중국 상장기업의 경영자 현금보상 결정요인

[Purpose] This study examines the determinants of managerial cash compensation in terms of financial characteristics, profitability, growth perspectives, and governance for listed companies in China. [Methodology] The determinants of manager compensation, including profitability variables, financial characteristics, growth perspectives, and governance are analyzed for listed companies that issued A shares on the Shanghai Stock Exchange and Shenzhen Stock Exchange in China from 2008 to 2018. [Findings] Among the profitability variables, managerial compensation increased as ROA, ROE, Tobin’s Q, DIV, and WAGE increased and RET and CFO decreased. Among the financial characteristics, management compensation increased as SIZE, LEV, ALT, and CR increased, and among the growth perspectives, management compensation increased as AssetG and OperatingG increased. Among the governance structure characteristics, managerial compensation increased as Mshare, TOP1, and IdDir decreased, and manager compensation increased as Slb decreased. [Policy Implications] This study has the following contributions by empirically analyzing the determinants of manager compensation in the Chinese market. First, identifying the determinants of managerial compensation helps to improve the limitations of the compensation system. Second, by studying the management compensation system of listed companies in China, it is helpful in cross－country management compensation system and related research. Finally, this study will help shareholders develop the compensation system and establish effective incentives to maximize corporate value with risks, thereby reducing agent costs.