Analysis Of Differences In Property Rights Incentive Stock Options In Listed Companies

Equity incentive is an effective long-term stimulating mechanism in Westernenterprises, and plays an important role in corporate governance, enabling enterprisesoperate efficient. Chinese enterprises started introducing equity incentives in the lastcentury90s, but equity incentive has shown different effects in our listed companies.Why such a situation exists in domestic listed companies, this thesis argues that animportant reason is the nature of property right in our listed companies. Therefore,from the perspective of property right, this thesis has selected listed companies whichlaunched stock incentive in2006～2010as a sample. According to property right, thesample is divided into state-owned listed companies and non-state-owned listedcompanies, and comparative analysis of the differences of the two types of propertyright in incentive programs from the implementation of equity incentive selectedincentive mode, incentive stock sources and incentive level, using regression analysisestablished model, analyzing the different effects of two kinds of property rightsimplementation of equity incentive, drawing which kind of property right can getbetter effect. Eventually obtained the following research results:(1) Non-state-owned listed companies are more interested in equity incentiveThere are50state-owned listed companies and148non-state-owned listedcompanies in the statistics of198listed companies which launched stock incentive in2006-2010. The number of the non-stated-owned listed companies launched stockincentive is almost three times the number of the state-owned listed companies, it isclear that non-state-owned companies are more interested in implementing equityincentive than state-owned companies.(2) There are significant differences in incentive programs of the two types ofcompanies From equity incentive model, incentive stock sources, incentive level, etc whichlisted companies selected to implement equity incentive programs, this thesisanalyzed the difference of the state-owned listed companies and non-state-ownedlisted companies in incentive programs, and found that there were significantdifferences in the two types of listed companies equity incentive programs.(3) There is a significant correlation between listed companies incentive levelsand performanceEmpirical Analysis on37listed companies which have implemented equityincentive and the results showed that there was a positive correlation between equityincentive and the performance of enterprises, implementing equity incentive couldsignificantly improve the performance of enterprises.(4) There are significant differences in the effects of the two types of listedcompanies implementing equity incentive37sample companies were divided intostate-owned companies and non-state-owned companies for comparative analysis, andfound that there were significant differences in the effects of the two types of listedcompanies implementing equity incentive, non-state-owned companies could getbetter performance.