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1、EMPIRICALRESEARCHONTHELISTEDCOMPANYEQUITYINCENTIVEANDCORPORATEPERFORMANCERELATIONSHIPABSTRACTEquityincentiveisquotationsfromforeignmethodofcorporategovernanceinourcountry,itcaneffectivelyreducetheagencycostoftheenterprise,canmaketheoperatortotheidentityoftheshareholdersintheenterprise'
2、sprofitdistribution,atthesametimeundertakecorrespondingrisks,whichcanmotivatemanagerstoimprovemanagementefficiency,eventuallyimprovethecompany'soperatingperformance.Inthe1980sequityincentiveeffectivelypromotedthedevelopmentoftheeconomy,inthewesternmaturemarket,bynumerousscholarsasequit
3、yincentivesystemcaneffectivelysolvethemoderncorporategovernanceinthefieldofthemainchannelofprincipal-agentrelationship.Inourcountry,thelistedcompanyequityincentivesystemisstillintheresearchandexplorationstage,withtheimprovementofChina'scapitalmarketandenterprisesystem,theoreticalcircle
4、andpracticecirclepaymoreandmoreattentiontoequityincentive.Plentyofresearchesonequityincentivehavebeenmadealloverournation,buttherelationshipbetweenequityincentiveandcompanyperformancedidnotreachaunifiedconclusion.Withthecompletionofthestocksharereform,China'scapitalmarkethasgreatlyimpr
5、oved,thisarticleisbasedonthenewsystemandthebackgroundthatcapitalmarketstoachievefullcirculationtheimplementationofequityincentivewillenhanceordon'ttheperformanceoflistedcompaniesismoremeaningful.First,thispaperexpoundsthebackgroundontheimplementationofequityincentive,andsummarizesthedo
6、mesticandforeignresearchconclusion,secondly,thispaperelaboratesthemeaningofequityincentive,thispaperintroducesthefeaturesofdifferentpatterns,equityincentiveishowtoinfluencecompanyperformanceandintroducesthepresentsituation;third,fourhypothesesareproposedaccordingtotheanalysisoftheabove
7、,andselectthecompletedshareholdingreformaftertheimplementationofequityincentiveoflistedcompaniesassamples,selectvariablesandmodel,tolaythefoundationforlater;Finally,usingthestatisticalanalysismethodtoverifythisfourhypothesesrespectively,cometotheconclusionandputsforwardrelatedsuggest
