Equity Incentive Of The Listed Company, Capital Allocation And Corpration Performance

A remarkable characteristic of modern enterprise system is the separation of ownership and management, resulting in the principal-agent problem in enterprise interior. Equity incentive is an important institutional arrangement to solve as principal between company owners and operators of the agent, and it has gradually become the focus of research in the field of corporate governance. But previous studies have paid too much attention on the enterprise incentive system arrangement effect on corporate performance, while rarely introduced variable, mode of action to further explore the equity incentive mechanism and enterprise capital allocation in the company. In this background, we start from the equity incentive system, in case of the A shared listed corporation as example, According to the main line of" Equity Incentive-Capital Allocation-Corpration Performance ",through the method of theoretical analysis and empirical test, Study the effect on corporate capital allocation from the equity incentive, Analyse the effect between the equity incentive and corporate performance relationship from corporate capital allocation, in order to provide theoretical and empirical evidence for the construction of the equity incentive system from the listing Corporation.This research is mainly divided into the following parts:the first chapter is the introduction, mainly introduce the research background, the research goal and the significance etc. The second chapter is the basic theory and literature review in this paper, Firstly, we define the concept of relevant variables, then introduce related theory of this paper, and summarized the results of previous studies. The third chapter is the the study design, this chapter is based on the theory and literature review, put forward the research hypothesis according to the purpose of the thesis, and construct multiple linear regression model. The fourth chapter is the empirical analysis, the main context is the description statistical analysis based on the variable, and we also illustrate result of the the sample regression results. The fifth chapter is the conclusion of the study and the future research suggestion. On the basis of the above analysis, Summary the conclusions of this research, then, we provide countermeasures and suggestions to the implementation of equity incentive for the listing Corporation according to the conclusion of this study. At last, we put forward the shortcoming of this study and the future research direction for improvement.In this paper, we use the method of multiple linear regression analysis through the A shared listing Company,and get the following conclusions:(1) compared with the state-owned listing Corporation, the non-state controlled listing Corporation equity ratio which carry out the implementation of incentive is higher;(2) define the other conditions, equity incentive can significantly enhance the enterprise development level of the A shared listing Corporation, and there is a positive effect on the relationship between R&D investment and enterprise performance from equity incentive. (3) define the other conditions, equity incentive can significantly raise the level of the A shared listing Corporation, and there is a positive effect on the relationship between investment level and enterprise performance from equity incentive.The main innovation of this paper lies in:(1) previous studies focus more on the relationship between equity incentive and corporate performance directly, and less from the perspective of equity incentive mechanism of enterprises and the capital allocation behavior influence.this article study the influence to enterprises on corporate performance from capital allocation of the R&D and foreign investment as the equity incentive for the moderate variable based on the previous research.(2) based on the Chinese special system environment, As the "The measures for the administration of equity incentive of the listing Corporation" for a chance, Study the mechanism of equity incentive effect on corporate performance of the enterprises which in the different capital allocation mode, it is helpful for the enterprise to optimize the allocation of resources of the path, so as to improve the efficiency of the allocation of capital markets.Of course, because the level is limited, this paper still exist the following problems:firstly, in the research method, the multiple linear regression model is usually only one dependent variable, For example, only the financial index can not measure the level of performance of the company completely. In the future, we can try to use structural equation model-SEM, try to use multiple variables to describe the performance of enterprise level, for the software, it can be analyzed by AMOS, The empirical results are more accurate, and the conclusions are more persuasive.In addition, we carry out this research is on the basis of quantitative research. In fact it is not only reflected in the remuneration or funding from the effect of the company including equity incentive, R&D or investment. For example, It not only includes company compensation investment to management from the shareholders, when put into the equity incentives to the management.More importantly, this reflects the trust and affirmation from the shareholders to the company management layer or the core technology staff.