| Equity incentives are the main incentive means for enterprises to actively explore,improve the corporate governance environment,and enhance corporate value.In 2006,the China Securities Regulatory Commission issued the "Management Measures for Equity Incentive of Listed Companies(Trial)",marking the beginning of the exploration phase of equity incentive for listed companies.Since 2010,the proportion of equity incentive plans issued by listed companies in China has steadily increased,and in recent years,the development has been particularly rapid.Reasonable equity incentives can not only enhance the level of corporate governance and improve company performance,but also enhance the innovation ability of enterprises,retain talents,enhance corporate governance level,promote economic structure optimization,and comply with the strategic requirements of the 14th Five Year Plan.Equity incentives balance internal and external governance roles.The main purpose of implementing equity incentives in listed companies is to improve the corporate governance environment and enhance corporate value.But do companies implement equity incentives in different contexts driven by internal motivation and external pressure?How will the signals transmitted by equity incentives to the outside world be interpreted by the outside world?Therefore,this article aims to explore the reference effect and external spillover effect of equity incentives,study the factors that affect equity incentives,and the impact of equity incentives on analyst behavior.This article collects financial and non-financial data of Chinese listed companies from 2011 to 2022,organizes relevant literature and theories,designs empirical models,and studies the impact of past equity incentives on equity incentives,the impact of equity incentive levels in enterprises in the same region on the implementation of equity incentives,the impact of historical expected performance gap on the implementation of equity incentives in enterprises,and the impact of equity incentives on the level of equity incentives in the same industry,And the impact of equity incentives on analyst behavior,including analyst attention,analyst annual report forecast rating,analyst optimistic bias,and the identification effect of analysts on the influencing factors of equity incentives.This article strictly screens the data,excludes financial industry data,conducts tail reduction processing,designs regression models,and conducts empirical analysis.Result:(1)It was found that equity incentives are influenced by historical incentive factors,implementation factors of equity incentives in enterprises in the same region,and historical expected performance gap factors.Enterprises that have implemented equity incentives in the past,enterprises with higher implementation levels of equity incentives in the same region,and enterprises with historical performance lower than expected and in the near future have a significant promoting effect on equity incentives.Financing constraints have a promoting effect on regional reference effects,The reference effect on the expected performance gap has a inhibitory effect.(2)There is an external spillover effect of equity incentives.Implementing equity incentives in enterprises will enhance the level of equity incentives in the same industry,and the improvement of policies will promote the external spillover effect of equity incentives;State owned enterprises play a leading role in the external spillover effects of equity incentives.Equity incentives have a significant impact on analyst attention,analyst annual report prediction rating,and analyst optimistic bias,which can increase analyst attention and obtain good predictive ratings.However,analysts hold a conservative attitude towards companies implementing equity incentives,and equity incentives are significantly negatively correlated with optimistic bias.At the same time,it was found that analysts identified three influencing factors of equity incentives,but their interpretations of the three factors were slightly different.This article focuses on equity incentives and studies the reference effects and external spillover effects of equity incentives,broadening the perspective for the study of equity incentives.By analyzing the factors that affect equity incentives,it is found that equity incentives have certain regional characteristics,and a higher level of regional incentives can promote enterprises to implement equity incentives to improve their business environment and achieve long-term development.State owned enterprises play a leading role in the industry,and should fully leverage their advantages to promote the improvement and implementation of equity incentives in state-owned enterprises,drive industry development,and promote the further development of equity incentives in China.This plays an important role in maintaining the stability of the capital market and promoting the construction of the capital market in China. |
