Research On The Influence Of Equity Incentive On The Performance Of Competitive State-owned Enterprises

In modern enterprise management,equity incentive as a long-term incentive mechanism for management,is a powerful means to solve the principal-agent problem.Since the third plenary session of the 18 th central Committee of the CPC central Committee put forward the mixed ownership reform of state-owned enterprises,equity incentive has become the focus of discussion in theory and practice.For a long time,in the state-owned enterprises in our country,because of the management of "senior executives" and "senior officials" double status,the effect of equity incentive of state-owned enterprises is not good.Under the background of the classification reform of state-owned enterprises,competitive state-owned enterprises with economic benefits as the main development objectives,the production and operation of less administrative control,enterprise performance and managers of the working enthusiasm is more closely linked.But in the competitive state-owned enterprises,the incentive mechanism of the managers is not perfect,so the construction of the equity incentive mechanism of competitive state-owned enterprises has important theoretical and practical significance.Based on the principal-agent theory,incentive theory and human capital theory,this paper uses the method of theoretical analysis and empirical analysis,takes the competitive listed state-owned enterprises from 2006 to 2015 as the research sample,and makes an empirical study on the impact of equity incentive on corporate performance of our competitive state-owned enterprises.First,the correlation analysis of enterprise performance and various explanatory variables,so as to determine the multiple multicollinearity between variables;Then,using the double difference analysis method to demonstrate the influence of equity incentive on enterprise performance;Finally,the multiple linear regression analysis,further demonstrates the impact of competitive state-owned enterprises equity incentive factors on corporate performance.Finally,it demonstrates the effectiveness of the equity incentive of competitive state-owned enterprises,and found that the proportion of equity incentive and the validity of equity incentive has a promotional effect on the performance of competitive state-owned enterprises.Further,the competitive state-owned enterprises are suitable to implement equity incentive,and can moderately improve their equity incentive proportion and valid period,and then promote the economic benefits of competitive state-owned enterprises.