YANG Zhaoyun，LIN Hong，GAO Hongye，CHEN Caihong，ZHANG Dechun，XU Xuerong

(1a.Department of Business and Administration，1b.Department of Finance，F(xiàn)uzhou University of International Studies and Trade，F(xiàn)uzhou 350202 China；2a.College of Management，2b.College of Economics，F(xiàn)ujian Agriculture and Forestry University，F(xiàn)uzhou 350002 China)

Relationship between Executive Incentive，Companies Equity Concentration and Business Performance of Forestry Listed Companies

YANG Zhaoyun1a，2a，LIN Hong1a，GAO Hongye1b，CHEN Caihong1a，ZHANG Dechun1a，XU Xuerong2b

(1a.Department of Business and Administration，1b.Department of Finance，F(xiàn)uzhou University of International Studies and Trade，F(xiàn)uzhou 350202 China；2a.College of Management，2b.College of Economics，F(xiàn)ujian Agriculture and Forestry University，F(xiàn)uzhou 350002 China)

Background Forestry listed company is an important symbol of China’s forestry industrialization and modernization．It is an important carrier to solve the contradiction between small farmers and the big market and to realize forestry industrialization management．The existing research about the relationship among equity concentration，executive compensation incentive and firm performance lack of research method of structural equation model．

Methods The data source of this paper is collected from Taian database．In order to provide a degree of reference for governance structure optimization of forestry listed companies and improvement of business performance of forestry listed companies，this paper would use structural equation model for the path analysis among equity concentration，executive incentive and operating performance of forestry listed companies，then measured the mutual effect and the influencing direction．Moreover，corresponding research hypothesis has been put forward at the end．

Results In the main，the structural equation model had high fitting degree and applicability with identifiable model and ponderable parameters．Through analyzing the effects path of executive incentive on business performance，the results show that the operating performance of forestry listed companies would be more high when the degree of executive incentive become stronger，and the estimated result is consistent with theory analysis，then the hypothesis which was defined as the significant positive correlation between ownership concentration and operating performance can pass statistical tests．Through analyzing effects path of ownership concentration on business performance，the result show that the more concentrate performance in ownership，the business performance of forestry listed companies would be higher，and the estimated result is consistent with theoretical analysis，namely hypothesis which was defined as the significant positive correlation between degree of executive incentive and operating performance can pass statistical tests．Through analyzing effects path of ownership concentration on executive incentive，the result show that with the rising in equity concentration，the level of executive compensation incentive of forestry listed companies would be higher and the result is consistent with theoretical analysis，the hypothesis which was defined as the significant positive correlation between degree of executive incentive and degree of executive incentive can pass statistical tests．According to the results of theoretical analysis and empirical analysis above，ownership concentration plays a directly significantly positive role in business performance of forestry listed companies；executive incentive plays a significantly directly positive role on business performance of forestry listed companies；equity concentration has part effect on operating performance of forestry listed companies is done by executive incentive．Direct effect on the impact of ownership concentration on performance of 0.22，executive incentive effect on operating performance directly effects at 0.28，on the impact of ownership concentration on performance of indirect intermediary effect is 0.07，total effect on the impact of ownership concentration on performance of 0.29．

Conclusions and Discussions In terms of the impact of ownership concentration and operating performance，ownership concentration has positive and direct effect on operating performance；in terms of the impact of degree of executive incentive and operating performance，degree of executive incentive has positive and direct effect on operating performance；in terms of the impact of ownership concentration，degree of executive incentive and operating performance，degree of executive incentive mediated the relation between ownership concentration and operating performance．Meanwhile，two countermeasures and suggestions are put forward to promote operating performance of forestry listed companies operating performance：equity structure of concentration which has a large shareholders equity checks and balances needs to be established；the income level of senior management moderately needs to be raised．

forestry listed companies；ownership concentration；executive incentive；business performance

Original Articlein羊照云，林泓，高鴻業(yè)，等．林業(yè)上市公司股權集中度、高管激勵與經營績效關系的實證研究．林業(yè)經濟問題，2017，37(2)：92-95．

10.16832/j.cnki.1005-9709.2017.02.017