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The Conference on Web Based Business Management (WBM 2010 E-BOOK)

Chengdu,China,9.20-9.22,2010

ISBN: 978-1-935068-18-1 Scientific Research Publishing, USA

E-Book 1342pp Pub. Date: October 2010

Category: Engineering

Price: $80

Title: The Executive Compensation Incentive and the Non-efficient Investment of the Listed Company
Source: The Conference on Web Based Business Management (WBM 2010 E-BOOK) (pp 1036-1041)
Author(s): Ru Zhang, Accounting Institute, Zhejiang A&F University,Hangzhou.China，311300
Xiangyi Du, Accounting Institute, Zhejiang A&F University,Hangzhou.China，311300
Abstract: We use the date of the A-share company between 2007 and 2009 as sample. First we set up an invest model. Then make regression between the actual investment and the expected one. The regression residual will be sorted as over-invest and under-invest by sign. Then we do regression between the PPS (pay-performance sensitivity) and over-investment or under-investment. The PPS indicates the intensity of the incentive. The conclusion is the relation of PPS and investment is negative if the PPS is under the optional level, and investment is negative if the PPS is under the optional level, and it is positive if PPS is higher than the optional level.
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