上市公司股权激励实施效应及影响因素分析-analysis of the implementation effect and influencing factors of listed companies equity incentive.docxVIP

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上市公司股权激励实施效应及影响因素分析-analysis of the implementation effect and influencing factors of listed companies equity incentive.docx

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上市公司股权激励实施效应及影响因素分析-analysis of the implementation effect and influencing factors of listed companies equity incentive

AbstractAsanimportantincentivemechanisminnovation,equityincentiveplaysapositiveeffectoflong-terminreducingtheagencycost,improvingenterpriseperformanceandpromotingeconomicgrowth.Thathasbeenconfirmedinthewesterndevelopedcountries.Equityincentivesystemstartedrelativelylateinourcountry,incontrasttoforeignsuccessandwideapplicationwhichhavebeeninpractice.Withcompletingthepreliminaryreformofthesplitsharestructurereformin2006,externalenvironmentisbasicallymatureforimplementingtheequityincentiveinChina.Regardingequityincentiveasanimportantlong-termincentivemean,manylistingCorporationhaveintroducedincentiveplans.ItisverymeaningfultostudyoneffectsoftheequitydivisionsystematicallyanddeeplyafterthereformofthelistingCorporationequityincentive.Asarelativelydevelopedmechanisminforeigncountries,didtheequityincentiveplayitsdueeffectinChinaandsolvetheprincipal-agentproblemeffectively?WhetherdoequityincentiveplansimplementedbyChineselistingCorporationscombinewiththeactualsituationoftheirenterprisesandplayincentiveeffectonthehighestlevel?Whetherdothecorporategovernancestructureandthepolicysystemenvironmentwieldinfluencesontheequityincentiveeffectandinwhatway?Whatfeasiblesuggestionscanbeprovidedtoimprovetheregulatorysystemanditsenvironment?Whatarethecreativeinspirationstoperfectthedesignandgovernancestructureofcompanysequityincentiveprogram?Thesearethemotiveandkeytothisresearch.Fromtheultra-endogenousperspective,thispapernotonlyanalyzestheincentiveeffectoftheequityincentivecontractelements,butalsobuildsabridgebetweentheequityincentiveandcorporatevaluebyintroducingintermediatevariable.Thisresearchselectsthecorporategovernanceandinstitutionalenvironmentasthemoderatingvariables.Basedonmoderatingeffectmodel,itadoptshierarchicalregressionanalysismethodtoexploretheeffectofcorporategovernanceandinstitutionalenvironmentontheequityincentiveeffect.Theempiricalresultsshowthat:1、Eachequityincentivecontractelementpromotestheimprovementofenterpriseperformance,especiallytheproportionandperiodofseniorma