Research On The Impact Of Equity Incentive On The Growth Of Mixed Ownership Enterprises

In order to further deepen the reform and optimize the ownership structure of enterprises,the Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China clearly pointed out that the mixed ownership economy should be actively developed.With the introduction of relevant policies and the deepening reform of mixed ownership,how to realize the growth and development of mixed ownership enterprises has become an urgent problem to be solved.The growth and development of enterprises mainly depend on the motivation and ability of personnel.In recent years,more and more enterprises improve the enthusiasm of personnel through equity incentives,and the relevant policies of equity incentives are constantly improving.Therefore,whether the mixed ownership enterprises can effectively implement the equity incentive plan,whether the equity incentive plan can effectively promote the growth of enterprises,whether the effect of equity incentive is the same for enterprises with different property rights has become a more concerned issue for domestic scholars.In view of this,this paper based on the literature review,combines the mixed economy theory,principal-agent theory,human capital theory,enterprise growth theory and motivation theory,makes a theoretical analysis of the relationship between equity incentive and enterprise growth in mixed ownership enterprises.Then,this paper takes 1277 sets of A-share mixed ownership enterprises in 2013-2017 as the research sample,and uses factor analysis and regression analysis to empirically explore the relationship between equity incentives and growth in such enterprises,It also analyses the impact of equity incentive on growth under the condition of distinguishing different property rights and equity mixing degree.The results show that:(1)Equity incentive intensity of mixed ownership enterprises is positively correlated with the growth of enterprises,and this positive correlation is more obvious in state-controlled mixed ownership enterprises;(2)In a non-state-owned mixed-ownership enterprise,the greater the scope of equity incentives,the higher the growth of the enterprise,but the scope of equity incentives in the state-owned mixed-ownership enterprises does not significantly affect the growth of the enterprise;(3)The choice of equity incentives for state-owned mixed-ownership enterprises does not significantly affect the growth of enterprises,but non-state-owned mixed-ownership enterprises using stock options as incentives can more effectively improve the growth of enterprises;(4)The difference in equity mixing degree will affect the influence of property rights on the relationship between equity incentives and corporate growth in mixed ownership enterprises.Finally,based on the results of empirical research,it puts forward four suggestions.First,improve the relevant laws and regulations on equity incentives for mixed ownership enterprises;Second,make reasonable incentive plans according to the nature of property rights;Third,establish a sound performance appraisal mechanism;Fourth,clarify and adjust the equity mixing degree.