Empirical Study On The Effect Of The Equity Incentive Of Chinese Listed Companies

Equity incentive in the United States produced in the 50s,60s of the last century, and it has achieved universal respect of the development since the 80s of the 20th century. Equity incentive mechanism has become one of the most important institutional arrangements of the U.S.Companies currently, especially listed companies incentive, and constraints operating management. It is deeply affected and will continue to affect the long-term value of American companies, shareholders, the incentive objects and the interests of stakeholders. At the same time, Europe's stock option system has already achieved great development, Mature and basically established a relatively complete system of stock options of the currant. Affected by the impact of European and American countries' equity Incentive Practice, Japan, India, Singapore, Hong Kong, Taiwan and other countries or regions of the stock options system in the 20th century, 90 years gained rapid development.From the practice of the major markets of Europe and the United States,stock options system play an important positive role to Perfect the corporate governance structure,improve the corporate performance and long-term values, and to protect the interests of shareholders.While some companies in our country have take advantage of equity incentive, and have done a.lot, of desire to explore it, and accumulated some experience. But in the. practice of equity incentive of the past, China has not been established necessary and supporting equity incentive laws and regulations, as well as the Tradable problem in China's Stock Market.Effects of the implementation of equity incentive is difficult to play, or even halfway in China's listed companies.Therefore, to study developed company's equity incentive successful experiences, especially the practice of the implementation of equity incentive of China since 2006 is necessary for China's listed companies to take equity incentive plan in the future; for the vast majority of China's listed companies. Equity incentive is still a new system of innovative content. From the past three years, the implementation of China's listed companies, a number of equity incentive in the view of the problems exposed, to study the design or plan of equity incentive is very important.This dissertation studies and summarizes the basic theory of equity incentive in the first, and in the study of practice in developed countries on the basis of equity incentive focused on studying the form of equity-based incentives and related shortcomings comparison. Then reported a major empirical study of incentive effects of China's listed companies in 2006, and take a special study of equity incentives for listed companies in China's practice and design in the future. Finally, combining our practical experience and developed equity incentive, and put forward some recommendations of equity incentive mechanism for the development of China's policy.The main research contents include:(1)In this dissertation, during the period 2006-2008 has been published in more than 60 equity incentive plan programs strictly screened 39 effective samples, and to sample the 2005-2008 financial indicators (mainly using the net asset rate of return (ROE), earnings per share (EPS), etc.),quantity and value of various types of executives holding the sample data as a comparative study and empirical research.(2) In this dissertation, applying panel data model in empirical part, from the nature of listed companies and listed companies and industry executives, etc. in different empirical test of the equity incentive-tradable share reform in China after the effects of continuity.(3)On the basis of equity incentive theory of research and concluding, this paper conducted a focus on analysis of the main mode of equity incentive (stock options, phantom stock Phantom Stock, restricted stock Restricted Stock, Performance Shares Stock Performance, Stock Appreciation Rights Stock appreciation rights, deferred payment of Deferred payment, etc.)concept, advantages and disadvantages, applicability and typical cases etc.In Europe and the United States listed companies in developed countries; listed companies in China since 2006, the implementation of the performance effects of equity incentive conducted in-depth empirical research; practicing and designing in-depth analysis of listed Companies in China equity incentive;finally put forward in line with our listed companies and capital market needs, the actual policies and proposals.In short, this dissertation conducted a deeply research of listed companies equity incentive basic theory, the performance effects of equity incentive, equity incentive practices and the specific design issues.By empirical tests confirmed the listed companies in China's equity incentive effects of its existence.