| Equity incentive as a means of incentives in the Western countries have achieved great success,through a reasonable salary design incentive behavior and equity incentive incentive system,the effective mitigation of the agency problem,to curb inefficient investment.Because of China's special economic system,equity incentive for our enterprises in the inefficient investment can also achieve a corresponding inhibitory effect;In addition,with the increasing use of restricted stock,compared to the impact of stock options on inefficient investment.These are the main contents of this paper.Through the research of this paper,on the one hand,it can help the enterprises to design the equity incentive plan,alleviate the failure of the increasingly common equity incentive plan and enhance the effect of restraining the inefficient investment behavior.On the other hand,through the study of the different incentive patterns as the object of study,the role of the incentive plan in the inefficient investment behavior is studied,and the relevant theoretical research is omitted.In this paper,Richardson's residual measure model is used to observe whether there is a significant correlation between the inefficient investment amount and the equity incentive.On this basis,multiple linear regression is carried out according to the two main modes of equity incentive in China.To distinguish between the two models on the effect of inefficient investment effect is different.Finally,according to the empirical conclusion,equity incentive can inhibit the inefficient investment behavior of listed companies in our country At the same time,the different modes of equity incentive have different effects on inefficient investment.In particular,restrictive stocks can inhibit the enterprise's excessive investment tendencies,while the stock options are more encouraged to actively explore the external management of the external market,more effective investment in the enterprises will be on the right track. |
PDF Full Text Request