Research On The Correlation Of Management Equity Incentive Mode And Corporate Performance Of The Listed Companies In China's SME Board

In recent years, With the rapid development of the SMEs in China's capital market, more and more SMEs are listed companies in SME Board.In order to solve the principal-agent problem,the equity incentive comes into the view of these SMEs and widely implemented. because of the particularity in Small board of listed companies, it is necessary for the implementation of small plates listed the effects of management equity incentive system were summarized. In this paper, empirical analysis reveals the relationship between small board listed company's management equity incentives and corporate performance,and different incentive effects of management equity incentive mode. The results of this study, to promote management equity incentive mechanism of Companies in SME Board is important.Firstly, the paper discusses relevant researches at home and abroad in details. we make detailed explanation for several important concepts, based on which, equity incentive theory are introduced,such as,the theory of principal-agent theory, human capital theory and Two-factor motivation theory. Then we analyze specifically the management equity incentive status of companies in China's SEM board.Then, this paper Verifies the proposed hypotheses by empirical research methods and obtains the sample companies integrated enterprise performance using factor analysis.The paper makes linear regression with integrated enterprise performance as the dependent variable, the management of the proportion of the total equity stake as independent variable, and the stake proportion of the largest shareholder, company size and capital structure as control variable, in order to study the relationship of management equity incentive and management's equity incentive of companies in China's SEM board.Finally, the article makes linear regression of samples which use different methods of equity incentives, and respectively studies relationship of the methods of equity incentives and corporate performance.Based on the empirical study,we find that there is a linear positive correlation between management equity indicates and corporate performance of the listed companies in China'SME board,which indicates that management equity incentive mechanism plays an active roll in the field of SME board.Moreover,the different incentive modes bring different incentive effect.Tthere is a positive corretion between stork option incentive and corporate performance.howere,there is a negative correlation between resticted stock incentive and corporate performance,which indeicate that stork option incentive plays an impotent role for corporate performance,but the restricted incentive somewhat less in this respect,the conclusion compared to what the main board companies as samples with is the opposite.At last,the paper puts forward related Countermeasures and suggestions according to the empirical research conclusion and the existing problems of listed companies in China's SME Board equity incentive mechanism.