Equity Incentives,external Audit And Study On The Relationship Between The Enterprise Value

Equity incentive as a kind of internal governance means,in essence belongs to a kind of effective long-term incentive mechanism,through to the operator must stake can integrate the interests of the shareholders and managers,thereby reducing the agency cost.In recent years,a sound system of equity incentive policies introduced gradually,with the deepening development of China's capital market,all kinds of the specific standard of equity incentive,constantly perfect equity incentive mechanism in our country.With the constant improvement of equity incentive mechanism,strengthen the confidence of enterprises,more and more companies are willing to choose the implementation of equity incentive in order to enhance their enterprise value,special market environment in our country the implementation of incentive system can really work?This is the focus of this paper.The enterprise in order to avoid adverse selection and moral hazard will take two means of governance,internal motivation and external supervision and the external audit as a kind of external supervision,owner and operator can effectively reduce the degree of information asymmetry and influence the enterprise value.In order to discuss the equity incentive effect,the influence of external audit should not be ignored.Therefore,this article selects the Shanghai and shenzhen stock exchange from 2010 to 2016 all a-share listed companies as research samples,after to deal effectively with the company's total samples,get 15769 samples,and makes an empirical analysis by using the statistical software Spass20,in an effort to study the equity incentive effect,on the basis of further explore external audit for this effect,the influence of innovation from the Angle of the external supervision to study the internal governance issues,further complement and perfect the mechanism of corporate governance structure.Through literature,found that most of the past scholars from the perspective of internalvariables(such as the composition of the board of directors,ownership concentration,etc.)to discuss equity incentive problems,analysis of the study of equity incentive effect need to start from a new perspective.However,external audit of equity incentive,there is influence enterprise value,can be used as a moderator variable to introduce,and currently in view of equity incentive,external audit and enterprise value relations study is less,proposed in this paper,the existing research space and research value.Then,by the empirical test in this paper,the four main conclusions,specific content is:(1)equity incentive and the enterprise value of the regression coefficient is 0.04 and significant under 1% level,namely,the implementation of equity incentive is significantly positive effect,choosing the implementation of equity incentive will promote the ascension of the enterprise value.In addition,through the inspection of state-owned samples and non-state-owned samples,it is found that the value of enterprises in state-owned enterprises is higher than that of non-state-owned enterprises.The reason may be that: it is a state-owned enterprise ownership concentration is higher,can make it through the implementation of equity incentive equity concentration greatly reduced so as to avoid the phenomenon of "a dominant",on the basis of prompting companies can make a more scientific and reasonable decision,we will further improve the corporate governance,enhance corporate value;Second,the implementation of equity incentive by state-owned enterprises will motivate employees more than non-state-owned enterprises.In addition,the equity incentive mechanism of state-owned enterprises is improved and implemented more strictly.(2)equity options are more conducive to the promotion of enterprise value than restricted stock.The reason may be that the active power of stock options lies in the motivator,who can choose the right to choose the right to abstain at the expiration of the stock option,which will have a greater incentive effect on the motivator.At the same time,the stock option will not cause cash outflow,further reduce the enterprise pressure,thus enhancing the enterprise value.(3)the correlation coefficient of external audit quality and enterprise value is 0.143,and it is significantly correlated at the 1%level,that is,there is a significant positive correlation between high quality external audit and enterprise value.(4)equity incentive has a positive impact on enterprise value,and high-quality external audit plays an alternative role in the process of equity incentive effect on enterprise value.Both the equity incentive and the external audit can reduce the agency cost.If the choice is made at the same time,it will inevitably lead to waste of resources,thus damaging the enterprise value.The conclusion of this paper indicates that China should improve the relevant laws and regulations of equity incentive and improve the construction of equity incentive mechanism.In addition,due to high quality external audit will substitute for the implementation of equity incentive effect,so enterprise want to perfect the corporate governance structure,improve its value,must be reasonable use of equity incentive and external audit methods,make full use of their own advantages,to maximize the enterprise value.