Research On The Relationship Between Equity Incentive And Corporate Performance In Gem

With the gradual improvement of the relevant legal system of equity incentive,more and more listed companies use equity incentive mechanism for enterprise management,and the relevant research on equity incentive mechanism is also increasing.However,due to the differences in the implementation environment of the equity incentive mechanism,scholars at home and abroad have not reached a consensus on whether the implementation of equity incentive can promote the performance of the company,and what factors affect the implementation effect of the incentive mechanism,which is worthy of further exploration.At present,compared with the main board and small and medium-sized board market,the implementation rate of the gem equity incentive plan is the highest,and the GEM listed companies have the characteristics of high technology,high quality of internal control,and the equity distribution is in the "multi share mode".Therefore,considering the unique characteristics of GEM listed companies,this paper selects listed companies that have successfully implemented equity incentive plans in China's gem from 2014 to 2016 as the experimental group samples,we will use the one-to-one nearest neighbor matching method in propensity score matching method to match the corresponding control group that has not implemented incentives,then take the relevant financial data of the experimental group and the control group from 2013 to 2018 as the research object,and take the internal and external supervision and governance environment of enterprises as the research angle,to explore the effect of equity incentive mechanism in the gem.,this paper explores the effect of equity incentive plan in gem.The conclusions of this paper indicate that:(1)the implementation of equity incentive plan can effectively promote the improvement of corporate performance;(2)the relationship between equity incentive degree and corporate performance is significantly positive;(3)the concentration of equity significantly strengthens the implementation effect of equity incentive;(4)the quality of internal control significantly strengthens the implementation effect of equity incentive;(5)the more competitive the product market is,the better the equity incentive effect is;(6)the better the local institutional environment is,the better the equity incentive effect is.Finally,according to the research conclusion,this paper puts forward some corresponding improvement suggestions.Combined with the internal and external supervision and control environment of the company,this paper comprehensively explores the impact of the implementation environment of equity incentive on the implementation effect of equity incentive,which not only enriches the relevant research content of equity incentive,but also has a certain practical significance for the application of equity incentive in GEM listed companies.