A Empirical Study On The Effect Of Executive Equity Incentive On Corporate Performance

In our country, although equity incentive system as an important mechanism of incentive and constraint is applied to the enterprise, but has been hailed as a "golden handcuffs" equity incentive do not always bring positive effect for the enterprise.Fangda jinhua loss of 93.04 million yuan in 2013, the China building in 2012 net profit of 22.776 billion yuan, the company is the implementation of equity incentive plan, but within the validity of incentive plans the company’s performance is vary widely, some companies even heavy losses, it had to be tho ught-pro vok ing.Since 2006, the implementation of equity incentive of listed companies a lot, but after that, the company’s performance, however, vary widely.This paper argues that the implementation of equity incentive motivation will produce important influence on the result of the implementation.Based on the principal-agent theory, human capital theory and management rights hypothesis supported by the theory of research, and stand in the perspective of equity incentive motivation difference study the implementation of equity incentive effect, with Shanghai and shenzhen two city from 2008 to 2012, the implementation of equity incentive companies as samples, using qualitative and quantitative methods will spur motivation is divided into welfare motivation, incentive motivation type and mixed type motive, study respectively three motives cases, the implementation of equity incentive effect. Empirical study results show that the inspirational motivation of equity incentive can significantly improve business performance;Hybrid motive, the welfare incentive equity incentive and corporate performance show no significant negative correlation relationship;And overall, the strength of Chinese enterprises for the implementation of equity incentive incentive object is still very low. According to the empirical study conclusion, this paper from the aspect of external environment and internal level of listed companies targeted Suggestions, so as to promote our country enterprise standard implementation of equity incentive plan.