The Performance Study On Stock Ownership Incentive Of The Listed Company In Our Country

Now the knowledge economy time, the human capital has become one of the most active factors, which drive enterprise to grow .In order to cause the human capital full display function, we need to design the effective drive mechanism to arouse its owner's enthusiasm, in which most noticeable innovation is the stock ownership incentive mechanism design. As one kind of long-term drive restraint mechanism, the stock ownership incentive has the oneself obvious superiority: The stock ownership incentive reduces the proxy cost, encourages the staff to display their enthusiasm and the creativity in the work, and moreover could solve the higher management to pay attention to questions excessively effectively and so on short-term benefit, so it has provided the safeguard for the company long-term development targets realization.The stock ownership incentive origins in US. Because the huge drive and the restraint mechanism which produces to the corporate management level, stock ownership incentive already expanded to the world in many countries. As a result of the stock ownership incentive reward remarkable drive and the restraint function, stock ownership incentive enable itself to obtain the academic circles to take highly, and obtains the widespread use in the Chinese and foreign enterprise. Our country starts from the 90's in certain enterprises to carry on the stockholder's rights drive the experiment site. But the situation is not so well the stock ownership incentive fully has not played the drive restraint role which should have, generally speaking also implements very is not also standard.This article first introduces the stock ownership incentive concept and the drive pattern; Next, from the principal-agent theory, the human capital theory, the legal person governed the structural theory and the surplus claim power theory and so on six aspects, we elaborate the stock ownership incentive economic and the management science rationale, then we analyze the action mechanism. In this foundation, this article elaborates specifically implements the necessity and the new situation in our country companies implement the stock ownership incentive; Afterwards, this article analyses the effect which the stock ownership incentive brings in our country; Finally, in view of the conclusion that implementation effect of the stock ownership is not obvious ,we carries on the reason analysis, the attention because the legal laws and regulations and so on the external environment and the enterprise own and so on the reasons cause the stock ownership incentive in the implementation exists the main questions. Then we propose the suggestion to enhances the stock ownership incentive mechanism validity which moves in our country. Reduces its negative influence as far as possible.This article has the idea that the stock ownership incentive as one important part of the modern incentive theory has the scientific nature and the history inevitable. Along with the more perfect of our laws and regulations, the unceasingly mature of the capital market, the unceasing consummation of the company governs the structure, adds us to more understanding about the stock ownership incentive, we believe this drive mechanism will certainly has more positive influences to our country's enterprise reform and staff's long-term drive.