Study On The Synergetic Effect Of Executive Explicit And Implicit Incentive In The Mixed Ownership Reform Of SOEs

Mixed ownership reform is the direction and breakthrough of state-owned enterprises(SOEs)reform in the new period,among which executive incentive is an important aspect.Compared with the single system,the mixed ownership enterprises have different effects on the executive explicit incentive and implicit incentive.It has some research value in carrying out effective incentive to executives after the mixed ownership reform.Based on the background of the mixed ownership reform of SOEs,this paper studies the internal incentive of the mixed ownership enterprises,and provides reference for the reform of SOEs.The paper comprehensively utilizes the methods of literature analysis,theoretical deduction and empirical analysis,discusses the relationship between explicit incentive(compensation incentive and equity incentive)and corporate performance,implicit incentive(mainly perks)and corporate performance,and the synergy effect of explicit incentive and implicit incentive.Firstly,it makes a literature review about mixed ownership reform of SOEs,the economic consequences of explicit incentive and implicit incentive,and the relationship between explicit incentive and implicit incentive.Secondly,according to the theories of principal-agent theory,incentive theory,contract theory and management power theory,the paper theoretically analyzes the impact of executive compensation incentive,equity incentive and perks on corporate performance and the synergistic relationship between them.And accordingly put forward the research hypothesis and research model.And then selects 469 Chinese A-share market mixed ownership listed companies from 2013 to 2015 as research samples.The hypotheses are tested by descriptive statistical analysis,correlation analysis and multiple regression analysis.In order to ensure the reliability of the results,this paper also makes a robust test on the empirical model.The empirical results show: i.Executive explicit incentive in mixed ownership listed companies has a significant effect on corporate performance,whether it is compensation incentive or equity incentive;ii.Executive implicit incentive--perks and corporate performance in mixed ownership listed companies presents an inverted U type relationship.That is to say,company performance increased at first and then decline with the increase of perks.It is proved that perks has rationality,while its excess part is negative;iii.The relationship between explicit incentive and implicit incentive in mixed ownership listed company is not a complete synergistic effect,in which the compensation incentive and the reasonable perks incentive have significant synergistic effect,the synergistic effect between the equity incentive and the reasonable perks is not significant,but the effect of executive equity incentive on excess perks is found.Finally,on the basis of summing up the research results,the paper puts forward some policy suggestions on how to carry out effective incentive to the executives in the mixed ownership reform of SOEs,summarizes the shortcomings in this paper,and explores the future research direction of in this field.