Meta Analysis of the Impact of Equity Incentives on Financial Performance of the Listed Companies in China
With the continuous development of the equity incentive system,the topic of how to implement equity incentives for the listed companies in China has attracted scholars'attention.However,the study of the relationship between equity incentives and corporate financial performance in the Chinese context using traditional analytical methods has not yet reached a consistent conclusion.On this basis,this research uses the meta-analysis method,in which 60 literature samples,174 effect size,27 literature samples and 90 effect size of the relationship between equity incentive level and corporate financial performance,as well as the equity incentive model and corporate financial performance are analyzed quantitatively,so as to draw a conclusion about the stage of equity incentive and corporate financial performance.The research results indicate that the level of equity incentives can significantly improve the financial performance of enterprises;The mode of implementing stock options and Restricted stock respectively has a significant positive impact on corporate financial performance,and the incentive effect of stock options is better than that of Restricted stock;The situational moderating factors and methodological moderating factors can have a significant moderating effect on the relationship between equity incentive levels and corporate financial performance while the nature of the enterprise does not have a moderating effect on the relationship between the two.This study elaborates on the internal mechanism of the relationship between equity incentives and corporate financial performance from a more macro perspective,explores potential moderating factors that may lead to inconsistent research conclusions,provides reference for future research,and provides suggestions for establishing more efficient equity incentive systems for listed companies in China in the future.
NETL
NSTL
万方数据
