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Since the 1980s China has been in the process of economic restructuring from a commanded to market economy with a rapidly expanding and evolving labor market and the reform continues to this day China indeed represents an interesting case as its emerging market is undergoing a fast but embryonic mercerization Principal aims of the reform consist of modernization of industry simulation of growth and improvement in economic efficiency by modernized corporationChen et al 2006 Li et al 2004 Under fast-growing economic environment non-State and private enterprises also have expanded rapidly and play a significant role in output and factor market Another consequence is the fact that the economic reform has granted more and more autonomy to the state owned and private enterprises in China permitting them to behave like market participants Nonetheless the strong economic growth is accompanied by poor corporate practice with lag of poor regulations that is rampant within Chinas listed firms Previous literature also states a number of factors have placed constraint on corporate performance including governments interference in commercial decisions poor corporate governance as well as the lack of incentive for top executivesChen et al 2006 These factors are believed to be the roots cause of the lackluster performance and block the incentive of management Bai et al 2004 Talent executives and workers are believed to be the core competitiveness of modern enterprises An in-depth look at the provision of efficient linkage of CEOpaywith firm performance and corporate governance in current China is especially important to the economic reform and will provide much needed information for evaluating the current reform and will assist domestic enterprises in struggling into profit modern corporate In light of mounting interest in enhancing modernized corporation the link between executive pay and performance represents the bulk of economic incentive of top management In general executive compensation is a subset of employee pay Motivation and goal-pursuit in this context generally refer to the desire
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