2020, 37(6): 61-71.
Based on the dynamic tradeoff theory, agency theory and the optimal contract theory, selects 2009-2017 a-share listed companies in our country as samples, using the standard partial adjustment model, through the SYS - GMM method to test the relationship between executive compensation and capital structure adjustment speed, And the difference between the level of corporate governance and the nature of property rights, the relationship between executive compensation and the speed of capital structure adjustment.The study found that, on the whole, the higher the executive compensation, the faster the capital structure adjustment, which was only significant in private enterprises.The higher the degree of ownership concentration, the higher the proportion of managers who are not concurrently the chairman of the board and the independent directors in the board of directors, the better the incentive effect of executive compensation, the more obvious the effect of reducing agency costs, and the faster the capital structure adjustment.This shows that the improvement of corporate governance mechanism can effectively improve the incentive effect of executive compensation to promote the speed of capital structure adjustment. In particular, state-owned enterprises should strengthen the supervision of senior executives and accelerate the optimization of enterprise capital structure.