Research On The Effect Of Stock Incentive On Enterprise Investment Efficiency Based On Property Right Clarity

Investment contribution is not only based on the amount of growth,pay more attention to the improvement of efficiency,but the efficiency of China's listed companies in the decline from 2009.A long-term mechanism for the reduction of agency costs by listed companies is the equity incentive of human capital,and its effect will directly affect the decision-making of senior management.Most of the literature at home and abroad mainly focus on the relationship between equity incentive and corporate performance,but ignores the impact of equity incentive on executive decision-making behavior.In the management of decision-making activities,investment decision-making is an important factor on affecting business performance.In addition,for shareholders,property rights is the property rights of enterprises,the essence is capital interests,capital preservation,value-added who is to benefit,and who will bear the loss,based on the clarity of property rights and private division The clarity of property rights will be different in the performance of the company's agent,and then the impact of senior management decision-making is also different,at the same time,due to different of property rights,equity incentive implementation of the regulatory agencies,incentive income constraints,performance evaluation indicators are also different,thus affecting the equity incentive to invest in senior management.This paper takes 492 listed companies with equity incentive plan in Shanghai and Shenzhen in 2009-2015 as the object of study,with property rights clarity-company type-agency cost-management incentive-investment decision-enterprise performance this logical main line,This paper studies the equity incentive of enterprise investment efficiency based on the clarity of property rights from the constituent elements of micro-equity incentive contract.It is found that private enterprises are more effective than non-efficient investment of state-owned enterprises.For the implementation of equity incentive,the implementation of equity incentive can inhibit the inefficient investment of enterprises and the effect of state-owned and private enterprises;The quity incentive and over-investment is a non-linear relationship,which is linear relationship with the lack of investment.The restrictive effect of state-owned enterprises on the over-investment is more obvious,and private enterprises are more inclined to choose stock options.