Research On Equity Incentive Effect Of NEEQ Board Listed Companies

With the rapid development of modern enterprise system,the principal-agent problem has attracted more and more attention from scholars,which is mainly caused by the separation of ownership and management.Principal-agent problems make interests contradiction exists between the shareholders and the agent,and equity incentive mechanism is the important way to solve this problem,by giving the business operators stake,cause the target to achieve a unified,forming a community of interests.Based on the experience of the listed company at home and abroad,found the equity incentive to reduce the agency cost of enterprises,to attract and retain talents,perfect the enterprise internal management,promote enterprise long-term value plays an important role in such aspects,and therefore is considered to be the important means to solve the problem of principal-agent effectively.With the constant improvement of China's capital market and the development,obtained the rapid development of small and medium-sized enterprises,a large number of small and medium-sized enterprises in flood of equity incentive,thus caused wide attention of scholars domestic and hot.What is the current status of equity incentive for listed companies with short growth time,small development and fierce market competition in NEEQ board market? What is the effect? Aiming at these problems,on the basis of existing research results,this paper selected the first half of 2014-2017 of disclosure and the implementation of equity incentive plan NEEQ listed companies as research samples,the empirical test.When selecting enterprise performance indicators,this paper adopts factor analysis method to combine the 14 basic financial indicators selected into a comprehensive index.In order to study the effect of equity incentive,multiple linear regression method is used to analyze the correlation between equity incentive level and comprehensive performance index.In this paper,the research results show that listed companies in NEEQ board after the implementation of equity incentive plan,its business performance has improved,incentive level and corporate performance is significant positive correlation between.New three board listed companies enthusiasm for the implementation of equity incentive degree is higher,but there are many problems in the process of implementation,such as for various reasons to cancel or terminate the plan more incentive scheme in short,the period of validity of incentive level is not high,in the condition of exercise performance appraisal is too single,etc.Finally,some Suggestions are put forward based on the conclusions of this paper.