"Payroll" In The A Shares Illustrated: Tens Of Millions Of "Working Emperor" Ann In The "Down" Salary Is Not Enough Fine.

Twenty-first Century researcher Yang Ping, Capital Research Institute

Which companies are "less money and less business"? Which companies are "less expensive and less close to home"?

Twenty-first Century Capital Research Institute data show that as of May 8th, in addition to about 100 enterprises due to the epidemic and other reasons for postponed disclosure of annual reports, A share 2019 annual report basically disclosed. More than 3800 listed companies that have disclosed financial data have achieved a total revenue of 50 trillion and 550 billion, an increase of 8.78% over the same period last year, achieving a net profit of 4 trillion and 150 billion, an increase of 6.68% over the same period last year.

The shift of macro economy and the new crown epidemic are facing many challenges at home and abroad. A strong management team is an important condition for ensuring the stable operation of listed companies.

Against this background, are there any poor executives who have "huge wages" encroachment on the interests of listed companies?

As of May 8th, there were 3571 publicly listed companies, including Wu Xiangdong, chairman and chief executive of China's happiness joint venture. He was the "A" worker in 2019.

In 2019, its total salary reached 38 million 689 thousand and 300 yuan, which was worth a year's net profit of a medium-sized gem enterprise.

Wu Xiangdong joined China's happiness in February 2019. In 2019, China achieved 105 billion 210 million yuan in revenue, an increase of 25.6% over the same period last year, breaking through 100 billion mark for the first time.

However, not everyone has Wu Xiangdong's ability and luck.

In the group of thousands of listed companies, there are 85 listed companies, the chairman and 54 general managers are paid less than 100 thousand a year, and the top 10 of the 10 listed companies are not more than 300 thousand.

Financial ability to make rich

The same as "general manager" or even the general manager of a listed company, the payroll can be quite different.

In twenty-first Century, the Institute of capital research and statistics showed that the management of the 3676 listed companies that had disclosed the relevant data totaled 30 billion 524 million yuan, representing an increase of 8.41% over the 28 billion 156 million yuan in 2018.

The average salary of each listed company is 8 million 303 thousand and 600 yuan, but in fact, there are only 1106 enterprises whose management salaries exceed the average level.

The total annual remuneration of the 6 listed companies for management is over 100 billion yuan, which has significantly increased the average level, namely, CITIC Securities (155 million yuan), Huaxia happiness (141 million yuan), Fangda special steel (134 million yuan), China Ping An (130 million yuan), MINDRAY medical (117 million yuan) and Sany (112 million yuan).

In twenty-first Century, the Institute of capital research found that the higher scale of executive pay, the profitability and the industry status of listed companies were among the top.

In terms of industry, financial industry and real estate are still the most "earning" areas. These industries are the most capable and most willing to invest their salaries in manpower, and the average salary of each company is far higher than that of other industries.

Among the listed companies that have disclosed the data in 2019, the highest average management level is non banking industry. In the 79 companies, the average salary of each enterprise for management salary is as high as 22 million 900 thousand yuan.

Next is the banking industry, the average annual salary of each enterprise management is 20 million 849 thousand and 100 yuan, and the real estate industry ranked third is also worth up to 15 million 800 thousand and 400 yuan.

It is worth noting that the performance level of these industries is also higher than that of other industries. In 2019, the average net profit of banks, non bank finance and real estate listed companies was 47 billion 191 million yuan, 5 billion 483 million yuan and 2 billion 237 million yuan respectively.

In contrast to the aforementioned hot industry, the senior managers of national defense industry may be the most "poor" group.

The total amount of 68 national defense industry listed companies invested in management salaries is 398 million yuan, the average annual salary of each enterprise management is 5 million 846 thousand and 100 yuan, of which the total salary of the three top executives is 814 thousand and 300 yuan and 950 thousand yuan respectively.

To the enterprise, the most important thing for executives is *ST Kerry.

