According to agency theory, we hypothesize that underpayment of top management motivates management to overinvest. Using a sample of Chinese-listed companies for the period 2005-10, we assess the effect of managerial compensation on overinvestment and the effect of overinvestment on managerial private benefits, including future compensation and perquisites, as well as on firm performance. We find that underpayment does motivate overinvestment, which increases managerial private benefits but not firm value.

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Airborne avionic system is the core of airplane information' s acquisition, transmission, processes and data fusion. Combined avionic system adopt centralize-distribution computer structure that with numerous systems and jumbled equipments. In maintenance support, testing the performance index and function of each LRU in the system, needs numerous special test equipments and instruments matched with each LRU, compared with that, judging the equipments' status by manual test costs long work hours and is fussy and ineffective. Adopt the PXI instrument as test platform, synthetically use the GPIB instrument technology, virtual instrument technology, simulation technology and so on, develop the lATE based on the PXI and GPIB bus instruments, offer the work environment for each LRU of avionic system in the airplane, auto complete each LRU's control, urge, capability and function test. This test equipment has characteristics of advanced technology, high reliability, easy operation and commonality, successfully solved the automatic test problem in airborne avionic system.

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