A Study On The Equity Concentration,Management Incentives And Performance Of Listed Companies

With the market economy booming,the company is facing new challenges in global environmental change, people will pay more attention to the performance of the company promoted, the rationality of the ownership structure in the academia as an important factor. In this paper,we from the ownership concentration as the key factors of equity structure, empirical research on the influence of ownership concentration on corporate performance of listed companies in our country. With the increase of concentration of equity, the big shareholder control of and supervision over the management level and changes, and then a big shareholders and company interests convergence and big shareholders abuse of power for small and medium-sized shareholders encroach on effect,lead to changes in corporate performance.Highly centralized equity hinder the benign development of the company,and unable to coordinate the relationship between the company shareholders, regulators and other stakeholders interests.At this stage unable to change ownership structure, whether the implementation of management incentive will bring positive influence to corporate performance, we will be discussed in our paper.Based on 2009-2013 a-share listed companies data, the ownership concentration, management incentive and corporate performance empirical analysis, the results showed that the problem of agency problems lead to big shareholders infringe on small shareholders' interests even damage the phenomenon of corporate performance, According to the management of control reasonable compensation and equity incentive, we make all of shareholders reach agreement with best interest as goal of the enterprise,while the management equity incentive distracted the equity concentration, get balance power between the shareholders and management agent. The role to strengthen the supervision of majority shareholder at the same time,improve the relationship between large shareholders and small shareholders, the butterfly effect will eventually be conducive to corporate performance.