In 2019, the total annual salary of management was only 560 thousand and 300 yuan, of which the chairman Ji Xiaowen received only 80 thousand yuan from the company before tax, but Ji Xiaowen did not formally assume the position of chairman until June 2019. Sun Jun, the former chairman of the company, worked for 5 months in 2019 and received 20 thousand from the company.

In 2019, the two executive secretaries of the company received 60 thousand yuan or 82 thousand yuan pre tax salary respectively, and the annual salary before tax was only 142 thousand yuan.

It is worth mentioning that, according to the current situation of *ST Kerry, the company is in a precarious situation and the top management is also changing. In 2019, the number of executives leaving the company was only 9.

In 2019, *ST Kerry realized its operating income of 15 million 326 thousand and 700 yuan, down 38.78% compared to the same period last year, and realized a net profit of 8 million 541 thousand and 200 yuan.

Executive pay polarization

From a personal perspective, the situation of different executives in different enterprises is not the same, especially as a "sea god pin" of a listed company. The treatment of the chairman of the board can also represent the attitude of the executives to a certain extent.

In the 2019 salary ranking, Wu Xiangdong, chairman of China's happiness co chairman, won A shares with a high salary of 38 million 689 thousand and 300 yuan. In the past year, the throne of "working emperor" was also occupied by Xie Feiming, then chairman of Fangda steel.

In 2018, Xie Fei Ming received an annual salary of 31 million 696 thousand and 700 yuan, but in June 2019, Xie Fei Ming resigned, but he still received 41 million 224 thousand and 600 yuan pre tax payment from Fangda steel in just six months.

In addition, the chairman of the A share annual salary is more than ten million, including Peng Ding holding Shen Qingfang (26 million 612 thousand and 800 yuan), MINDRAY medical Li Xiting (22 million 918 thousand and 800 yuan), Jinke stock Jiang Sihai (19 million 391 thousand and 900 yuan), Yili share Pan Gang (19 million 344 thousand and 700 yuan), medicine and light Kang Li Ge (18 million 58 thousand and 600 yuan), South China Construction Chen Jinshi (14 million 610 thousand yuan), Vanke A Yu Liang (12 million 517 thousand yuan) and other 10 entrepreneurs.

But on the other side, the same is A shares listed companies, some of the chairman's annual salary is less than ten thousand yuan.

For example, Deng Dai Xing, a Yongji stock company, received only 1000 yuan from the listed companies in 2019. However, the company's general manager, deputy general manager, chief financial officer, secretaries and other executives of pre tax remuneration are all above 510 thousand yuan; Haida chairman Liao Dinghai annual salary of 2400 yuan, in addition, shield an environment, Keli far chairman annual salary is only 10 thousand yuan.

In twenty-first Century, the Capital Research Institute held that the chairman of the aforementioned "low paid" remuneration was the helmsman of the private enterprise, and at the same time was the actual controller of the company. When the chairman of the private enterprise is the real controller, the low salary of the chairman can reduce the cost and reduce the sensitivity of the company's performance.

It is worth mentioning that in addition to the chairman, the remuneration of another important executive position in the listed company's secretaries is also the focus of attention.

As a direct responsible person of the letter, once the company fails to disclose the regulations, the secretaries are bound to blame. Especially under the new securities law system, the cost of illegal activities has been greatly improved and supervision is becoming more stringent.

In the Shanghai stock market alone, 110 listed companies and 533 "Dong Gao Gao" were disciplined or supervised in 2019.

Against this background, how about the treatment of A share listed companies?

In twenty-first Century, the Capital Research Institute found that there were 3479 listed companies with secretaries and secretaries paid publicly, and the total remuneration of secretaries was 2 billion 339 million yuan, that is, the average salary of each listed company's secretaries was 672 thousand and 200 yuan. However, 2333 of the secretaries of enterprises did not reach the average line, accounting for about 2/3.

