Empirical Research On Equity Incentive,Property Nature And Enterprise Performance Of Listed Companies In China

Equity incentive is an important incentive mechanism for the listed companies to motivate and restrain the management and solve the problem of agency.It is beneficial to the enterprise to improve the management efficiency,to mobilize the creativity and enthusiasm of the motivate,to bring its subjective initiative into play,so as to improve the performance of the company.Because of the different nature of the property rights of state-owned enterprises and private enterprises,the implementation and selection of equity incentives are not the same,and the effect of equity incentive is also quite different.From the analysis of data,after 2006,the A stock company's equity incentive has gradually entered the best state,and gradually appeared the private company as the main body.The private enterprise is obviously higher than the state owned enterprise,and the private enterprise is lower than the state owned enterprise,which reflects the policy application of the private enterprise to the "great benefit and small incentive".In this paper,the relevant conclusions are obtained through empirical analysis:1.For listed companies,the implementation of equity incentives will lead to higher performance,and the improvement of equity incentives will significantly improve corporate performance.2.Compared with option incentive,the correlation between the intensity of equity incentive and corporate performance is higher in restricted stock incentive model.3.The effect of equity incentive is affected by the nature of the company's property rights.The relationship between the equity incentive level of the private enterprises and the company performance is more significant than that of the state-owned enterprises.