Research On The Impact Of Executive Stock Ownership On Corporate Strategic Change

At present,our country’s economy is in a critical period of transition from a period of rapid development to one of high-quality development.Enterprise strategic change is the main response method for enterprises in the process of transformation and upgrading,and it is also the key for enterprises to create and maintain their own advantages.At present,the research on the impact of strategic change mainly focuses on external environmental factors,and lacks the research perspective based on the internal environment.Based on the traditional principal-agent theory,this paper discusses the relationship between the proportion of executive ownership and the change of enterprise strategy.with a view to researching strategic The impact mechanism of change offers new perspectives.On this basis,This paper starts with the internal and external environment of economic policy uncertainty,introduces the variables of economic policy uncertainty,and discusses the role of economic policy uncertainty regulating the relationship between executive ownership and corporate strategy change.This paper takes the listed companies that actively disclosed relevant financial data in CSX from 2013 to 2020 as a sample,combining the traditional principal-agent theory and information asymmetry theory,information asymmetry theory,trench effect hypothesis theory and China’s national conditions to analyze the impact of executive shareholding on companies.The influence effect of strategic change,and the research hypothesis of this paper is put forward to study the influence of executive shareholding on corporate strategic change,as well as the moderation of economic policy uncertainty and the nature of corporate property rights on the relationship between executive shareholding and corporate strategic change effect.The empirical results of this paper show that: first,increasing the shareholding ratio of corporate executives will expand the degree of corporate strategic change;second,under the condition of high economic policy uncertainty,it is difficult for corporate managers to accurately judge the operating environment,will weaken the influence of executive shareholding on corporate strategic change;third,the promotion effect of executive shareholding on corporate strategic change has a heterogeneous impact in companies with different property rights,and It is believed that in a state-owned enterprise,the influence of executive shareholding on the strategic change of the enterprise will be weakened.According to the conclusion,this paper gives targeted policy suggestions: firstly,to improve the intensity of executive equity incentives;secondly,to reduce the uncertainty of economic policies;thirdly,to promote the deepening of the reform of state-owned enterprises.Therefore,by adjusting the shareholding ratio of executives,it can promote the strategic change of the enterprise,so as to strategically match the changes in the external environment and improve the market competitiveness of the enterprise.