Comparative Analysis of Equity Incentives and Production Expansion Behavior among"Listed Swine Farming Enterprises"
From 2021 to 2023,the price of hogs had been low and then continued to oscillate and grind to the bottom,and the operation of"listed hog farming enterprises"had faced a severe test.From 2018 to 2022,the number of"listed hog farming enterprises"launching equity incentives had increased significantly and the related enterprises number of hogs farrowed during the same period had also in-creased significantly.Comparative analysis revealed that most of the pig farming enterprises had set higher performance growth targets in the exercise conditions,which would encourage management to increase investment and expand production capacity to achievie goals.Compared with non-equity incentivized companies,the increase in the number of hogs farrowed of equity-incentivized compa-nies was accompanied by a decrease in asset turnover,which implied over-investment or a decrease in operating efficiency.In this re-gard,swine farming companies should reasonably formulate the conditions of exercising the right,and could set dynamic performance indicators;consider the asset turnover rate as an exercising indicator,so as to focus on operational efficiency while improving the scale of operation to help companies achieve high-quality development.
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