The Research Of Incentive Mechanism In Revolution Condition Of Equitity Structure Reform

As a long-term,flexible and creative stimulating system, stock option system is mainly for solving the problem about the cost of agency which is caused by the separation of operating right from the ownership of the company。Recently,domestic researchers and companies began to investigate this kind of incentive mechanism and put it into practical application。However,before 2005, Because of the lack of control man in practice, stock market development not perfect, incentive laws and regulations system is not perfect in our country's listed company。Governor's stock options are not to practice, Since 2005, our country's listed company gets into equity structure reform formally, the government of listed company will lift up to agenda.。When our country carry on an overall equity structure reform, and have already released《the listed company of equity incentive management way》(try a line)to guarantee for the stock right incentive mechanism, the listed company hope to maximize profits through stock right incentive, so, it is quite essential to research how to choice the best equity incentive planning according to one's own situation。This paper think if to research stock right incentive planning ,not only to examine the project from sexual angle, but should draw a conclusion through comparison which based in logically, and made use of a substantial evidence research to verify the conclusion that the theories analysis gains。This paper fully absorbs the results of research at home and abroad, and combine the realistic of our country, to study the stock options in qualitative and the quota method,then uses these theories to appraise each kind of equity incentive planning,in order to make best choose to suit listed company for achieving the optimization。This paper is composed of five chapters and logically can be divided into three parts. In the first part, we have a comprehensive review of the literature in this field and go over the fundamental theory of equity incentive mechanism, the performance evaluation model and the empirical study are given in the second part, using the economic theoretical analysis each planning, in order to make best choose to suit listed company for achieving the optimization。We conclude in the third part。we also do some further theoretical research in combination with the empirical result obtained.