Equity Incentive Research Of The State Controlled Listed Company

Equity incentive is an effective incentive way for the developed countries in their rapid economic developing period. Practice has proved that the implementation of management equity incentive which would greatly improve the efficiency of enterprises could promote economic prosperity. To deepen the reform of state-owned enterprises, training of large enterprise groups with international competitiveness, China's state-controlled listed companies have started to equity-based incentives. Because of the background and its special importance in the national economy, we should find our own route. At this time, discussion the features and problems with a comparative analysis of the listed companies in China's state-controlled under different policy background shows a great practical significance.Beginning with the summarization of the equity incentive, the article introduces its study background and relative theories. After a brief statement, we conclude the study framework. Then the paper moves to the core chapter.For the special traits of the state-controlled listed companies, the thesis describes the unique characteristics of the state-controlled listed companies under the reform of state-owned enterprises. With the request of the traits and analyzing the incentive amount, price of the equity, performance evaluation and several dimensions, we conclude the equity incentive plan's through comparative analysis of the incentive programs which belongs to the listed companies in different industries with different nature. With the promulgation of the new policy < state-controlled listed companies' equity incentive measure>, state-controlled listed companies have a guideline in carrying out it. The equity incentive plan shows a clearly difference after that. Through making a research on the BaoSteel's plan, we obtain the new characteristics under the new policy. On the foundation of analyzing the relating report and materials, we sum up the existing problems from the angle of the equity incentive plan, governance structure and exterior circumstance.Responding to the problems, the thesis offers several specific proposals and countermeasures. In the aspect of the equity incentive plan improvement, the proposed design suggest: under the premise of effectively controlling the aggregating equity, the amount of incentives should design the plan differently according to the different industries and shareholding structure; setting the equity price should consider the impact of the stock market development trend, which can be removed by introducing the concept of stock market index; in performance evaluation system, we can use economic value-added method to solve the problem of the capital cost, use balance scored card to introduce non-financing index, use competitor's performance index to realize the listed companies status in the market. The plan should stress the market price concept and also present the differentia in different competition market. In the company's governance aspect, the thesis states that ameliorating equity structure, directorate structure, establishing a related law to protect investors and setting operator tenure-aim system are best way to get the solution. At the end, the thesis emphasizes that cultivating organization investor, building stock price index option market and consummating the information promulgation system contribute to enhance the validity of the capital market. Finally, the thesis suggests that the favorable revenue policy is of great importance for the equity incentive effect and its future development in China.