Research On Enterprise Manager Equity Incentive Mechanism Based On The Dynamic Game

With the establishment of modern enterprise system and the development of knowledge-based economy, human capital becomes competitive core to the enterprise, and the human capital incentive system has become the core of corporate governance issues. More and more people pay attention to this new incentive mechanism.This thesis used the dynamic game analyze method to research the manager equity incentive mechanism, and found that the manager and owners could form a Nash equilibrium, and also this incentive mechanism can be achieved on the incentive and restrictive enterprise manager. But with the analysis of the equity incentive programs; implementation in our country, found that the shareholding ratio of manager was irrelevant to the enterprise performance. For this, we put forword manager equity incentive mechanism based on the EVA composite index.The structure of this thesis as follows:Chapterâ… : Introduction the research background, analyzed domestic and foreign enterprises manager equity incentives, the research path of this thesisr.Chapterâ…¡: Firstly,defined the important concepts and briefly introduced the equity incentive theory. Secondly, analyzed the development of the equity incentives in domestic and foreign, the incentive, restraint principle of the equity incentive.Thirdly, analyzed the advantage and the risk of the manager equity incentive mechanism.Chapterâ…¢: This is the major part of this thesis. Firstly, briefly introduced the theory of the game. Secondly established and analyzed the dynamic game of the manager equity incentive with the game theroy, and then got the equity price scope and number scope of the equity that given to the enterprise manger.Chapterâ…£: This chapter researched the equity incentive practice in our country. Firstly, introduce legal norms related to equity incentive mechanism.Secondly, used the implementation of all shares of listed companies that practiced the equity incentive as research object, with the index: return of equity, shareholding ratio ect.to analyze, and found that the shareholding ratio of manager was irrelevant to the enterprise performance.Chapterâ…¤: This chapter analyzed the problems of the manager equity incentive, then show a manager equity incentive optimize path based on the EVA composite index, analyzed the given all-share price and the number of technical indicators conecting with the result of the game analyzed, and finally show how to efficiently establish and implement the mechanism.