| Since the special economic enterprise organization has emerged, the maximize profit is always the pursuit of the goal. In this process, there are major changes in enterprise organization form. The size of the firm is bigger and bigger. With increasing shareholders, the owners of the enterprise gradually change from the "family" to socialization. Especially since the 20th century, with the development and perfection of the capital market, the domestic and foreign enterprises listed in succession, the company equity has increasingly scattered. The principal-agent relationship is aroused from the separation of the enterprise ownership and management. Because of the information asymmetry, the contract between shareholders and managers is not perfect. Therefore, it needs to rely on the "moral autonomy". The goals of the shareholders and managers are not consistent. Shareholders hope value maximization of their holdings of equity, but the managers desire their own effectiveness maximization." Moral hazard" exists between the shareholders and the managers. So the shareholders need through the incentive and restraint mechanisms to guide and limit the managers'behavior. With the adverse selection and moral hazard appearing, the research of the incentive aspects is increasing deeply. Especially the research of the senior executive's stock-based incentive in listed company is more outstanding. The stock-based incentive system is improving development in decades of process, and it shows huge energy in enterprise senior employees'incentive aspect. At present, the enterprises in our country is in the key period of reform, so building senior executive's stock-based incentive in our company has the profound necessity and great significance.This paper discusses that incentive theory overview, the basic theory of senior executive's stock-based incentive and the stock-based incentive theory of the research, development and effect. Through it analyses the content type incentive theory, the process type incentive theory and behavior modification type incentive theory-strengthening theory, we can understand that stock-based incentive transmits to the management external behavior. It also analyses the main mode the implementation and the existing problems of the senior executive's stock-based incentive in our listed company. Through the empirical analysis on the effect of senior executive's stock-based incentive in our listed company, the passage puts forward some suggestions and measures, and puts forward the future research of the stock-based incentive key fields and direction.This thesis has six chapters. From the logical relation, it is divided into four parts. The first part is the literature review and theoretical basis of the stock-based incentive. The second part is the current situation and existing problems of the stock-based incentive in our country. The third part is mainly to use empirical analysis on the effect of the stock-based incentive, and analyses the reasons from the empirical result. Finally, the thesis gives some advices and puts forward the prospects of research on the senior executive's stock-based incentive in our listed company.In part of the empirical analysis, I looked over each company's annual report and public announcement, in 2006, from A-shares companies in the Shenzhen and Shanghai Stock Exchanges. At last, I chose 32 listed companies as samples, the selected samples were got rid of the following factors:(1) the listed companies stock for ST; (2) the data of listed companies is incomplete; (3) the financial industry of listed companies, because the finance corporation is special. (4) the financial data of the listed companies is abnormal. I selected the sales net interest rates as the dependent variable, and chose the portions between senior executive's stock-based incentive and the shares in the companies as an independent variable, and thenâ… use a regression model and the Eviews6.0 analysis software to discuss the 4 years of the samples data from 2006 to 2009. Through analysis the correlation of the dependent variable and independent variable, we can conclude that the portions between senior executive's stock-based incentive and the shares in the companies and sales net interest rates are significant and weak positive correlation. This is mainly because that internal environment and external environment are not mature in the listed companies of our country. Some parts of the enterprise goals are still interfered by the government, and it results the companies can't optimize the allocation of resources. The existing enterprise performance evaluation system still needs to improve. We should appropriately quote economic value added (EVA), balanced score method and other new performance evaluation methods. With these methods can make the effect of enterprise performance evaluation is better. On the evaluation of quantitative performance indicators, the companies are very serious to quantitative indexes but no mind qualitative indexes. Thus it affects the implementation of equity incentive effect.The company's performance of the senior executive's stock-based incentive in our listed company is not very well, but as the China securities regulatory commission issued "the Administrative Measures on the Listed Companies of Stock-based Incentive", the market investors showed great enthusiasm on the implementation of senior executive's stock-based incentive. We believe that we will find suitable way to imply stock-based incentive of our national conditions. With the development of the corporate governance in listed company, senior executive's stock-based Incentive in our listed company has a lot of worthy of further research field. For example, we can focus on how to work out the specific characteristics of plans for the stock-based incentive, how to design evaluation mechanism of the related performance, how to resolve the relationship between corporate risk, dividend decision, emotional with the senior executive's stock-based incentive. |
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