The Management Equity Incentive,Risk Taking And Investment Efficiency

The small and medium-sized enterprise has the fresh vitality, has made the tremendous contribution for our country economic development and the personnel employment. In order to increase the financing channels of small and medium-sized enterprises of our country, the small and medium-sized enterprise more positive development, our country also to the small and medium-sized enterprise made multi support, has introduced a series of policy system which is beneficial for the development of small and medium-sized enterprises. In 2004, our country on the basis of the Shanghai and Shenzhen board has added a small business edition. The establishment of small and medium sized enterprises is an important measure to build a multi-level market. Enterprises to develop, it must have the core competitiveness. Improving the efficiency of enterprise investment is helpful to improve the core competitiveness of enterprises, so the investment efficiency has been the focus of research. In order to improve the vitality and competitiveness of enterprises, the first introduction of the equity incentive system.China in 2006 introduced the implementation of equity incentive plan, the introduction of this system for the implementation of equity incentives in China's enterprises to provide a policy basis. Equity incentive has very important practical significance and research significance in promoting enterprise development. At present, there are a lot of research is focusing on investment efficiency is affected by equity incentive effect, a few related to equity incentive would not affect the management of risk bear. However, seldom in the management equity incentive, risk-taking, and the efficiency of investment analysis of the literature.This paper selects 2010- 2014 China's small and medium-sized board listed companies as the research object, the selection of 270 companies in line with this study, a total of 1350 samples. The cross-section regression and panel data regression analysis method, in reference to the Richardson investment model residual absolute value as the investment efficiency of substitute variable, the residual absolute value is close to zero, indicating that the efficiency of corporate investment, the higher the. First, the data of the selected 1350 companies were analyzed; secondly, based on the correlation analysis of these data for regression testing. Based on the above analysis, this paper illustrates the intrinsic relationship between stock incentive, risk taking and investment efficiency in the management of small and medium enterprises.Through the test, we can draw the following conclusions: first, the small and medium-sized enterprise management equity incentive reduces the efficiency of investment; management equity incentive and risk taking is negative correlation; the second, combined with test method for intermediary variable. It is concluded that risk taking is small and medium-sized enterprise management equity incentives and investment efficiency of intermediary variables.We want to through the research of risk bear in the small and medium-sized enterprise management equity incentive role plays in the process of affecting the efficiency of investment and the effect mechanism, to enrich the existing research literature, and for small and medium-sized enterprises make effective investment decisions to provide practical suggestions.