股权激励、成本结构和公司价值

From a micro perspective, this paper explores how the management will make operational decisions, ie adjust the cost structure, to achieve the goal of improving the company's future value. Based on the principal-agent theory and the separation of the two powers, this paper uses the 2010-2015 data as a sample for empirical analysis, and finally concludes that the size of the operating leverage is positively related to the company's value; after the equity incentive, the management has significantly adjusted. The company's cost structure increases the proportion of fixed costs and increases operating leverage. After granting management equity incentives, the change in cost structure, that is, the increase in operating leverage, has a significant positive impact on company value.