Research On The Impact Of Chinese Manufacturing Equity Incentives On Corporate Performance

In recent years,with the development of the economy and the continuous expansion of the company's scale,the ownership and operation of modern companies have gradually matured,and the company's management rights and ownership have also begun to separate.With the separation of equity,the owners and managers of the company have There are also serious problems such as information asymmetry,which makes the principal-agent cost of the enterprise higher and higher,leading to the generation of principal-agent problems,and equity incentives are the most effective way to solve the problem of principal-agent.The "Regulations on the Management of Equity Incentives of Listed Companies"promulgated by the country Securities Regulatory Commission in 2006 provided a guide for listed companies to implement equity incentive plans.Subsequently,more and more listed companies began to implement equity incentive plans.In China,manufacturing listed companies are an important part of China's economic market,and there are many companies that implement equity incentives in manufacturing listed companies.Therefore,research on the equity incentives of China's manufacturing listed companies will have a long-term development on China's manufacturing listed companies.Has a very important meaning.However,the current research on the relationship between equity incentives and company performance of my country's manufacturing listed companies has not reached a unified conclusion,which indicates a research direction for the research in this article.This article first sorts out related research literatures,analyzes the research literatures on the impact of equity incentives on listed companies' manufacturing performance and the impact of restricted stocks and stock options on corporate performance,and then on incentive theory,principal-agent theory and other related theories.Based on the analysis of the impact of manufacturing equity incentives on company performance,the listed manufacturing companies are divided into non-state-owned manufacturing companies and state-owned manufacturing listed companies according to the nature of the company.And the impact of the performance of listed companies in state-owned manufacturing companies and explore the differences between the two.Then,the sample data is screened.In this paper,the sample data of listed companies that implemented the equity incentive system in the five years from 2014 to 2018 are used for empirical regression analysis and robustness testing.Through empirical analysis and testing,this paper concludes that the implementation of equity incentives can improve the performance level of China's manufacturing listed companies.For non-state manufacturing listed companies,restricted stocks have a greater impact on company performance than stock options.The lifting effect is better.For listed companies in state-owned manufacturing,the effect of stock options on improving company performance is stronger than that of restricted stocks.Finally,based on the research results,we put forward some reasonable suggestions for the implementation of the equity incentive system in my country's manufacturing listed companies.