中小板上市公司股权激励与公司绩效的关系分析-an analysis of the relationship between equity incentive and corporate performance in small and medium - sized listed companies.docxVIP

II II ABSTRACT Faced with the continuous development of capital markets and the increasingly complex management techniques, in order to reduce the agency costs, enhance the cohesion of the company and improve the corporate governance mechanism, many listed companies are competing to launch equity incentive plan. Based on the background, this thesis uses prescriptive analysis and empirical analysis to study the relationship between the equity incentives and corporate performance in SME board so as to provide the theoretical basis and empirical data support for the implementation and further improvement of these companies’ equity incentives. This paper first explains the equity incentive theory based on the research status at home and abroad. Then it puts forward four research hypotheses about the listed companies in SME board on the basis of previous researches. It selects 27 listed companies in SME board which formally announced the equity incentive plan as the sample companies and the financial data in the year of 2008-2010 as sample data for an empirical analysis. The results indicate that: (1) the equity incentive ratio of the listed companies in SME board varies greatly, the equity incentive ratio is generally low, the largest shareholder has a higher proportion, stock options is the main mode of implementation of equity incentive. (2) By factor analysis on the corporate performance four factors are extracted, which are the ability of the companies’ growth, solvency, profitability, and operational capabilities respectively. Besides, this thesis has calculated the sample companies’ overall performance evaluation according to the factor score model. (3) The correlation analysis confirms that there is a significant positive correlation between the proportion of equity incentives and corporate performance. On this basis, the PAGE PAGE IV application of multivariate linear regression verification, equity incentive ratio has significantly posi