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The Research About The Relationship Between Stockholder's Rights Inspiring And The Listed Companies' Achievements

Posted on:2008-07-31Degree:DoctorType:Dissertation
Country:ChinaCandidate:J GeFull Text:PDF
GTID:1119360245998761Subject:Agricultural Economics and Management
Abstract/Summary:PDF Full Text Request
Now China's capital market is in a period of the system construction. The incentive system of the listed company's executives, as the most important long-term incentive mechanism, has been put on the agenda as one of important mechanisms that promotes China's corporate governance structure, improves the capital market and promotes the sustained and healthy development of China economy. "The Management Measures of the listed companies' shares incentive " (for trial implementation) was issued by the SFC on January 6, 2006. It said that the listed companies having completed share reform can establish and improve the incentive and restraint mechanisms in accordance with the requirements of the implementation of these measures and equity incentives. It provided equity incentive reform policy guidance and the possibilities of the implementation of China's listed companies' equity incentive reform. The research about equity incentive in western countries was started relatively early provided some mature opinions. The economy of China is undergoing economic restructuring, although the listed companies are in special environment and conditions, but in recent years many scholars in this field also try to make some research and explore. They have different opions and seldem study the suitable ratio period of equity incentive. Is there any influence the equity incentive can make to the listed companies? If so, what direction and how does it go? Is there any difference about the role of equity incentive between state-owned and non-state-owned listed companies? The findings of these issues empirical research are very important on China's capital market reform, development of relevant policies and incentive shares of listed companies.The overall objective of this study is the relations between the equity incentive and performance of the listed companies, including its stake in listed companies incentives to the performance of the mechanism of equity incentive or not the impact on corporate performance, stock incentive extent of the impact on company performance, the state-owned holding companies and non-state-controlled shareholding difference whether incentives equity Incentive and the appropriate scale of analysis. The main contents include the theoretical basis of equity incentives, the mechanism, of the listed companies' incentive role, China's stake in the incentive system and comparative analysis of changes in state-controlled enterprises and non-state-controlled mechanism of the difference, stock incentive and the performance of listed companies model, stock incentives and the performance of listed companies Empirical Analysis, stock incentive modest proportion of the equity incentive system and the successful experience of enlightenment, and so on. Among them, the model of equity incentive and the performance is based on the basis of the hypothesis; equity incentive and the performance of listed companies through the Empirical Analysis of the listed companies selected data to verify the authenticity of the hypothesis equity incentive and performance analysis of the relationship; equity incentive modest proportion in the empirical analysis is based on the analysis of the proposed equity incentive modest proportion of the rationale. On the model, the modest proportion of the reference value is verified through data obtained; the final stake through the encouragement of study abroad experiences and lessons, analysis of China's stake in the implementation of the incentive to explore the problems of promoting equity incentive and some suggestins.According to this study, first review the theoretical basis, review of existing literature, choose economic theory expounded equity incentive theoretical support and equity incentive mechanism, evolving process, the establishment of hypothesis, construction of theoretical models, through regression analysis and statistical analysis, sample data for effective testing and validation of the hypothesis, and finally conclusion to be taken by the policy recommendations of thinking from Normality overall average of the two samples T-test comparison of the methods used, but a policy variable for the different forms or the impact of several related variables with the significant role of such parameters are used jointly test. The data used in this study is from the database of Guo Taian. This paper will set time-frame for the 1999-2005 years, and this data is after the Southeast Asian financial crisis, the financial crisis could have been avoided abnormal impact at the same time, meet the requirements of a certain time span. In specific sample selection, 1999-2005 average annual equity incentive companies are identified as samples, all to the implementation of equity incentive first then canceled after the 1999 implementation are not considered; As a comparison than for the implementation of equity incentive of a sample of companies, mining use isometric random sampling method to determine.The main conclusions drawn through research are: appropriate equity incentive significantly improve the performance of the company; the relationship between the equity incentive and corporate performance is not a linear, the impact on corporate performance of incentive equity ratio changes with consequential changes; equity incentive impact on the performance of companies in the state-controlled non-state-owned holding company have a significant difference, There is a certain equity incentive appropriate interval, the incentive should be controlled equity ratio. Finally, in accordance with the conclusion of the study, the combination of foreign equity incentive experiences and lessons, equity incentive against China in the implementation of the existing problems, and so on, the corresponding policy recommendations: the macro level, including specific to continue to strengthen the development of capital markets, speed up the implementation, and improve relevant laws and regulations, policies and strengthen supervision, and strengthen the incentive system of state-owned shares of listed companies and improve the building and perfection of the system of company remuneration committee; specific including at the micro level is not all companies are suitable for the implementation of equity incentive, stock incentive from the implementation of long-term and recent enterprises will increase the burden on enterprises in the inner strength of inspection and internal governance which also deal with the policy aspect of the industry, the micro-face, the rapid development of stockholders' inspiring in the listed companies and the construction of management inspiring system, determination of the suitable period between the stocks holded by the managements, paying more attention the difference between the state-controlled and non-state-controlled companies, establishing a standard of restraint mechanism to those managers holding the stocks.
Keywords/Search Tags:stockholder's rights inspiring, the listed companies's achievements, the management holds the stock
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