Research On Equity Incentive Impact On Investment Intensity Of The Listed Companies In China

Process, along with the development of the enterprise ownership and management separation of ownership and interest differences between shareholders and managers, the principal-agent problem arises at the historic moment can be seen from the research at home and abroad in recent years, the owner the way to solve the problem of principal-agent, mainly to long-term incentive for managers to narrow the gap between shareholders and managers of target agent through sharing shareholders’ equity, relate their own interests and enterprise long-term interests, maximize the enterprise value enterprise as the main body of investment investment decision-making is one of the key factors to increase the enterprise value, investment is also the main power to increase cash flow, but has the investment decision-making power between managers and shareholders ownership of agency and information asymmetry will be intensified conflicts, separation of ownership leads to divergence of interests will be more obvious, further affecting management investment decisions, performance for investment is insufficient or excessive equity incentive plan, as a kind of effective long-term incentive mechanism, its reasonable design and effective implementation will directly influence the management behavior, to solve the problem of agent, reducing agent costs have far-reaching significance, investment as a result of management decisions, is bound to be affected by the equity incentive plan of the enterprise.In this paper, the research background of the securities and futures commission promulgated on December 31, 2005 shares of the listed company equity incentive management approach(trial), 2006-2012, put an end to the implementation of equity incentive schemes main board and small and medium-sized boards of listed companies as the research object, USES the empirical research method, validation of equity incentive intensity of equity incentive mode and the validity of equity incentive and the relationship between the enterprise investment decision, trying to provide decision-making information to the modern enterprise.First of all, the article expounds the research background and significance and research methods, reviews the related literature at home and abroad and the theoretical basis, and the equity incentive intensity of investment such as defining the related concepts.Secondly, the current situation of the present situation of the listed company equity incentive and investment of our country is analyzed, found that more and more listed companies choose to implement equity incentive plan; The implementation of equity incentive of listed companies has obvious characteristics of the industry; Company of equity incentive system showed the trend of the DPP back; Small and medium-sized enterprises as the main body of the implementation of equity incentive plan; Equity incentive intensity is stable; Stock options incentive mode number is on the decline, the number of restricted stock incentive way there is a growing trend, mixed mode more and more be favorred; Consider as the main source of equity incentive way; 3-5 years the number of equity incentive validity of absolute advantage; Investment conditions after the implementation of equity incentive plans of listed companies showed growth trend.Then, according to CSMAR database disclosure of financial and management data on a sample of the company, for each object data collection, aggregation, collation and analysis,and bring the data into SPSS regression results show that the strength and investment was significantly positively related to equity incentive, namely the equity incentive intensity, the greater the investment, the greater the compared with stock options incentive mode, restricted stock incentives to promote more investment; Under five years of equity incentive than more than 5 years of equity incentive validity is stronger to the incentive effect of investment.Finally, according to the research conclusion targeted puts forward relevant policy suggestions, and through the analysis of the limitations, the paper points out future research.