Abstract:Based on the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2016, this paper empirically studies the effects of heterogeneous institutional investors on executive compensation in listed companies from static and dynamic perspectives and three levels. The conclusions are as follows: in terms of executive compensation, the impact of the pressure-resistant investors,ownership on the total compensation is not significant, while the pressure-sensitive institutional investors can significantly increase total compensation;in terms of the change rate of executive compensation, the pressure-resistant institutional investors can significantly improve the performance of the listed companies-compensation sensitivity, but the promotion effect of pressure-sensitive institutional investors is not significant; in the aspect of executive compensation variation, the A-share listed companies generally have the phenomenon of downward stickiness of executive compensation. Compared with the pressure-sensitive institutions, the pressure resistance institutional investors can significantly inhibit the stickiness of compensation.