| Equity incentive is an effective means to alleviate the principal-agent problem of modern enterprises.By granting a certain number of shares to senior executives and other employees,their interests are partially tied to those of the company’s shareholders,so as to stimulate the work enthusiasm of the object of equity incentive and promote the improvement of company performance.At the same time,in order to give full play to the effect of equity incentive and better link up the relevant policies after the individual income tax reform,a separate tax policy on equity incentive was issued at the end of 2018,stipulating that equity incentive income does not need to be incorporated into the comprehensive income of the current year,but is calculated and taxed solely under the comprehensive income tax rate table.The introduction of the separate tax policy on equity incentive reduces the tax burden of the object of equity incentive and enhances the attraction of equity incentive scheme.Based on this,this paper studies the relationship between equity incentive and company performance,and further studies the impact of the separate tax policy on the effect of company equity incentive,it is of great significance for the improvement and development of equity incentive system and the formulation of relevant policies.In this paper,through a combination of empirical and case studies,the A-share listed companies that have implemented equity incentives from 2012 to 2021 are selected as the research object,the implementation of equity incentives and the intensity of equity incentives are taken as the independent variables of the research,and the fixed effects of industry and year are controlled,so as to explore the impact of equity incentives on corporate financial and innovation performance.Taking the separate tax policy on equity incentive as the moderating variable,explore its moderating effect on the implementation effect of equity incentive.The results show that the implementation of equity incentive can significantly improve the financial and innovation performance of the company,the greater the intensity of equity incentive,the more obvious the improvement of company performance,and the introduction of the separate tax policy on equity incentive has a significant positive moderating effect on the implementation of corporate equity incentive.After the empirical study on a large sample of A-share listed companies,this paper uses the case study method,takes Zhejiang Weixing Industrial Development Co.,Ltd as the research object,and focuses on the implementation effect of the third,fourth and fifth equity incentives of Zhejiang Weixing Industrial Development Co.,Ltd.The results show that the equity incentive of Zhejiang Weixing Industrial Development Co.,Ltd has improved the financial performance of the company,improved the innovation input and output level of the company,and brought about a positive market response.In addition,the introduction of the separate tax policy on equity incentive has significantly reduced the tax burden rate of the object of the equity incentive of Zhejiang Weixing Industrial Development Co.,Ltd.The effect of the fourth and fifth equity incentive implemented after the introduction of the policy is better than that of the third equity incentive before the introduction of the policy,which more specifically and intuitively reflects the empirical research conclusions,and provides appropriate suggestions for how to better play the effect of equity incentive. |
