On the background of mixed
ownership reform, the equity mix has an increasing impact on corporate
performance. Our research selects the panel data of 620 Shanghai and Shenzhen
A-share manufacturing listed companies from 2015 to 2019, and constructs a model of the mediating effect of “equity
mix-executive incentives-corporate performance” to test the impact of equity
mix on firm performance, and further explore the mediating effect of executive
incentives between the equity mix and firm performance. Research shows that:
the “U”-shaped relationship between equity mix and company performance is
confirmed, executive compensation incentives have a partial mediating effect
between equity mix and firm performance, and executive equity incentives have a
complete mediating effect between equity mix and company performance.
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