关键词: 公允价值,高管薪酬,薪酬业绩敏感性

Abstract: In the context of the implementation of the new accounting standards, the fair value information has become a new factor that cannot be ignored during the executive compensative evaluation. This paper studies the influence of fair value measurement of China’s listed companies on the executive compensation by taking the “changes in fair value loss and profit”in the profit statement as an alternative variable of fair value. The empirical test results show that there is a significant positive correlation between the fair value gains and the executive compensation, while the fair value losses have no obvious effect on the executive compensation. The changes in the fair value loss and profit of the companies with different property rights have a disparate impact on the executive compensation. The changes in the fair value loss and profit have no striking influence on the sensitivity of the performance-related executive compensation of the whole company. This study indicates that the executive compensation incentive mechanism of China’s listed companies remains to be improved.

Key words: fair value; executive compensation; sensitivity of performance-related compensation