Securities Listed Company Equity Incentive Performance

Equity incentive system as a long-term incentive, has been their universally applied in foreign listed companies. Moreover, China's enterprises have begun the process of trying to use the equity incentive system in the corporate governance since 1990s, and the new "Company Law" and a series of laws and regulations, has paved the smooth way for the implementation of equity incentive system.As a knowledge-intensive industry, human resources has been concerned, especially those with extensive experience in securities practitioners and senior managers are also the definitive factors of both the future of the company and the promotion of stockholder value. However, in a long time, the security company's corporate governance system is not perfect, lacking of senior management's long-term incentives, and it leads to a lack of the enthusiasm and initiative for the senior management. They don't have a long-term business vision, affecting long-term development of enterprises. Therefore, we need to establish an incentive and restraint mechanisms, making the interests of senior management and the company's long-term development objectives in to convergence, and thereby mobilize the management staff enthusiasm and creativity to maximize shareholder interests, corporate interests and the interests of individual managers at the same time,to encourage operators to focus on long-term development.Based on the above understanding, this paper use CITIC Securities who is the implementation of equity incentive system in securities listed companies as the research object, while in combination with other eight listed securities company (State Golden Securities, Southwest Securities, Hai Tong Securities, Pacific Securities, Everbrite Securities, the country Yuan Securities, Hongyuan Securities, Northeast Securities), through comparative study, analysis the CITIC Securities equity incentive effects for corporate performance. And empirical results show that the equity-based incentives had no obvious effect on the performance of CITIC Securities. According to the analysis of the results and combined with the CITIC Securities'specific conditions and the stock market environment, this article provides some corresponding strategies on how to improve the company's equity incentive system for the China's Listed Securities in the future.