Study On The Relationship Between Equity Incentive Of Operators And Compant Performance

Operator's equity incentive has been widely used in various countries management practice; it can achieve long-term incentive to the operators', agree to operators' interests and the interests of enterprises, and solve the agency problem effectively for the operators of the listing state-owned enterprises (SOE), Promote the effective growth of enterprise performance. Strictly speaking, Operators' equity incentives should be linked to enterprise performance, enterprise Performance can be used to measure the effectiveness of operators' equity incentive. But so far, existing research literatures was focused on resolving the operators' equity incentive problem, not rearch the existing operators' equity incentive for the impact of enterprises performance, and did not make a systematic research forSOE especially. Accordingly this paper selects the operators' equity incentive levels of the listing SOE and enterprise performance as a research object, about relationship to do further study.Based on the study of the equity incentive related theory, this paper redefines the related concept, construct a relations model of operators' equity incentive of the listing SOE and enterprise performance, make relevant assumptions, Use frequency analysis and research methods such as induction, To the listing SOE of manufacturing industry in Shanghai and Shenzhen stock Stock Exchange representative of listing companies in China, make an Empirical Study about operators equity Incentive of the the listing SOE and enterprises performance. By 2004-2006 data construction balanced parallel data to study samples, use the generalized a two-stage least squares method, HAUSMAN testing, use of factor analysis, regression analysis, correlation analysis, tested the various influencing factors impact on the related of the operators' equity incentive and enterprises performance. The result showed that,①using Pearson correlation found that the factors which influence operators equity incentive were significantly related to enterprise performance, and discussed the impact of various factors influence and a separate joint impact.②Using factor analysis calculated comprehensive evaluation of the performance of listing companies from the company's profitability, operational capacity, solvency, development capacity.③Come through regression analysis, not consider the various factors impact on the correlation between the level of operators equity incentive and the performance of the listing SOE, operators equity incentive level and performance of the listing SOE of manufacturing industry had curve relationship; Consider the various factors impact on the correlation between the level of operators' equity incentive and the performance of the listing SOE, there existed a strong effect interval between operators equity incentive level and performance of the listing SOE of manufacturing industry, it had inverted U-shaped relationship.