Study On Influencing Factors Of Incentive Effects Of Private Enterprises

Since January1,2006the measures for the administration of the listed company equity incentive (trial), since the equity incentive into the specification of the development of our country. Based on January1,2006to December31,2013, carried out in private enterprises listed companies as research samples, the analysis private enterprise listed company equity incentive effect influence factors, make it to be in the service of private enterprises listed companies.At first, this paper from two aspects of horizontal and vertical equity incentive effect of comparative analysis, considering the macro factors and industry influence, that equity incentive is effective, and the implementation of equity incentive effect by means of matching test is verified, and proves the validity of equity incentive. Then select previous researched the influence factors of little or no, such as:political association, social responsibility, corporate culture, executives and employees pay gap, on-the-job consumption, long-term debt ratio and private enterprise founded seven factors such as time, impact on the equity incentive effect factors in the validation study, through the establishment of multiple linear regression equation model, studies the influence factors of equity incentive effect. The empirical results show that the private enterprises and political association of the equity incentive effect has a reverse trend, if the distinction between two types of political association, government officials political association for the implementation of equity incentive of private listed company’s performance has a significant negative impact, and representatives political association for the implementation of equity incentive of private listed company performance have a significant and positive effects. Validation showed that the private enterprises to creditors, shareholders contribute positively related to the equity incentive effect, the responsibility of the enterprise’s contribution to the employees and the national and positively correlated relationship between return on net assets, but not significant. Through empirical also found that the strength of the private enterprise culture degree is positively related to the equity incentive effect; Private enterprise executive compensation (not including equity incentive income) and the average worker pay gap, the greater the equity incentive effect is poorer; Private enterprise executives on-the-job consumption level is higher, the smaller the equity incentive effect. For private enterprise long-term debt to equity incentive effects study found:private enterprise long-term debt ratio, the higher the equity incentive effect has a weak negative influence. The length of the private enterprise founded time positively related to the equity incentive effect, but not significant.Through empirical study, this paper put forward innovative private enterprises and political association of equity incentive effect and through inspection, in the social responsibility, corporate culture, on-the-job consumption, executive pay gap on equity incentive effects of the employee, a new study to explore fill the blank in this aspect research. For the implementation of equity incentive in our country private enterprise and to prepare the implementation of equity incentive of listed company of private enterprises listed company, provides the main reference.