Do equity-based incentives improve the corporate performance?-the emprical evidence from the China Listed Companies after Equity Division Reform

摘要

in this paper, I study the relationship between performance of companies and the levels of executive equity based incentive and find there's a significantly positive relationship between performance of companies and the levels of restricted stock incentive, but there's a nonsignificantly positive relationship between performance and the levels of stock option incentive. On the other hand, the relationship between the equity incentive and corporate performance is not a linear, equity incentive impact on the performance of companies in the state-owned companies and non-stateowned holding companies have a significant difference.