Abstract: Can the ownership structure of the natural person holding company with “one share dominating” aggravate the phenomenon of “pay stickiness” of senior managers and affect the enterprise value? To this end, this study selects 210 natural person holding companies from SME board for empirical analysis.It is found that executive pay stickiness is common and has no relationship with controlling shareholders′ equity, but the interaction between them has a positive effect on corporate value. Although the existence of executive pay stickiness and major shareholders′ equity control is reasonable, it is necessary to effectively control executive pay stickiness, further optimize the equity structure and establish a scientific compensation mechanism for the long-term development of the enterprise.

Key words: major shareholders, equity control;pay stickiness, enterprise value