Research On The Relationship Between Equity Incentive And Corporate Performance Of Information Technology Listed Companies

Equity incentive is an important means for listed companies to solve agency problems,perfect constraints and incentive mechanisms.With the development of China's economy and the completion of the split share structure reform,equity incentive has been valued by more and more enterprises.As a knowledge intensive and technology intensive enterprise,information technology enterprises urgently need a long-term and effective incentive mechanism to avoid the "moral hazard" and "adverse selection" behavior of the management.This paper takes the information technology listed companies from 2007 to 2016 as a sample.Starting from the exogenous factors affecting the effect of equity incentive implementation,this paper studies the equity incentive as one of the corporate governance mechanisms.It is not independent of the impact on the performance of the enterprise,and it needs to be combined with the corresponding ownership structure in order to play an effective role.Its role,in addition to the first and second types of agency costs,is to explore the mechanism of equity incentive to corporate performance.On the basis of corporate governance theory,principal-agent theory,optimal contract and incentive compatibility theory,combined with the implementation status of equity incentive,the OLS multiple linear regression model and intermediary effect model are established for reference by the research results of existing scholars.The empirical study is carried out on the relationship between equity incentive and enterprise performance by using Stata15.0,and the sample is tested in groups according to the degree of ownership concentration,equity balance and property property.The mediation effect of the first type agency cost and the second type agency cost on the relationship between equity incentive and enterprise performance is examined through the mediation effect model.Equity incentive is positively related to corporate performance,and the effectiveness of equity incentive with different property rights is different.The stock incentive has not played a good incentive effect due to the lack of the actual controller and the insider control of the state-owned holding enterprises,but the equity incentive in the non state-owned enterprises is positively related to the enterprise performance;compared with the enterprises with a high concentration or relatively dispersed ownership,the equity appropriate concentration enterprise implements the equity incentive plan.It is more conducive to the promotion of enterprise performance;based on the balance of equity,the current five major shareholders can balance the first big shareholders when the strength of the first major shareholders is equal,and the equity incentive is positively related to the performance of the enterprise.At the same time,it is provedthat equity incentive has promoted the performance of enterprises by reducing the first and second types of agency costs.