Equity Incentive,Contract Heterogeneity and Financial Performance
Selecting A-share listed companies from 2011 to 2021 as the research objects,this paper ex-plores the impact of equity incentives and contract heterogeneity on corporate financial performance.The results show that equity incentive is positively correlated with financial performance.The restricted stock incentive model has a more significant effect on financial performance.In the mechanism test,it is found that equity in-centive can promote the innovation input and output level of enterprises,and then improve the financial per-formance of enterprises.Heterogeneity analysis shows that the different size of enterprises and the choice of in-centive mode,incentive scope,incentive intensity and incentive validity period have different effects on enter-prise financial performance.Suggestions are put forward from the aspects of perfecting the equity incentive sys-tem,selecting the appropriate incentive mode and promoting the"incentive-innovation"mechanism.
国家科技期刊平台
NSTL
万方数据
维普
