Research On The Impact Of Equity Incentives On The Operating Performance Of Listed Companies In My Country's Information Technology Industry

Since the reform of share transformation,the practice of equity incentive to improve the performance of listed companies has gradually prevailed in China.According to Wind database statistics,up to December 31,2017,a total of 932 listed companies in China have announced and implemented the equity incentive.Historical data also show that the number of companies that carry out equity incentive has increased year by year.Theorists and practitioners began to pay attention to the effect of equity incentive in listed companies.Scholars at home and abroad have focused more on the overall effect of equity incentive on corporate performance or the existence of the role of intermediary factors,but few scholars have incorporated these effects into the mechanism of action,and analyze the contribution size of the effects,and analyze the mechanism of the listed companies in the information technology industryTherefore,this paper takes into account the completion of the split share reform in 2006 as well as the financial crisis in 2008,and finally selects the listed companies in the information technology industry of China to announce and implement the equity incentive during the period from January 1,2009 to December 31,2015.On the basis of theoretical analysis,three paths are selected to form an indirect action mechanism,and the contribution size of each path in the indirect action mechanism and the direct action mechanism is analyzed.The structure of this article is arranged as follows:the first chapter is the introduction;the second chapter is the literature review and the theoretical basis;the third chapter is the motivation of the listed companies in the information technology industry and the effect mechanism on the management performance;the fourth chapter is the impact of the stock right incentive system on the management performance of the listed companies in the information technology industry of our country.The fifth chapter is the empirical research on the impact of equity incentive on the performance of Listed Companies in China's information technology industry;the last sixth chapters are conclusions and prospects.The specific research ideas and conclusions are summarized as follows:Listed companies in the information technology industry may implement stock option incentives in order to enhance employee motivation,prevent cash flow and reduce high turnover rate.It can be seen from the past literature that equity incentive can affect the performance of listed companies by influencing earnings management,innovative R&D input and investment efficiency.Therefore,this paper integrates earnings management,innovative R&D,and investment efficiency path into the indirect mechanism of action,and then integrates equity incentive,indirect and direct action mechanism,and corporate performance into an overall structural framework,so as to observe how equity incentive affects the performance of the company.Then,this paper analyzes the actual data that the equity incentive has a positive effect on the performance of the listed companies in the information technology industry,and the technical staff in this industry are more incentive than the executives to provide a realistic basis for the construction of the innovative R&D investment path.Finally,based on the overall structural framework,this paper makes an empirical analysis of the mechanism of the impact of equity incentives on the performance of Listed Companies in the information technology industry.The empirical results show that equity incentive can improve the performance of the listed companies in this industry,of which the indirect action mechanism has played 28.60%roles,19.29%is achieved through the innovative R&D path,the earnings management path has contributed 9.31%,the investment efficiency has not played a significant role,and the contribution rate of direct connection mechanism reached 71.40%.This study analyzes the effect mechanism of equity incentive on Listed Companies in China's information technology industry,and combines the characteristics of "rapid update","high product technology content","light assets" and other industrial characteristics and the theoretical analysis of the information technology industry.The path of the mechanism is in the listed companies of information technology industry.The reasons for such a contribution are comprehensively analyzed.At the end of the paper,the policy recommendations are put forward based on the data and empirical analysis results and the nineteen major reports.