Influential Of Equity Incentive On Corporate Performance

Since 2005,after the implement of equity division of listed companies in our country,some listed companies released and implemented the equity incentive plan in succession,its common incentive way have stock appreciation rights,stock options and restricted stock,the incentive object focused on company executives or core technical personnel,not only fewer high and organization level,its incentive effect is very limited,it is difficult to play the expected incentive,comprehensive and sustainable.However,the incentive form of employee shareholding has been adopted and recognized by more and more listed companies,since the Securities Regulatory Commission issued "Interim Measures for The Listed Company Employee Shareholding Plan Management(Draft)" in June 2014,and have gradually popular trend.As the diversification of listed company incentive mode and the expansion of incentive object scope expand,the listed company equity incentive related problems once again become a hot academic research.This study selected the implementation of equity incentive plans of listed companies in China as the research object,and the relationship between the way of the equity incentive,share incentive object and corporate performance as the research subject.In access and combing the related literature at home and abroad,into the company area,nature,scale,ownership concentration and asset-liability ratio as control variable,the way of equity incentive and the relationship between corporate performance were discussed,at the same time focus on the current relatively popular mode of employee shareholding incentive,analyze the influential of equity incentive on listed companies' performance from the angle of incentive object and incentive mode,and put forward the author's understanding,etc.In this study,first uses the method of literature analysis,the equity incentive,equity incentive variables such as concept definition,and determine the measure index and measurement method of each variable in the study.Second,through descriptive statistical analysis,we can sum up and refine the preference of Chinese listed companies choose equity incentives.Third,this study is based on the Flush software and CSMAR database,selecting the data about related sample data of the implementation of equity incentive in listed company from 2010 to 2015,and using empirical analysis to the investigation of relationship between the various incentives,share incentive object and corporate performance.Through descriptive statistics analysis,paired sample test and regression analysis,etc.finally the following main conclusions:(1)The implementation of equity incentive has significant positive effects on corporate performance.First of all,from the relationship between incentives and the implementation of the corporate performance,implementation of stock options,restricted stock and employee stock ownership plan all have significant positive effects on the corporate performance,and the implementation of stock appreciation rights has no significant influence on corporate performance.Secondly,from the relationship between the incentives and corporate performance when implement a year after,there were significant positive influence on restricted stock to the corporate performance,stock appreciation rights,stock option and employee stock ownership for no significant positive influence on corporate performance.(2)Incentive object has significant positive influence on corporate performance,incentive object expanded to become a trend.On one hand,incentive object expanded,on the other hand is share incentive object of rise.That year and year after the equity incentive to implement,share incentive object have significant positive effect on corporate performance;executives in proportion have significant negative influence on corporate performance;other employees in proportion have significant positive effect on corporate performance.Through this research we also found that: equity incentive is the main way to motivate employees and improve corporate performance in our country listed companies.On the choice of equity incentive mode,listed companies tend to choose restricted stock and mixed mode is given priority to with restricted stock.In terms of incentive object choice,incentive object expanded to become the development trend of the listed company equity incentive at present,etc.