The Board Of Directors Characteristics Perspective Management Equity Incentive And Enterprise Value Research

Modern enterprise management system, the separation of ownership and management rights product the principal-agent problems. The board of directors is an important part of corporate governance. The board of directors on improvement enterprise value aspect have the important effect. Equity incentive as a way to create enterprise value and incentive more and more attention of people.Equity incentive can solve the principal-agent problems. In this paper, starting from the management equity incentive effect on the enterprise value, then the moderating variable joined the board characteristics, analyzing the characteristic of the board in different angle of view, the management equity incentive effect on the enterprise value changes. Selected from 2011 year to 2014 year, the Shanghai stock market and the Shenzhen stock market A shares have the management equity incentive companies, finally get 4332 balance panel data. Enterprise value expressed with rate of return on total assets. The board of directors characteristics selection scale features, board independence, the chairman and general manager joining together or separate characteristics, the board of directors meeting times.Select total four characteristics are studied. Through descriptive statistics, correlation analysis, regression analysis found that: the management equity incentive can increase the enterprise value; Join the board of directors characteristics as moderating variable analysis, in the total members of the board size characteristics between 5-15 people, in meeting times 4-23 times per year, board independence characteristic of the management equity incentive and the enterprise value is a kind of positive moderating effect, the joining together characteristics did not play a regulatory role, return on equity as the proxy variable of enterprise value to the robustness test. Finally put forward, in practice the management equity incentive companies, importance to the moderating effect of board characteristics, further play role to the equity incentive effect to the promotion of enterprise value.