Research On Executive Equity Incentive And Capital Structure Adjustment

In recent years,especially since the 2006 split share structure reform,in order to minimize the cost of the management of the company and the control of the separation caused by the cost of agency,executive equity incentive began to be widely used in various companies,and executives equity incentive research Has become a hot topic for research scholars.For a long time,scholars have been the focus of the capital structure as a research,separate research equity incentive or capital structure of the article a lot,but few articles will be combined to study the two.The company's implementation of equity incentive for executives to the company executives hold a certain percentage of the company's equity,so executives have a certain decision-making power in the company,in order to maximize the value of the enterprise,the company executives have the incentive to adjust the corporate capital structure,and then optimize The purpose of capital structure.This paper examines the capital structure adjustment from the aspects of capital structure adjustment and capital structure deviation from the optimal capital structure.In addition,based on the actual situation of our country,all the samples are divided according to the nature of property rights and the area respectively,and the comparative study is carried out to observe the effect of equity incentive on capital structure Adjust the effect of the effect.This paper first describes the background and significance of writing,and then review the relevant literature at home and abroad,and then understand the relevant concepts and theoretical basis;then carried out empirical design,including assumptions,data sources and selection,construction model and variable definition;The analysis includes descriptive statistics,correlation analysis and regression analysis.The regression analysis uses linear regression method to examine the capital structure adjustment from the aspects of capital structure adjustment and capital structure deviation from the optimal capital structure level.In addition,based on the actual situation of our country Finally,the empirical results are obtained through empirical analysis,and the corresponding policy recommendations are put forward,and the results are in agreementwith each other.Insufficient Research and Future Prospects.This paper draws the following conclusions: First,the executive incentive to implement a certain extent to speed up the pace of capital structure adjustment,reduce the capital structure deviation.Second,the nature of different property rights and regions,the role of equity incentive is different.Distinguishing the nature of different property rights,state-owned enterprises in the executive equity incentive to speed up the pace of capital restructuring,but private enterprises than state-owned enterprises can reduce the degree of deviation from the capital structure.Distinguish between different regions to carry out the analysis,the eastern region of listed companies to implement executive equity incentive than listed companies in Northwest China to speed up the pace of capital restructuring,reduce the degree of deviation of capital structure.