Equity Incentive,property Of Ownership And Agency Cost

The rapid development of real estate industry in recent years has become an important industry in the economic market and plays an indispensable role in the economic development.Compared to other industries,the real estate industry needs large,is a typical capital-intensive industry,management to control the enterprise management control,thus causing excessive management rights,and the circumstances of the controlling shareholder is difficult to get information of the enterprise,make the agency problem is more and more serious.Agency problem is divided into two categories: are respectively between controlling shareholders and the management of the first kind of agency cost between large shareholders and small shareholders and the second kind of agency costs,the study of two kinds of agency costs has realistic meaning,and still didn't get a good solution to the problem of agency for the present,so this article is from the background to study the real estate enterprises equity incentive effect of agency cost.This article selects the real estate listed companies from 2010 to 2016 as sample,and listed in the middle of excluding or delisting enterprises,in order to avoid may cause the transient impact of empirical research on equity incentive effects on agency costs and ownership of different nature of the real estate listed companies equity incentive effect of agency cost.Through descriptive statistics,correlation analysis,T test,and hierarchical regression analysis and other methods,three conclusions:(1)and not real had compared to equity incentive listed real estate companies,the implementation of equity incentive of listed real estate enterprise two kinds of agency costs are lower;(2)the equity incentive strength relation with agency cost significantly,and the equity incentive intensity and the first kind agent cost has significant negative correlation,that is the strength of the equity incentive is larger,the first kind,the lower the agency cost of the enterprise.However,the equity incentive strength has no effect on the second agent cost.(3)and compared to the real estate listed companies of state-owned enterprises and non-state-owned enterprises of real estate listed company equity incentive has stronger incentive effect,namely the implementation of equity incentive of the non-state-owned enterprises lower the agency cost of listed real estate enterprises,and studies have shown that equity incentive have inhibition to the first kind agent cost,only for the second category of no effect on the agency cost.This paper conducted empirical research results,as well as the present stage our country real estate enterprise situation on the implementation of equity incentive of listed companies,equity incentive to implement the agency cost effect analysis of relevant data,puts forward the corresponding management advice,the problem of agency of listed companies to improve the real estate enterprises to provide the reference.