An Empirical Study Of The Effects Of Equity Incentive Of Management Based On The Small And Medium Board Listed Companies Of The Yangtze River Delta Region

Small and medium listed companies implement equity incentive system to help solve the financing difficulties and the developing difficulties are very necessary method. Many of the modern enterprise equity incentive system is an important way to solve the principal-agent problem, under China’s current immature capital market economy, it helps to solve between the shareholders and managers principal-agent problem caused by asymmetric information, prompting the company to obtain long-term and sustainable development. Since 2004 the establishment of small plates in the ShenZhen Stock Exchange, China’s growing number of small and medium listed companies began to implement equity incentive system of management, but due to China’s market economy in the early stages of development, appropriate policies and regulations are incomplete, imperfect corporate governance structure of listed and so on,they will impact effects of the management equity incentive.So, study equity incentive of management what impact on listed companies, which provide the empirical basis and reference for our small and medium listed companies to further improve equity incentive work of the management.The Yangtze River Delta region as major area in China’s the most economically developed country,it have the large number of small and medium listed companies and diversity species in the region, also play an important part of the national economic development, it occupies a pivotal position in China’s capital market, it is a representative and typical region in terms of the degree of economic development. So,small and medium listed companies in the region implement management equity incentive will how to impact the company’s.performance?These will, be-the-main content of this-empirical study.This paper selects 2009-2014 year 56 small and medium listed companies of implementing equity incentive as the study in the Yangtze River Delta region, through forth theoretical and qualitative description to analysis the relationship between the incentive equity and performance of listed companies, and the principal component, multiple regression analysis empirical approach management equity incentive listed companies how to effect in the Yangtze River Delta region, noting conclusions of the relationship between the management equity incentive and corporate performance of listed companies, and putting forward policy recommendations.The main content of this paper includes the following sectionsr(1) Analysis small and medium listed companies in the Yangtze River Delta region implement management equity incentives.56 small and medium listed companies of 2009-2014 implement management equity incentive policies carry out descriptive and statistical analysis,On the current status of management equity incentive small and medium listed companies in the Yangtze River Delta region will be analyzed.(2) Analysing how to effect small and medium listed companies in the region implement management equity incentive in the end. through empirical research and analysis of sample company, in order to achieve the purpose of measure small and medium listed companies management equity incentive effects.(3)Analysis of the main factors effect of the impact by small and medium listed companies implement management equity incentive, carrying out specific empirical study by two aspects:On the one hand analyze the relationship between the management equity incentive of small and medium listed companies and corporate performance,clearly know the degree of explanatory variables on the dependent variable;On the other hand through dummy variable carry on multiple regression analysis settings affect the listed company shares inspiration mode level of performance of listed companies,and provide useful comments and suggestions for improving the company’s management equity incentive effects listed according to the empirical results.The conclusions by empirical study contain:(1) Implement small and medium listed companies of the management equity incentive management equity incentive ratio between the level of performance of listed companies has a positive correlation,and between the management equity incentive model also has a positive correlation, but the incentive effect is not significant;(2) The size of the company and equity incentive of the management effect showed positive correlation.That is, as company size increases,and maturing management, management of listed companies need to give some incentive, management staff will promote personal interests and the interests of the company bound together by company managers will benefit It increased to achieve personal interests.(3) Based on-the above findings and learn from other relevant research scholarship,that in order to improve the management equity incentive effects should do to improve the effectiveness of the stock market, the rational design of equity incentive plan, a sound corporate governance structure and so on, establish an effective selection system executives and other appropriate measures.