An Empirical Study On The Impact Of Executive Incentive And Ownership Concentration On Enterprise Performance In High-tech Enterprises

Along with science and technology as the leading the trend of economic development,science and technology to stimulate the economy to become our country in the increasingly fierce competition in the pattern of core competitiveness,and subsidies in countries encourages the development of high and new technology enterprise situation,enterprises should improve their core ability to create more internal digestion throe brought by the economic transformation,foreign trade war such as crisis erupted at any time calmly.In what is now the joint-stock enterprises,the incentive as a kind of to the enterprise operator reward means for enterprises to improve their performance play a huge role in promoting,based on the equity structure,the nature of the different enterprises,different enterprises and background,what incentives to explore the critical point for the improvement of incentive category in high and new technology enterprise core competitiveness,improve enterprise operating performance play a crucial influence.For the purpose of this article to high and new technology enterprise in 2013-2017 Shanghai and Shenzhen listed companies as research samples,build multivariate regression model,using ROA measures for high and new technology enterprise performance,through the empirical analysis to explore the high and new technology enterprises in our country the current incentive mechanism and whether there is a significant correlation between corporate performance and ownership concentration for regulating effect,between different enterprises under the background of nature and the incentive effect and the method,get the following conclusion: First,in terms of executive incentive,ROA of high-tech enterprises in that year has a significant positive correlation with executive incentive,and the latter has a significant promoting effect on the former.With the increase of executive and core technical personnel salary incentive of high-tech enterprises,corporate performance can be significantly improved.Second,the ownership concentration on the effect of regulation of executive compensation incentive,this article through the lag issue of executive compensation incentive and ownership concentration(top 10 shareholders than)the interaction of the item and business performance(ROA)analysis,equity concentration is advantageous to the executive incentiveto be effective,to a certain extent,enhance the performance of the executive compensation incentive for enterprise to promote role;Three is for executive compensation incentive plans,it can improve the state and the performance of state-owned property rights of high-tech enterprises,and incentive is especially obvious in the corporation,for the equity incentive plan,high-tech enterprises,with characteristics of state-owned property rights has no effect,investigate its reason,one is the background of state-owned enterprises of new and high technology enterprise executive short term prompt it to pursue short-term enterprise benefit maximization and ignore the enterprise long-term development plan,and long-term incentive effect of equity incentive didn't get to play,the second is in private enterprises,more convergence between executives and corporate interests,the realization of its executives pay more attention to their own value,There are more motivations to improve corporate performance from the perspective of self-interest.