A Study On The Relationship Between Stock Incentive And Investment Behavior Of Listed Companies

Financial investment of behavior is so much important, on the one hand, it is the company’s accumulation of capital and the main motivations of growing; on the other hand, it is also linking enterprise current interests and long-term interests. The problem of investment efficiency is confusion which many countries are facing today; our country is also no exception. Unreasonable investment leads scarce resources into areas, departments and projects, waste of resources and increasing the financial risk. Inadequate investment leads to social quality of idle resources, and this part of the high quality resources of opportunity cost increase and harm the interests of stakeholder. Therefore, how to improve the investment efficiency of listed companies has become a national resources allocation efficiency which is important to the problem.Standing in the perspective of equity incentive, this article selected 2006-2014 of machinery and equipment industry which include 594 companies as samples. At the same time, using the software of SPSS to analysis and empirical research, it is concluded that equity incentive for investment excessive suppression effect, and an important role to improve the inadequate investment. This article selects in the construction machinery industry, it is very representative of the company which named Sany Heavy Industry of financial performance, investment scale, the strength of R&D expenditure, the analysis of the investment efficiency and so on. It concludes that equity incentive of Sany heavy industry investment efficiency that is remained stable. The influence of no large cuts in investment or blind expansion. Finally, mainly to this article research conclusion to do a review and summarize, and put forward relevant suggestions and points out limitations of this study and the research prospects.