Research On Equity Incentive,Equity Concentration And Performance Of Listed Companies

With the development of the modern enterprise system and the completion of the split share reform,the conditions for implementing the equity incentive to improve the performance of the company are becoming more and more mature.For a long time,how to effectively motivate the management of the company is an important issue concerned by the empirical and theoretical circles.Especially the principal-agent problem caused by the separation of ownership and management right makes the equity incentive much concerned.The company can improve the performance of the company to a certain extent through the implementation of equity incentive,but the concentration of equity is also an important factor affecting the performance of the company.As the pillar industry of our national economy,the rise and fall of manufacturing industry has a direct impact on the economic transformation of our country and the competitive ability of our country in this world.Based on the research results of many scholars,from the analysis of the basic concepts,theory,analysis of China's manufacturing industry listed company's equity incentive status in China's manufacturing industry listed companies as samples,the study of the relationship between China's manufacturing industry of the listed companies,ownership concentration and corporate performance of the three.The research framework of this paper is divided into five parts:the first part,the introduction.This paper mainly introduces the background and research value of the topic,reviews relevant literature at home and abroad,and comments on it,then puts forward the research ideas and main contents of this paper,and expounds innovation and deficiency.The second part,the theoretical basis.The main contents of three aspects,one is the meaning of equity incentives and related factors of equity incentive and equity concentration concept;two is the theoretical basis of the principal-agent theory,incentive theory and human capital theory;the three is to measure the performance of the company's method is introduced,including the economic value added Balanced Scorecard and financial index method.The third part,empirical research design.Based on the analysis of the current situation of the equity incentive in China's manufacturing industry,this paper makes descriptive statistics on the current situation of the equity incentive in China's manufacturing industry,involving the target and limit of equity incentive.This paper is to take the sample of the listed companies of A-share manufacturing industry of Shanghai and Shenzhen stock exchange for 2012-2016 years,and put forward the hypothesis and establish the model.The fourth part,the empirical analysis of the impact of equity incentive on the performance of manufacturing enterprises.Mainly from the macro aspects of empirical analysis.This paper mainly analyzes the impact of equity incentive mode and incentive ratio on the performance of manufacturing enterprises,and analyzes the impact of ownership concentration on equity incentive and business performance.The fifth part,research conclusions and policy recommendations.According to the results of the fifth part,the conclusion is put forward,and the relevant suggestions are carried out,and the direction of further research is pointed out.