Research On Management Motivation And Enterprise Performance Of Private Listed Corporations

Over the years, how to encourage management staff effectively has always beena great concern of theory and practice circles, along with the principal-agent problemarising from the separation of company ownership and management, managementincentive problems are more widespread concerned, scholars home and abroad onmanagement incentives, and business performance results do not form a convincingconsistency of conclusions, domestic scholars tend to study the problem more than allthe listed companies or the state-owned listed companies, fresh for the private listedcompanies. Since the reform and opening up, private enterprise has achieved a rapiddevelopment, it has gradually become an important part of China’s economic, to makean increasing contribution to the development of China’s economy, therefore, thisarticle focuses on the private listed companies.This paper selects all of our private listed company data, the study of China’sprivate listed company’s management incentive and results of operations. Draw thefollowing conclusions: significant positive correlation relationship between payincentives to business performance, and incentive effects of long-term; equityincentive and business performance exists a significant positive correlationrelationship, not has a significant long-term incentive effect; implementation ofincentive stock options private the operating results of listed companies is better thanthe results of operations of the private listed companies in the implementation ofequity incentive, but the difference was not significant; the results of operations ofChina’s private listed companies after the implementation of equity incentive betterthan the implementation of the results of operations before equity incentive, but thedifferences were not significant.In this paper, results demonstrated the problems of private enterprisemanagement incentives, proposed a series of rationalization proposals and wish tocontribute to the deepening of reform of China’s private listed company’s managementincentive mechanism, and actively promote the development of China’s private listed companies incentives.