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论文类型：会议论文

第一作者：Liu Jingjian

合写作者：Ji Danning,Yan Yingchun

发表时间：2016-01-01

收录刊物：CPCI-SSH

页面范围：158-163

关键字：institutional investor; network centrality; executive compensation

摘要：Taking A-share listed companies in China during 2012-2014 as research objects, empirical results show that: with the increase of network centrality, governance institutions contribute to the executive cash compensation incentive, suppress the pay performance sensitivity to a certain extent, and increase the possibility of the implementation of equity incentive plan. Further examination of the characteristics of property right shows that: there is difference between the executive power and the institutional ownership, and the corporate tends to adopt the financial policy of low risk and high cash dividend.