constraint" @default.
- W2363206745 hasPublicationYear "2014" @default.
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