The Influence Of Equity Incentive On The Investment Scale Of Listed Companies

Equity incentive system originated in the United States in the last century,it is a huge innovation in the enterprise salary incentive system,which can effectively stimulate the enthusiasm of the staff and narrow the gap between the operator and the operator.In this paper,Chinese Commission promulgated in December 31,2005 "equity incentive management of listed companies(Trial)" as the background,from 2011 to 2015 in Shanghai and Shenzhen listed the implementation of equity incentive plan of the A shares of listed companies as samples,the combination of normative and empirical research,to examine the relationship between the investment scale and the controlling shareholder of the economy the nature of listed companies with equity incentive and incentive.Firstly,this paper elaborates the research background and significance of the research,put forward the starting point and basic research methods,through the review of domestic and foreign equity incentive related literature,analyzes the shortcomings of previous studies,pointed out that the starting point and innovation of this paper.This paper related to equity incentive concept,development concept,including investment equity incentive concept and related concepts;expounds the theoretical basis of this paper,including the principal-agent theory,information asymmetry theory,human capital theory and the theory of the stock ownership incentive and investment decision-making mechanism.Then,the status of implementation of equity incentive plans of listed companies from 2011 to 2015 in Shanghai and Shenzhen two city declaration is analyzed,it is found that: 2011-2015 years,the number of the implementation of equity incentive plans of listed companies is increasing;the implementation of equity incentive of Listed Companies in the industry characteristics significantly;the SME board and the gem to become the main incentive plan implementation equity;equity incentive of listed companies is generally low;the restricted stock is more and more listed companies pursued;private placement has become a major source of stock incentive.Then,the paper examines the impact of equity incentive of listed companies on the investment scale.This part mainly studies the impact of equity incentive on the scale of investment from three angles: equity incentive intensity,incentive mode and the economic nature of the controlling shareholder.Finally,the conclusion of this paper,put forward relevant proposals for the effective implementation of equity incentive programs from two macro and micro level,hoping to provide some enlightenment and Reflection on China's listed companies,in order to promote enterprises to achieve long-term development.