Research on the effect of top management compensation structure on manufacturing listing enterprise performance

In this paper, we study the effect of top management compensation structure on manufacturing listing enterprise performance in 2005-2009. The results show that percentage of the total compensation in the average annual market value of top management shareholding, percentage of the total compensation in stock bonus and dividend that top management obtains, and percentage of the total top management in the persons that hold enterprise shares all can positively affect firm performance significantly. Percentage of the total top management in the persons that receive salary can negatively affect firm performance significantly.