Research On The Effect Of Equity Incentive On The Investment Efficiency Of Listed Companies

The new normal means that China has entered a new stage of development.As the potential growth rate of economic development declines,the industrial structure will be adjusted and social resources will be reintegrated.The rational allocation of social resources cannot be separated from the efficient investment of enterprises,whose investment efficiency is crucial to the sustainable development of enterprises and industries.Industries is the distribution of single enterprise in the industry chain,each enterprise's investment decisionmaking efficiency or not determines the rationality of the distribution of resources in the industry structure,each enterprise efficient investment to form the rational allocation of social resources,comprehensiveness,coordination and sustainability of economic development requires every enterprise to drive effective investment decision.In addition,since 2013,our country put forward the "area" of international cooperation initiative,since our country have issued a series of policies to promote two-way investment and industrial cooperation documents,and to establish the innovation park,industrial cooperation and other cooperation mechanisms,aimed at optimizing "area" of regional trade and investment environment,promote two-way investment,thus,enterprise's investment behavior is not only important to the enterprise's own development,also directly constitute the important part of our country economic sectors.Firstly,this paper adopts the literature research method to collect,summarize and sort out the domestic and foreign literature on equity incentive and investment efficiency to lay a solid theoretical foundation for the follow-up research.Second,the comprehensive analysis of relevant scholars,after the relevant research achievements in the field of the research model established in this paper,the use of the equity incentive with the empirical study on the investment efficiency and the effect of taking 2008-2018,A total of 1306 a-share listed companies as research samples,before the regression analysis on the sample data descriptive statistics and correlation analysis,according to Husman test results using fixed effect panel data regression model,in order to ensure the regression results with accuracy and robust inspection,to ensure that the model has robustness.Then,the empirical conclusion is drawn: there is a positive correlation between the implementation of equity incentive and investment efficiency,non-state-owned enterprises equity incentive has a greater impact on investment efficiency,enterprise size will improve the impact of equity incentive on investment efficiency.Finally,based on the empirical research results,countermeasures and Suggestions are proposed,which are of great help to improve the investment efficiency of Chinese enterprises.