Research On The Impact Of Firm Performance Made By The Equity Incentive Of Listed Company

As an important means to solve the principal-agent problem,equity incentive has been widely used in modern enterprises.At the same time,the impact of equity incentive on corporate performance has become the focus of research.However,based on the performance of the enterprise,the evaluation methods used in the academic circles for equity incentive effects are not the same,and the conclusions are inconsistent.Most of the existing studies use absolute performance evaluation to analyze the impact of equity incentive on corporate performance.This method can not eliminate the influence of the systematic factors on the performance of the company.Therefore,in order to eliminate the interference and improve the objectivity and scientific nature of the industry,it has great theoretical and academic value to explore the evaluation method of equity incentive effect based on the relative performance evaluation.By reviewing the related literature of equity incentive,and based on the principalagent theory,incentive theory,human capital theory,bench marking management theory,this paper studies the impact of SUPOR's equity incentive on corporate performance.In order to eliminate the influence of the systematic factors on the performance of the enterprise,this paper constructs a comprehensive performance evaluation model and evaluation system with the relative performance evaluation method,including the enterprise's profitability,debt service,operation,growth as the evaluation index.Based on the above work,this paper takes SUPOR as an example,comparative study of corporate profitability,solvency,operation ability,growth ability and historical performance,the industry average performance.In order to reveal the specific impact of equity incentive on the performance of the company,this paper find out the advantages and disadvantages of the equity incentive plan.This study found that as the enterprise equity incentive effect evaluation index,the choice of corporate profitability,solvency,operation ability and growth ability are reveal the scientificity and reliability;after the implementation of equity incentive plan,the comprehensive performance index of SUPOR,such as profit ability,debt paying ability and operation ability has been substantially strengthened,but its ability to grow without obviously improve.In order to further improve the equity incentive plan,SUPOR should further extend the incentive period of equity incentive,expand the scope of the scope of the incentive object and set the right exercise standards.This study reveals the relationshipbetween equity incentive and corporate performance,but also provides a theoretical reference for the design and evaluation of equity incentive plan.