Research On The Correlation Of Equity Incentive Mode And Corporate Performance Of The Listed Companies In China's SME Board

With the rapid development of China's capital market in recent years,more and more SMEs have stepped onto the stage of small and medium-sized board.The separation of the two rights in the modern enterprise system causes conflicts of interest between the shareholders and the managers of the enterprise.In order to solve the problem of principal-agent,more and more SMEs have implemented the equity incentive plan.The equity incentive system combines the interests of the two to make the company's goal develop in unison.Compared with the listed companies on the main board,the research on the relationship between the different stock incentive modes and the performance of the listed companies on the small and medium-sized board has certain research value.This paper combs the relevant literature at home and abroad,defines the concept of equity incentive method and corporate performance,and introduces different equity incentive method.This paper makes a statistical analysis of the specific characteristics of the listed companies and the present situation of the implementation of equity incentive,and puts forward the relevant assumptions through the analysis of the present situation.In this paper,principal component analysis and multivariate linear regression are used to test the hypothesis.By the principal component analysis method,the corporate performance of the sample company is obtained,and then the linear regression analysis of the sample company is made.The aggregate corporate performance value is taken as the explanatory variable,and the ratio of incentive stock to total capital is taken as the explanatory variable,As the control variables,the relationship between the equity incentive method and the corporate performance of the listed companies in the medium and small board of China is studied in this paper,which are the number of shareholders,the number of total assets,and the capital structure(asset-liability ratio).Finally,linear regression analysis is made on the group of sample companies with different equity incentive modes,and the relationship between equity incentive modes and corporate performance of different small and medium-sized listed companies is analyzed.According to the empirical research,the relationship between equity incentive and corporate performance is positive,and hypothesis one is verified.According to the regression analysis of incentive method,the relationship between equity incentive method and corporate performance is different,and hypothesis two is verified.The results show that there is no difference between stock incentive method and corporate performance in different small and medium-sized board companies.Through the research of this paper,we can provide some reference for the other listed companies of small and medium-sized board of our country to choose the stock incentive way.