Equity Incentive Effect Of Listing Corporation And Its Enlightenment To The Reform Of State Owned Enterprises

According to relevant statistics, January 2009 to December 2013, a total of 499 draft equity incentive plans of listed companies were announced by China, in these draft, more than 95% of the total number of executives involved in the incentive target, there is no doubt that senior managers become the protagonist of the listed company equity incentive plan. The implementation of executive stock incentive plan can reduce the moral hazard and incentive cost, reduce the problem of opportunism tendency and information asymmetry, which is conducive to the improvement of enterprise performance. At the same time, with the continuous development of knowledge economy, technological innovation is increasingly becoming an important means to enhance the comprehensive competitiveness of the country, scientific and technological innovation has also been included in the core of the national development strategy. Although the executive equity incentive can be achieved in a number of ways the incentive effect, which will affect the company’s performance, however, can only ensure sufficient R&D spending, improve enterprise independent innovation ability, obtain lasting core competitive ability, thus ensure the continuing operations of the enterprise. Visible, R&D is the objective technology base which whether the subjective effort of the executive can promote the performance of the enterprise. Therefore, it is very important to study the effect of equity incentive on corporate performance, which refers to R & D investment as an intermediary variable.As the important practitioner of national innovation strategy, state-owned enterprises development momentum is swift and violent, its influence continue to improve in domestic and foreign markets, and system factors which restrict the development of state-owned enterprises is gradually emerging:enterprise rapid development, but the interests of the operators improve is not obvious. Especially in recent years, the incentive equity of foreign companies and private companies is widely spread, due to the difference of corporate ownership, the compensation of domestic executive have huge differentiation, high-end talent of state-owned enterprises increased the loss, has affected the state of sustainable development and management, executives in state-owned enterprises implementation of equity incentive to become our country reform battle we must demolish the fortress. As a micro economic entity, state-owned enterprises should pay attention to the relationship between equity incentive, R & D investment and business performance.With the convening of the Third Plenary Session of eighteen, the implementation of state-owned enterprises in the field of non monopoly restructuring is the trend, China opened a new wave of deepening reform of state-owned enterprises. In the process of restructuring state-owned enterprises, how to balance the interests of the owners and operators, how to stimulate the enthusiasm of operators and employees, how to protect the sustainable development of the enterprise has become a problem to be solved. This article adopts the empirical approach and normative research methods, select five years of data from 2009-2013 as the research sample, based on the relationship between the listed company executive equity incentive and the operating performance, first of all, from the perspective of R&D input, using regression analysis, Research on R&D investment intermediary of the equity incentive effect on corporate performance, based on obtained corresponding conclusions and provides a theoretical basis for the restructuring of state-owned enterprises executive equity incentive plan effective implementation of. Full text chapters as follows:The first chapter introduces research background, research purpose and significance, research ideas and innovation points of this paper; involved in the second chapter mainly introduces the related theory and literature review. In the third chapter, this paper listed company equity incentive effect analysis model; the fourth chapter uses regression analysis to test the hypotheses put forward the corresponding conclusion. Chapter five restructuring of state-owned enterprises executive equity based incentives for the implementation of the proposed rationalization proposals. Chapter six summarizes the deficiencies and the directions for further research.