Equity Incentive and Performance Effects of Equity Refinancing-Empirical Evidence from Listed Transportation Firms

Managerial Ownership has been the focus of discussion in the corporate performance. We can not conclude whether manager's equity incentives is useful or useless. From endogenous research perspective, this paper examine the relationship of the shareholding ratio of executives inspection, the square of executives Shares and the ROA ratio to reach the conclusion whether the equity incentive of Chinese companies is effective. We divide the date on the basis of the actual controllers and analyse what impact incentive, The conclusions as follows: The senior mangers' shareholding ratio impact on company performance; The square of the senior mangers' shareholding ratio impact on company performance; The other control variables' influences on the enterprise performance.