Abstract Based on the data of A-share companies in Shanghai and Shenzhen from 2006 to 2019, this paper studies the impact of exercise restrictions on equity incentives on total factor productivity under the background of mixed ownership reform. The are following findings. (1) Equity incentive can promote TFP. According to the bank authority standard, equity incentive can be further divided into long-term equity and short-term equity.The exercise restriction of equity incentive has an incentive effect on total factor productivity, among which the incentive effect of short-term equity is greater. (2) Mixed equity degree can promote the incentive effect of equity incentive (including long-term and short-term equity) on TFP and has a greater role in promoting the short-term equity incentive effect. (3) In state-owned holding companies, reducing state-owned equity can improve TFP and has a positive regulatory effect on equity incentive effect. And in non-state-owned holding companies, increasing state-owned equity can't significantly improve TFP, but has a positive regulatory effect. The conclusion of the study verifies the effectiveness and reality of mixed ownership reform and equity incentive system to a certain extent, and provides empirical reference for companies to strengthen internal governance and government agencies to improve regulatory measures, continue to promote the reform of state-owned enterprises and actively develop mixed ownership economy.
2022, Vol. 39 
