Empirical Study On The Impact Of Equity Incentive On Corporate Performance

The principal-agent in the process of enterprise development hinders the development of enterprise and attracts the attention of foreign economists.Since 1950 s,foreign economists began to study the issue of equity incentive.Most scholars believe that equity incentive has a positive correlation with company performance.With the advent of the era of knowledge-based economy,the listed companies of high-tech manufacturing enterprises are growing steadily.Compared with traditional manufacturing enterprises,high-tech manufacturing enterprises have the characteristics of knowledge-intensive,rapid technological updating and strong staff mobility.Human capital plays an extremely important role in high-tech manufacturing enterprises.Therefore,the effect of equity incentive in solving the principal-agent problem of high-tech manufacturing enterprises is more significant than that of traditional manufacturing enterprises.China's equity incentive system has been applied to A-share market for 10 years.Nearly 1000 high-tech enterprises have tried to implement equity incentive to improve their performance.However,due to the macro environment,the way and level of equity incentive,the implementation effect is not significant.In view of the above problems,this paper explores what kind of equity incentive scheme can really improve the performance of high-tech enterprises in China.Based on equity incentive theory,including principal-agent theory,human capital theory and comprehensive incentive paper,this paper combines theoretical analysis with empirical analysis.The sample companies that implement equity incentive in high-tech manufacturing enterprises between 2015 and 2017 are selected to test the impact of equity incentive on corporate performance through principal component analysis,panel data analysis and multiple linear regression equation.Finally,the following conclusions are drawn: for high-tech manufacturing enterprises,the implementation of equity incentive can significantly improve the performance level of the company,but equity incentive factors have an impact on the implementation of equity incentive.Different equity incentive methods are selected,and the implementation effect of equity incentive is different,and the incentive mode of restricted equity is better than that of stock option.