The Influence Of Core Technical Personnel's Equity Incentive On Listed Companies' Performance

With the aggravation of the competition,the talented person,as the key strength of the development of the enterprise,has no doubt become the motive power of the enterprise innovation and development.The implementation of the "thousand person plan" also shows the importance of talent for the development of an enterprise and a country.At present,the talent wastage rate of China's enterprises is very high,especially technology innovation of talent.They have mastered more innovation and core technical information of enterprises,once lost to the competition enterprises,which will bring immeasurable losses to enterprises.And equity incentives have important advantages in attracting and retaining talent.With the split share structure reform of China in 2005,many companies have been put into the wave of equity incentives.At the beginning,most of them were equity incentive to executives.After that,the company gradually realized the advantages of equity incentive and the importance of talents and begin to implement the equity incentive to the core technical personnel,to ensure the stability of the personnel team,stimulate the enthusiasm of employees,so as to promote the company's good development.This paper based on incentive theory,principal-agent theory and residual claim theory,selected 2013-2015 A shares listed companies as research samples,through empirical methods to study the proportion of equity incentive for core technical staff impact on the operating performance of the company.First,literature review is used to make a literature review of the equity incentive both at home and abroad,and then the definition of the concept and the relevant theoretical basis are further elaborated;secondly,This paper analyzes the status quo of stock incentive of core technical personnel in listed companies,and analyzes respectively from the company quantity,industry distribution,incentive quota,incentive model,incentive system and the distribution of property rights of the implementing entities;thirdly,empirical design and regression analysis were conducted.In view of the influence of core technical personnel's equity incentive on the company's operating performance.This paper puts forward the corresponding hypothesis,and sets up the model and selects the corresponding variables,then uses the SPSS multiple regression to carry on the test;finally,according to the research in this paper,the proportion of equity incentive has a significant impact on thecompany's operating performance.In the core technical personnel's equity incentive model,the restricted stock incentive effect is better than the stock option,and the combination of stock option and restriction model is more effective than the restricted stock.Under the condition of different property rights,the equity incentive ratio of non-state-owned listed companies is significantly related to the company's operating performance.The significance of this research is that it can make the listed companies more effectively implement the equity incentive to the core technical personnel,and thus motivate the enthusiasm of the staff,stabilize the talent team,and promote the improvement of the company's operating performance.