Researching The Relationship Of Slack Resource、Executive Equity Incentive And Enterprise Performance

The survival and development of the enterprise cannot do without all kinds of resources,and each kind of resource enterprises could become a unique competitive advantage.According to the theory of resource efficiency,every kind of resource of enterprise has the necessity of its existence.However,as idle enterprise resources,slack resources include the potential value and opportunity cost.Therefore,slack resources will produce what kind of impact on enterprise performance naturally aroused widespread controversy in the domestic and foreign scholars.Foreign scholars has launched a long-term and in-depth research on slack resources,and formed a relatively mature conclusions:organizational theory advocates slack resources have a positive effect on corporate performance,but the agency theory claims that slack resources have a negative effects on corporate performance.The reason for the two opposite views is that the two universities have different perspectives on the role of slack.In addition,China’s socialist market is different from the foreign mature capitalist market,and the slack will produce what kind of impact on the performance of China enterprises,has received extensive attention of many domestic scholars,and this also will become one of the issues in this paper.Flowing the 2005 China Securities Regulatory Commission promulgated the "listing Corporation equity incentive management measures",more and more China Corporation have implemented the executive equity incentive mechanism.Whether the equity incentive mechanism can improve the enthusiasm and innovation ability of the executive,so as to improve the enterprise performance and shareholder returns,this will also become one of the topics of our research.In 2009-2014,China’s A shares of listing Corporation manufacturing enterprises as the research sample,discuss the correlation between slack and corporate performance based on the executive equity incentive.The results show that the overall slack will promote the enterprise performance,but the effect of different types of slack on firm performance is not the same,mainly for available slack can improve the enterprise performance,but the un available slack can restrain the enterprise performance;joined the executive equity incentive regulation,the study found that the executive equity incentive can significantly contribute to the positive correlation between available slack and corporate performance,at the same time,also can significantly inhibit the negatively correlation between the unavailable slack and corporate performance.On this basis,combined with China’s current economic situation and enterprise internal condition,puts forward relevant policy suggestions.