The Research On The Impact Of Listed Companies' Enterprise Annuity Incentive In China Equity On Company Performance

Enterprise annuity is a voluntary supplementary pension insurance on the basis of the basic old-age insurance that enterprises and employees to freewill participate in accordance with the law. The essence is a part of the personal income or the profit of the enterprise. In the background of today's growing aging population in China and the basic old-age insurance account deficit under the serious, because of the establishment of enterprise annuity in China late, firstly, The establishment of enterprise annuity plan is conducive to improving and improving the living standards of retired workers. In the next place, Enterprise pension as the second pillar of the diversified pension insurance system, which can reduce the financial burden of the basic old-age insurance. This is to adapt to the current social situation. So, the enterprise as the main maker and the undertaking side of the enterprise annuity plan is concerned, it has important practical significance in stabilizing employee, encouraging talents, enhancing social recognition and increasing company performance. However, Since the establishment of enterprise annuity in China is relatively late, enterprises are lack of awareness of enterprise annuity and think establishment of enterprise annuity increase the cost burden. Moreover, there is no empirical study about the enterprise annuity incentive on company performance influence. Which causes the enterprises' enthusiasm is generally low to establishing the enterprise annuity plan. For that reason, this paper adopts the research methods of normative analysis and empirical analysis, research ideas are “background analysis-putting forward research questions- classical theory and literature support- Analysis of enterprise annuity specification and empirical analysis- policy recommendations”, in order to study the research on the impact of listed companies' enterprise annuity incentive in China equity on company performance. The aim is giving enterprises a definite answer that the enterprise annuity incentive can bring benefits to the enterprise and augmenting that enterprise vigorously develop enterprise annuity plan is necessary and feasible in our country present stage.Firstly, this paper reviews the theory of enterprise annuity and incentive theory, and analyses the relevant literature at home and abroad. Secondly, the article summarizes the macro aspect of the enterprise annuity such as definition of concept, induction and summary of characteristics, types, functions and operation, summarizing and analyzing the development history and current situation of enterprise annuity in China, and studying the development of enterprise annuity in typical developed countries and its experiences. Again in the enterprise annuity incentive on company performance influence mechanism from the aspects of human resources, government tax incentives and capital market point of view of theoretical research. Finally, the empirical model is established to verify the hypothesis, according to the findings of the study, finally, the paper puts forward policy recommendations to the development of enterprise annuity.With help from what has been discussed above, we can draw the following conclusions. First, the establishment of enterprise annuity incentive plan on the company performance improvement; second, the establishment of enterprise annuity incentive plan, follow-up to the company's performance of the company pre-performance sensitivity will decrease; the third, the listed companies scale and firm performance are positively correlated, but along with the scale expansion, the enterprise annuity incentive on company performance influence first increased and then decreased; the fourth, with debt financing scale expansion of listed company enterprise annuity incentive on company performance in promoting effect will decrease; the fifth, with ownership concentration degree increases, the listed company enterprise annuity incentive on company performance influence first increased and then decreased.