The highest paid ray media manager Hou Jun, the annual salary of up to 6 million 720 thousand yuan, Vanke dongmi Zhu Xu followed closely, the annual salary of 5 million 683 thousand yuan, greenbelt holding secretaries Wang Xiaodong annual salary is also more than five million.

549 companies have paid more than one million annual secretaries.

The "rich" secretaries are not normal. Up to now, there are 151 listed companies secretaries in 2019 received less than 150 thousand of the salaries, and even more, in some of the risk companies, not only pay unremuneration, but also all the year round.

A typical *ST Kerry former secretaries Zhang Bin, in July 2019, *ST Kerry received the SFC's "advance notice of administrative penalty", which was fined 600 thousand yuan by the SFC for information disclosure violation. Then, he was fined 100 thousand yuan by the SFC.

But in 2018 and 2019, Zhang Bin's salary in *ST Kerry was only 81 thousand yuan and 82 thousand yuan, which means that the annual salary is not enough to pay the fine. In May 2019, Zhang Bin, who seemed to have foreseen the crisis, quickly resigned from the office of Dong Wei.

High salary and performance reverse growth

In a communication with the twenty-first Century Capital Research Institute, executives of a listed company indicated that they did not receive a penny wage during their stay in the listed company. The executives were stationed after the reorganization of the stock market and only received basic salaries in the stock market.

The company has withdrawn its staff since the restructuring failed.

Behind the polarization of executive pay in listed companies, the twenty-first Century Capital Research Institute noted that although large companies and high brands are more likely to get high salaries, executive pay is not entirely linked to the company's performance.

Among them, many companies because of executive pay is too high, causing small shareholders to "denounce".

In twenty-first Century, the statistics of Capital Research Institute found that in 2019, the total annual salary of 19 listed companies exceeded the net profit of the company, and the total salary of the 170 listed companies reached 30% of the net profit of the company.

Among them, the highest proportion was Shun Shun shares, and the net profit in 2019 was only 2 million 924 thousand and 400 yuan, but the total remuneration of directors, supervisors and senior managers was 9 million 275 thousand and 800 yuan, which was three times that of net profit.

In addition, some of the listed companies in the huge losses did not affect executives to receive high salaries.

According to the twenty-first Century Capital Research Institute, in 2019, 16 listed companies, including *ST, *ST, *ST, Zhongtian, Jinke, Kai Ying, and so on, accounted for more than ten million executives in 95 listed companies with a huge deficit of over 1 billion.

Huayi Brothers in the two consecutive years of huge losses (in 2018 and 2019, respectively, loss of 909 million yuan, 4 billion 23 million yuan), the company's executive compensation has been maintained at around 13 million yuan level, chairman Wang Zhongjun has also maintained a high salary of more than two million.

And in the company's deficit situation, Wang Zhongjun's annual salary in 2019 also increased by 15.27% compared with 2018.

Similar to the declining performance of such listed companies, the phenomenon of executive pay growth is not uncommon.

In twenty-first Century, the statistics of the Capital Research Institute found that in 2019, 151 enterprises increased significantly in the total annual salary of the management (increasing by more than 30%), but their performance declined significantly (the net profit fell by more than 30%).

A typical example is Huaxing venture. The company achieved a net profit of -2.14 billion in 2019. The company's profit was 10 million 934 thousand and 400 yuan in the same period last year (2018 and 2019 net profit was negative), but the total salary of the company's management increased from 1 million 852 thousand and 400 yuan in 2018 to 4 million 218 thousand and 800 yuan in 2019.

In twenty-first Century, the Capital Research Institute held that, for some listed companies with greater risk and pressure, high executive compensation would undoubtedly erode corporate profits and shareholders' interests. Executives of listed companies should not blindly pursue high salaries. Investors should also examine the actual value of executives and major contributions to the company to determine whether executives are worthy of high salaries.