The Empirical Study On The Influencing Factors To The Operator Equity Incentive Of Listed Companies In China

The principal-agent relationship emerged due to the division of operating and property rights. Based on their information advantage, the agents often seek profit for themselves, sometimes, even against the interests of the clients. There must be a long-term incentive mechanism to promote the agent work hard toward the interests of the shareholders. The operator equity incentive mechanism is one kind of long-term incentive mechanism for the purpose of reducing the proxy cost and raising the business efficiency. It is helpful in solving the proxy question between the shareholders and the operators. It can balance the benefit of the shareholders and the operators can guide the operator to fulfill the company management duty, increase the enterprise's value. The domestic and foreign researches mainly concentrate in two aspects: One is about the equity incentive how to influence the operating results; one is about which factors are affecting the operator's equity incentive.This article took the company internal factors as the breakthrough point and the general manager and other high-level manager were defined to be the operator, then proposed the method to compute the incentive level, through the gambling analysis the intrinsic logic of the operator equity incentive was discussed. Then conducted the empirical research, how factors affect the listed companies operator equity incentive were studied.The listed companies which proposed the operator equity incentive program from 2006 to 2008 were selected to study whether or not these factors influence the operator equity incentive. All the samples were matched with the company there was no incentive plan to stimulate in the ratio of 1:1. Selected operating capacity, development capacity, cash flow and the profitability in the financial indicators, A comprehensive index about the operating results was scored by the factor analysis of SPSS. Through the regression, find that the operating results,the proportion of the state-owned shares and the stock checks and balances are significantly correlated with the proposing operator equity incentive, and the operating results is positively correlated, the proportion of the state-owned shares and the first major shareholder to the next ninth major shareholders are negatively correlated. Other variables are not relevant.All the listed company to carry out the incentive plan was carried out to study the operator equity incentive level by the linear regression. The results revealed that the company operating result is not significant with incentive level, the incentive level is significantly correlated with the ratio of the state-owned share,company size and the first major shareholder to the next ninth major shareholders. So there still exist some problems in the process of driving operator equity incentive program. To solve these problems, the article proposed some suggestion and countermeasure finally.