The Study On The Performance Of Listed Companies Based On Share-based Payment

The Ministry of Finance issued the "Accounting Standards for Enterprises No.11—Share-based Payment" on February15,2006. It’s the first time to standardize the accounting treatment of the shares of listed companies to pay in the form of guidelines, which can reflect the necessity and urgency of the norms of Share-based Payment accounting treatment to a certain extent. Human resources are the key factors to the success or failure of a company. It is an important question of how to attract and retain talents through equity incentives. The Share-based Payment is an important means of encouraging the management and other core staff incentives as a listed company, and so has some influence on the performance of listed companies. Research on Share-based Payment for the performance of listed companies, on the one hand, it can clear the Share-based Payment importance to the company, on the other hand, it’s also conducive to the listed companies under the specification of guidelines and other laws and regulations. The Share-based Payment plan can be conducted in a norms and scientific way, so as to enhance the corporate performance. In this paper, we use the method of combining normative and empirical analysis, select the Share-based Payment for strength and share payout ratio as the shares of listed compam’es to pay a substitute variable, payable to the relevant shares in Shanghai and Shenzhen A-share listed company announced three years2008-2010temporary announcement data for the study sample, the study Share—based Payment for the performance of listed companies. Ⅰ hope the study can provide empirical evidence for the effectiveness of the program paid for the shares of listed companies in China and a theoretical basis for improving the company Share-based Payment programs to improve the performance of listed companies.This study can be divided into five parts:The first part is an introduction, which mainly focuses on the background and the significance of this study, literature review, research ideas and research methods; the second part is about the theory of the Share-based Payment and company performance, then, the study concepts are defined and the chapter will describe the form and characteristics of the Share-based Payment, and then sort out the theoretical basis of the Share-based Payment and company performance relationship, the last of this part is about the mechanism of corporate performance on Share-based Payment; the third part is about the current situation of the listed companies Share-based Payment. The study generally describes the status of listed companies Share-based Payment; The fourth part of this study centers on the empirical research on the firm performance of Share-based Payment. The paper selects the data of2008-2010, China’s Shanghai and Shenzhen stock markets between the two cities listed companies for the study sample, using regression analysis and statistical tests on the basis of the correlation analysis by the regression model verification Share-based Payment the impact on the performance of listed companies; the fifth part of the research is about the findings and policy recommendations.Through this study, we can found that:Share-based Payment has a positive impact on the performance of listed companies. However, due to small sample size, as well as the study time interval affected by financial crisis, causing the Share-based Payment for the performance of listed companies is not very significant. Different total amounts and implementations of Share-based Payment have different performances. Implementation of the Share-based Payment is proportional to the total company performance, select the basis of equity Share-based Payment the company, its performance is superior to the Share-based Payment cash-based company. Moreover, the Share-based Payment plan established by the listed companies in China is not mature enough. The amount of Share-based Payment is non-standard and the manner of Share-based Payment is single, so we should improve the corporate governance structure, at the same time, focus on the development of long-term Share-based Payment scheme, formulate a reasonable arrangements for the amount of’ vesting conditions and payment of the Share-based Payment, and establish an appropriate regulatory system to protect Share-based Payment plans.