The Moderating Role Of TMT Characteristic In Executive Incentive Compensation Intensity And Enterprise Value

The essence of management is managing talents,talent competition has become the core competitiveness of enterprises.Rational senior management to maximize their own interests as the goal,managers may occur opportunistic behavior in the process of management,resulting in reduced investment efficiency and damaged enterprise profit.Therefore,designing a good incentive mechanism become a main problem of corporate governance to solve government problem.However,most of the previous studies have used the incentive mechanism as a whole,and the research on the incentive factor of the incentive scheme is relatively few.Incentive intensity as the most important elements of the incentive program is also worthy of our in-depth discussion Different characteristics of the executive team to show different psychological characteristics,the incentive mechanism is not the same degree of reflection.Therefore,under the existing mechanism of executive compensation incentive and equity incentive,whether the incentive elements of incentive programs can motivate the senior managers of listed companies to create higher value,as well as different team characteristics of executives moderating role has become the focus of this paper.On the basis of deep research on executive incentive,upper echelons theory and enterprise value related theory,this paper analyzes the relationship between executive incentive intensity,TMT characteristics and enterprise value.Secondly,data screen of listed companies of implementing equity incentive program of Shenzhen and Shanghai stock exchange from 2006 to 2015 and eventually we got 1681 data sample.We carry out multiple regression analysis and hierarchical regression analysis.We analyze the characteristics of TMT from three aspects: the age,the education level and the tenure,and research on the relationship between the executive incentive and the firm's value.In another word is the moderating role of TMT characteristic in executive incentive compensation intensity and enterprise value.Finally,the paper puts forward relevant policy and management suggestions for the research results of the thesis.The results show that the intensity of equity incentive is negatively effect on firm value,and monetary incentive intensity has a significant positive impact on the enterprise value.Executive characteristics show a significant different regulatory role in different incentives mechanism.The moderating effect on restricted stock incentive intensity is higher than stock option incentive intensity.The moderating effect of TMT characteristics of age,education and tenure weaken the relationship between equality incentive intensity and firm value.The age characteristic also weaken the relationship between monetary incentive and firm value.To the opposite,the education and tenure characteristics play a positive moderating effect.The study argues that the enterprise should exert equity and monetary incentive intensity value effect,make full use of moderating role of TMT in equity incentive mechanism,extensive use restrictive stock incentive,exert the measure to enhance the value effect of monetary incentive intensity,highlight the incentive effect of monetary compensation,improve the firm supervision mechanism,make full use of moderating role of TMT in monetary incentive mechanism.