An Empirical Analysis Of Equity Incentive Impact On The Performance Of Listed Companies In China

1950s, first produced in the U.S. equity incentive, then, Japan. Europe and Singapore and other countries have begun to use. Use of foreign equity incentive than half a century which fully reflects the performance of listed companies it plays an important positive role.1990s, China began to slowly touch equity incentive system, released in2005." Equity Incentive Management of Listed Companies (Trial)" on the implementation of equity incentive were the norm. Developed for mature equity incentive theory and practice, practice various policies and equity of listed companies issued by the China Securities Regulatory Commission incentives for research paper provides a solid theoretical foundation and the exact research ideas.In this paper, normative and empirical analysis of two methods to investigate the equity incentive impact on the results of listed companies by how much. This article has five parts including introduction, relevant theory, situation analysis. empirical analysis, conclusions and recommendations. In the theoretical part, the article describes two aspects, the equity incentive and corporate performance. And a representative selection of the three theories agency theory, human capital theory, incentive theory. in order to support a theory of this study. Then in the empirical analysis, first comprehensive performance of listed companies factor analysis, the performance of the company’s proxy variables that model the dependent variable; followed by multiple linear regression analysis, the regression results obtained based on the level of equity incentives on company performance the degree of influence final on two main equity incentive model-the effect of stock options and restricted stock incentive to do comparative analysis. According to the above theoretical and empirical analysis, this paper obtained the following conclusions:equity incentive and corporate performance is positively correlated; incentive effect of stock options is better than restricted stock. In this paper, based on the final conclusions and the reasons put forward some countermeasures and suggestions.