Research On The Effectiveness Of Equity Incentives For Companies Listed On The New Third Board

In order to effectively reduce the agency cost,attract high-quality talents,and improve the business performance of enterprises,more and more enterprises begin to put forward equity incentive schemes in order to effectively reduce the agency cost,attract high-quality talents,and improve the performance of enterprises in the internal governance system of modern enterprises.Over the past few decades,corporate equity incentives have been recognized in western countries with mature capital markets for improving their performance.In recent years,in the mature main board and gem market of our country,the equity incentive scheme has also been recognized by a wide range of scholars and managers.In view of the short-term establishment of the new third board market,listed enterprises through the implementation of equityWhether the incentive can improve the performance of the enterprise has not been concluded.Therefore,the implementation of equity incentives in the new three-board enterprises has attracted much attention from scholars and business managers.The new third board market landed in China's capital market in 2012,more and more enterprises choose to list in the new third board market.Most of the enterprises listed on the new third board belong to innovation,small and medium-sized technology-based micro-enterprises,with the increasingly fierce competition in the industry,the flow of talent is also increasing,at present,many small-and medium-sized micro-enterprises have problems in retaining and recruiting people.However,the business development and future growth of such enterprises are very dependent on high-quality talents.At the same time,the new third board enterprises also generally exist equity concentration,most of which are held in the hands of minority shareholders.In order to attract high-quality talents and improve the performance of enterprises,enterprises need to release large shares.East equity to implement equity incentive.Under this background,this paper studies the relationship between the implementation of equity incentive and corporate performance in listed enterprises,in order to help us understand whether the implementation of equity incentive in listed enterprises can improve the business performance of enterprises.This paper selects the data of 43 new third board listed enterprises that first implemented equity incentive in 2015 as the research sample,from the profitability,solvency,operational capacity of the enterprise,Five aspects of development ability and innovation ability select 12 financial indicators for factor analysis,get a comprehensive performance evaluation index,and use comprehensive performance evaluation index to measure the performance of the enterprise.Through independent T-test and multiple regression model,this paper empirically analyzes the relationship between equity incentive and firm performance in new three-board listed enterprises.The relationship between equity incentive ratio and enterprise performance,and the effect of restrictive stock model and stock option model is better than that of stock option model.Well,the research conclusions are as follows: there is a positive correlation between equity incentive and corporate performance in the new third board listed enterprises,but it is not significant,and there is a negative correlation between the proportion of equity incentive and the performance of enterprises,and there is a negative correlation between equity incentive ratio and corporate performance.The effect of the restricted stock model is better than that of the stock option model.According to the above conclusions,this paper analyzes the reasons why the implementation of equity incentive in the new third board listed enterprises is not significant and that the proportion of equity incentive is negatively correlated with the performance of the enterprise.And put forward the following suggestions and countermeasures for the new third board listed enterprises to formulate an effective equity incentive scheme: improve the liquidity of the new third board market;Perfect the laws and regulations of the equity incentive on the new third board;perfect the equity incentiveIncentive scheme;establish an effective corporate governance system.