"China Economic Weekly" reporter Jia Guoqiang Beijing reports
: Zhou Qi (the commissioning editor published in the "China Economic Weekly" in 2017 fiftieth)The executive pay of
listed companies has been a "sensitive" and important topic in the A stock market. In December 16th, the Beijing Normal University corporate governance and Enterprise Development Research Center released the "Chinese listed companies executive compensation index report (2017)" (hereinafter referred to as the "executive compensation report") showed that although the executive compensation of listed companies overall level is not high, but showing extreme differentiation phenomenon, in 2016 of 2829 listed companies, compensation the top three executives average salary is the highest in billion yuan has 13, such as LETV, Midea Group, ChinaNetCenter; the salary of top three executive pay the highest mean value of 100 thousand yuan in the 25 companies, such as China Unicom, China, Suzhou high tech Park City gold etc..
why some listed companies pay more than 100 billion yuan, while other companies' executives pay less than 100 thousand yuan? What are the outstanding problems of the executive compensation incentive mechanism in the current listed companies? China Economic Weekly reporter interviewed Professor Gao Minghua, the publisher of executive compensation report and director of research center of corporate governance and enterprise development of Beijing Normal University.
experts: stock options should be included in executive compensation
is different from the previous report of the executive compensation, "executive compensation report" executive compensation is converted into various forms of monetary income, including basic salary, bonus, welfare, subsidies and allowances, and the number of stock option income = last year for the stock right can be multiplied by (an average price exercise price) and only statistics for executives, general manager, deputy general manager, executive director (including the chairman of the executive director), the Secretary of the board of directors, does not include the Secretary of the Party committee, union president and board of supervisors etc..Why does
take stock options into executive pay? Professor Gao Minghua explained to the China Economic Weekly reporter: "when we calculate the executive compensation index, we do not calculate all the executive stock options, but only calculate the right part of the year (the annual report is 2016). As long as the right to exercise, it means that these options are the disposable cash income they can draw at any time, so they can be regarded as an important part of executive compensation. This calculation can reflect the real income of the executive. "
, however, this way of calculation exists if a company's executive executives can't exercise their rights for several consecutive years, resulting in a very high salary in a year. In this regard, Professor Gao Minghua believes that although the phenomenon exists, but not because it may cause a high salary looks like stock options to ignore, "ignore is not objective."
professor Gao Minghua introduced that in the information disclosure of executive compensation in most developed countries, most of them demanded the disclosure of salary structure, that is, which parts of remuneration constituted, including the stock option that could be exercised at that time.
, in addition, the executive compensation report introduces the concept of executive compensation index by calculating the ratio of the average salary of the top three executives in 2016 to the current operating income of a listed company.
said Professor Gao Minghua, executive compensation index reflects the degree of agreement of executive compensation and contribution, it is not possible, nor is it as low as possible, but this shows that middle value is better, incentive and performance is, "we, according to the 1/4 classification method to determine the position of executive compensation incentive, incentive excessive index interval lack of motivation and moderate. Among the 2829 listed companies, there are 707 excessively motivated listed companies, 1415 moderately motivated listed companies, and 707 less incentive listed companies.
executive compensation report shows that the maximum value of executive compensation index of Listed Companies in 2016 is 33265.41, which is an excessive incentive for Wei Ning Jiankang, and the minimum value is 0.05, which is China Unicom's inadequate incentive.
it is worth noting that the "report" from the executive compensation incentive index, over 100 companies before, ST company has 6, in all 74 ST companies accounted for 8.11%; the top 100 companies lack of motivation in state-owned holding companies 85, 15 non state-owned holding companies home, accounted for more than the total number of the same type, 8.30% and 0.83%.
in 2012, the average value of the executive pay index in 2012 was 359.66 in 312.742016 years, with an average annual growth rate of 28.85%. In this regard, Gao Minghua believes that, to a certain extent, the rate of executive compensation for listed companies is faster than the growth of corporate performance.The gap between executive compensation of listed companies between
, LETV three executive pay 450 million yuan per capitaAccording to executive compensation report,
has 13 top three top executives with an average salary of over 100 million yuan, 24 from 50 million yuan to 100 million yuan, and 83 from 10 million yuan to 50 million yuan. The top three top executives have an average salary of less than 1 million yuan, and the number of the top 2000 executives is over 2000, of which 500 thousand yuan to 1 million yuan has 993, 100 thousand yuan.
Translate by: Baidu Translate .