| As a long-term incentive mechanism,equity incentive shares risks and benefits between the company and incentive object by granting a certain share of the company’s equity to incentive object.The practice as well as the research of which both at home and abroad shows that equity incentive plays a significant role in encouraging,screening and retaining talents.However,the expected effect of which can’t be achieved without a reasonable choice of equity incentive mode.Firstly,it directly affects other aspects of equity incentive scheme,secondly,different incentive modes should have their own applicability,These two roles will affect the final effect of equity incentive. But current research of equity incentive mainly focuses on the impact of equity incentive,Research on the perspective of different equity incentive models is relatively less and the research on which is mainly focused on the qua litative comparison of different models as well as how does the characteristics of the ince ntive object,corporate governance and equity property affect the choice of incentive model.Although a small number of scholars pay attention to the impact of growth,but only as a control variable,the mechanism behind the relationship between which is not advanced,and subject to sample size and different measures of corporate growth,the conclusions reached by different researchers are quite different.As an important institutional environment that affect corporate policy significantly,does growth affect the choice of the company’s equity incentive mode and how does it works is the mainly question that considered in this essay.specifically:Selected listed companies that implemented equity incentive from 2005 to 2016 as sa mples.Firstly,from the company’s basic financial characteristics,selected typical financial indicators that affect the growth of the company,and get the main factors that affect the growth of the company through factor analysis,and these financial indicators are classified by R-type cluster analysis to verify the validity of the extraction of principal factors by factor analysis.Further we calculated the score of the main factor of each sample company,and a comprehensive score function was constructed to calculate the growth score of the sample company.On this basis,a logistic regression model of stock option and restricted stock preference of sample company is constructed.Secondly,considering that there are significant diff erences in financing structure of the company at different stages of development,we analyzed the effect of financing structure on the choice of equity incentive tool to examine the relationship between corporate growth and the choice of equity incentive model.In the part of robustness test,we use cash flow to divide the life cycle of enterprises,analyzed the preference of stock incentive mode selection in different life cycle stages,and further verified the relationship between corporate growth and equity incentive mode selection.The results of empirical analysis show that growth significantly affects the choice between stock option and restricted stock at the level of 5%.Under the same conditions,companies with high growth tend to choose stock option as incentive tool,While these with low growth prefer restricted stocks;As for financing structure,these use more internal financing and more debt in external financing,prefer to choose restricted stocks.And these use more external financing,and depend more equity in external financing prefer stock options.The former is the typical financing structure of these mature companies,while the latter is the typical characteristic of these growth companies.We also found that whether the mana ger and the chairman being one person affect the choice of equity incentive model signific antly.This paper focused on two typical incentive model:stock option and restricted stock,analyzed the influence of company’s growth on preference of equity incentive model,and innovated in research perspectives as well as research methods.which will rich the document of related research on equity incentive,and offer some reference for listed companies on how to choose a right equity incentive mode from its basic conditions and take a better a dvantage of equity incentive,which regarded as a effective management tool. |
