Research On The Influencing Factors Of The Equity Incentive Of The Private Listing Corporation

Equity incentive in Europe and the United States has been operating for many years,in the long-term practice,the formation of a number of more mature theory and practice operation experience.Equity incentive in China started relatively late,but with the steady development of China's securities market,especially since China began to split share structure reform,equity incentive more and more by government,business and academia of the parties concerned.From the China Securities Regulatory Commission promulgated the "listed company equity incentive management measures(Trial)" since,after 10 years of solid accumulation,and society from all walks of life to equity incentive understanding rational regression,the implementation of equity incentive in our country has an initial scale,from small test chopper in 2006 to 2010 of a hundred schools of thought contend,the implementation of equity incentive of the number of listed companies has shown a growth spurt.And private listing Corporation as a listing Corporation to implement equity incentive mainstream,but also should be the focus of research.The influencing factors of the implementation of equity incentive in our country are directly related to its further development.Therefore,this article examines the current factors that affect the implementation of equity incentive in China's private listing Corporation,so that it can be more effective for the private listing Corporation.This paper selects the 2010-2014 implementation of equity incentive of private listed companies as research samples,the corresponding period implementation of equity incentive of state owned listed companies as a contrast sample,the first of the equity incentive theory at home and abroad for the equity incentive factors empirical research investigating the literatures were reviewed.Secondly,this paper introduces the development of domestic and international equity incentive.Again,puts forward the research hypotheses on the factors that affect the implementation of China's private listed companies equity incentive for empirical research,respectively from the perspective of business performance,financial condition and corporate governance characteristics of starting,select the seven may be on the equity incentive effect of the factors,the regression model was developed and validated.Through the empirical conclusion,rate of return on net assets,earnings per share,growth capacity,ownership concentration and ownership balance degree and private listed company equity incentive levels showed a significant positive correlation;rate of assets and liabilities and private listed companies equity incentive level was significantly negatively correlated;free cash flow and private listed company equity incentive levels showed a positive correlation but not significant.Finally,put forward the relevant policy recommendations.