A Study On Stock Ownership Incentive Of Listed Companies In Our Country

The core objective of Stock Ownership Incentive is to resolve the contradictions between shareholders and operators by aligning the interests of those and to stimulate operators to maximize shareholders' wealth and social value.According to Modem Incentive Theory,Stock Ownership incentive,as a kind of effective incentive system,is suitable for the modern enterprises' development for a long term.With regard to the experience in the West,enterprises can benefit a lot from the adoption of the system through generating new cap day.As far as the practice of Stock Ownership Incentive in China,the early explores began in 1990's,but lack of correlative law and policy incurred,the incentive effect can not arrive anticipation.In 2005 split share structure reform carried through,in according with administrative measures on Stock Ownership Incentive plan enacted.The listed companies' enthusiasm to explore the incentive mechanism was ignited again in the better surroundings. This paper starts with the basic theory of Stock Ownership Incentive,after making a brief introduction about the incentive practical experience of listed companies in America,and then analyzes the equity incentive practice of listed companies in our country.With paying attention to the timeliness of Stock Ownership Incentives,it analyzes the practical situation of listed companies after the implementation of new "Company Law" and "Stock Ownership Incentive management of listed companies",with case analyzing and comparable study on some of the representatives of listed companies which carried out the Stock Ownership Incentive.Hoping to find out the strategy to choose the Stock Ownership incentive model which is suitable for different industries,different enterprises and different life-cycle businesses;At the same time it not only details the analysis of the specific design factors for the current Stock Ownership Incentive,but also makes relevant suggestions;In addition,the external environment of Stock Ownership incentive and the problems of its existence have also been analyzed,then given some recommendations,with hope to make some contributions to create a road for the further building a harmony Stock Ownership incentive with "Chinese characteristics".