In the process of enterprise development, due to the inconsistency interests between the owners and managers,following the universal existence of the principal agent problem. In recent years, according to the domestic and foreign research results, the owners should be put into force long-term incentives to managers, ease different objectives between the owners and managers.managers share enterprise the interests,and combine the long-term development of the enterprise with managers interests,in order to encourage managers implement action achieve owners maximization benefit.The body of enterprise investment is enterprise, mainly including fixed assets investment, intangible assets investment and short-term investments. This paper mainly studies the relationship between equity incentives and the fixed assets investment. Fixed asset investment is a result of managers decisions,so it will be inevitablely suffered the influence of the equity incentives mechanism. Thus,it is necessary that research relationship between equity incentives and fixed assets investment,and it is has very important practical significance.The content of the structure are as follows.The first chapter is introduction.It mainly introduces the research background, research significance and research content. uses empirical and normative research method, and draws some possible innovations. The second chapter is theoretical analysis and literature review. It mainly introduces the theoretical basis of management equity ratio and fixed assets investment,and introduces theory explanation that why owners incentive to managers. Then,it reviews the overseas and domestic relevant literatures of fixed asset investment and equity incentives,so that put forward to the research hypotheses, variables definition. The third chapter is empirical designement. According to the existing literature research results, and combination with the actual situation,it analyzes the relations and influential factors of fixed assets investment and management equity ratio. The research sample is manufacturing industry data in 2007 to 2009 to analysis. The fourth chapter is empirical conclusion and analysis.it draws the statistical relationship between the variables,and explaines the analysis results. Then, conducts robustness test. The fifth chapter is research conclusions and policy recommendations.The innovation points is that the one researches the relationship between equity incentives and fixed assets investment, by sorting out the corporate governance structure data and controling the influence of other variables,in order to further broaden the research contents of the stock ownership incentive.Using SPSS16.0 to conduct robustness test. From rejecting extreme value and consideration of linear problems to considering declared the implementation of equity incentive company to further added fixed assets classification,so that research the influence between management equity ratio and fixed assets. The other one is data from selected manufacturing industry data in 2007 to 2009 after share-trading reform, so it can need not consider industry of variables,and the results of the study more representative.This paper study limitations include empirical research did not consider industry of variables,It can not accurately reflect all industries, and limiting research conclusion application scope.It can not consider the relationship between different equity incentive mode and fixed assets investment.The samples of robustness test will be less for results produce, so the effects are limited. If the paper wants to make the empirical results more persuasive,it should Increase the sample in robustness test. |