Research Of Restricted Stock Incentive Program In China's Listed Companies

Restricted stock as an important incentive mechanism, which can coordinate the contradiction between commissioned and agent for improving the long-term economic benefits.More importantly,restricted stock can help companies to retain key employees for laying the foundation for the long-term development at the time of economic downturn. Restricted stock incentive model has widely applied in Western countries, making a tremendous contribution for economic prosperity, but it has only just begun in china. Many companies questioned about some long-term incentive model under the influence of 2008 financial crisis, especially about stock options. In this situation, more and more companies begin to choose restricted stock as a new tool for long-term incentive. Whether the restricted stock can play a stimulating role?How to design a program of restricted stock?How to implement the restricted stock plan effectively?Those were the core contents which discussed in this thesis.Based on the comparative study about stock options and restricted stock , find that our country is necessary to select restricted stock incentive at this stage .Then taking principal-agent theory ,stakeholder theory and motivation theory as a guide, design restricted stock incentive plan comprehensive and systematic from program elements, accounting and information disclosure. And on this basis build out our basic framework of the restricted stock plan for our company. This paper proposed key staff involved in the need for incentive plan on the grant object of the restricted stock. At the same time,put market macroeconomic risks into the performance evaluation system which make performance assessment more rational. In the specific implementation of restricted stock program,shoud set up full-time administration, improve the corporate governance structure and strengthen supervision about performance assessment. Improving the relevant laws and regulations and stock market on the macro level and establishing a fair market competitive products and services can lay a solid foundation for implementation of restricted stock. Finally, take Jinzhi limited joint stock company as an example, providing a reference for specific operation in the actual process.