Research On The Relationship Between Management Incentives And Operating Performance Of Listed Companies In China's Manufacturing Industry

Since the reform and opening up,the manufacturing capacity of our manufacturing industry has improved rapidly.It has become the main source of China's economic growth.However,China's manufacturing industry has encountered bottlenecks in its development.How to motivate manufacturing enterprises to achieve economic transformation and enhance national economic strength has become a research topic of Chinese scholars.This paper will study the relationship between management incentive and management performance of 710 manufacturing listed companies which have successfully implemented the equity incentive policy in 2010——2015.First of all,this paper reviews the literature on the relationship between management motivation and corporate performance at home and abroad,and describes and analyzes the basic concepts and theories.Secondly,the research hypothesis of this paper is put forward.Finally,this paper makes an empirical analysis and summary.In terms of research methods,the empirical analysis is divided into four steps.The first step is to make a principal component analysis on the performance of the company,and obtain the comprehensive performance through calculation.The second step is to analyze the various indicators of the management incentive,and get four public factors in the management incentive.The third step,taking the comprehensive management performance as the dependent variable,taking the four public factors motivated by the management level as the independent variable,taking the company scale as the control variable,carries on the regression analysis to them.The fourth step is to make the regression analysis based on the indicators of the public factors that affect the performance of comprehensive operation as the independent variables and the comprehensive performance as the dependent variable.The results of this study show that: first,there is a significant positive correlation between the management salary and the company performance;second,there is a significant positive correlation between the number of equity incentive shares and the number of incentive shares and the performance of the company;and third,the management performance of the board of directors and the implementation of the restrictive stock ticket incentive mode There is a significant positive correlation;fourth,managerial shareholding has a negative negative impact on corporate performance.According to the conclusion of this paper,it is suggested that the government can guide and encourage,standardize the market environment and promote the economic development by introducing relevant policies.At the same time,it is suggested that the enterprise should improve the salary of management and the way of equity incentive according to the enterprise,improve the proportion of equity incentive and the size of the board of directors,so as to promote the improvement of business performance.