An Empirical Study On The Influence Of Equity Incentive On Enterprise Operating Performance

In the process of enterprise development,the principal-agent problem has been troubling the development of enterprises,which has attracted the attention of scholars.To alleviate the principal-agent problem,since the 1950 s,equity incentive problem has become the focus of foreign scholars' research.They believe that equity incentive can improve the operating performance of enterprises.However,due to the different national conditions between China and foreign countries,China needs to consider the characteristics of its own capital market in order to play the role of equity incentive to listed companies.Since the 1990 s,along with relevant system constantly improved got rapid development,especially in 2009,the growth enterprise market opening,a batch of high-growth,high-risk companies listed,these characteristics to promote the extensive application of equity incentive system in the growth enterprise market,the exploration of the gem listed company equity incentive is deepening,hope through the implementation of equity incentive,to solve the problem of operator's long-term,thus to improve the business performance,so study the characteristics of the gem listed companies in China equity incentive to promote the business performance of the work has important practical significance.Whether equity incentive can improve the business performance of gem listed companies in China,and whether different equity incentive modes can affect the implementation effect of gem listed companies' business performance.Aiming at these problems,based on the existing theory and implementation results of equity incentive problem is studied,from 2015 to 2018 the implementation of equity incentive of the gem listed companies as samples for empirical research,descriptive statistics and multivariate back analysis was carried out on the sample explores the equity incentive effects on gem operating performance of listed companies in our country.The empirical results show that the intensity of equity incentive has a significant positive correlation with the operating performance of gem listed companies,while different modes of equity incentive have impact on the operatingperformance of gem listed companies.Finally,some Suggestions are given for the research conclusion: at the macro level,improve China's information disclosure system,enhance the effectiveness of China's capital market,so that the company's stock price can truly reflect the company's operating conditions.Attach importance to and improve the management system to provide human resources support for the development of enterprises.At the micro level,gem listed companies themselves need to choose their own appropriate equity incentive model according to their financial status,capital structure and equity structure,so as to maximize the implementation effect of equity incentive.At the same time,it is also necessary to build a comprehensive performance evaluation index system to provide a reasonable basis for the implementation of equity incentive and stimulate the enthusiasm of employees.