The Research On The Market Value Management Effect Of Equity Incentive Of The Listed Companies In China's Sme Board

For a long time, the academic research on the implementation effect of equity incentive focused on two aspects. On the one hand, the impact of equity incentive on the financial performance of listed companies, on the other hand, the impact of the changes in the share price of listed companies, and the two are separated to study. However, the equity incentive effects corporate not only by improving the company's internal performance, but also improve the company's performance in the external market value.The value of an enterprise can not simply consider only the creation, but also to consider the implementation of the external value of the business. From the perspective of market value management research the incentive effects of equity incentive, including the creation of enterprises intrinsic value and extrinsic value to achieve the two aspects, is more fully scientific interpretation of the real effects of implement the equity incentive. Based on this, this paper studies the correlation issues of equity incentive and the market value management, study the results of implement equity incentive from the perspective of the market value management.We consider macroeconomic and capital market conditions, the 2010-2014 five-year period of market downturn as a sample, selected the main force of China's implementation of equity incentive the listed companies in China's SME board as the research object. Based on the analysis of the present situation of the implementation of equity incentive, we research on the equity incentive effect on the market value management performance of the listed companies in China's SME board from four aspects. Including: The impact analysis of the implementation of equity incentive on the company's market value management performance;The impact analysis of equity incentive mode on the company's market value management performance; The impact analysis of equity incentive period on the company's market value management performance;The regression analysis of the ratio of equity incentive and the market value management performance.Through research we can get the following conclusions:Implementation of equity incentive can promote the company's market value management performance; Different incentive models to the impact of the company's market value management has no significantly different; The longer equity incentive period is conducive to the company's market value management; The ratio of equity incentive and market value management performance is a significant positive correlation.Meanwhile some suggestions: Timely adjust the equity incentive plan; Diversify the equity incentive mode selection; Set up a scientific equity incentive period; Appropriate to increase the ratio of equity incentive; Improve the corporate governance structure. We hope that results of this study will give some equity incentive practice reference to the listed companies in China's SME board.