경영자 보상과 경영성과의 민감도에 관한 연구

This study was conducted from 2011 to 2016 for companies listed in the Shanghai and Shenzhen exchanges for Chinese companies. The purpose of the study was to investigate whether stock performance measures and accounting performance measures respond differentially to the performance of the company according to the compensation and management performances. The results of the study are as follows: First, as a result of analyzing the decrease in the measure of stock performance using the dummy variable, the t value was found to be negative (-), but not significant. In addition, the sensitivity of changes in stock performance measures and the sensitivity of manager compensation did not reveal differential sensitivity to performance. Second, there was no significant relationship between the changes in managerial compensation and changes in accounting performance. In addition, the sensitivity of manager compensation to the negativities of accounting performance measures was found to be negative (-). This suggests that the original hypothesis which predicted differential sensitivity was not supported. This study is significant in that relation between managerial compensation and performance was investigated with regard to Chinese companies. However, it has imitations in generalization since it did not investigate the relation in a more global context by extending to Korean and US situations as well.