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An Empiric Al Analysis Of The Correlation Between Performance Of The Company And Equity Incentive

Posted on:2011-09-09Degree:MasterType:Thesis
Country:ChinaCandidate:H M YuanFull Text:PDF
GTID:2249330374995086Subject:Agricultural extension
Abstract/Summary:PDF Full Text Request
Corporate Performance and Enterprise Incentive have been the hot topic in Management Research. In the overseas mature capital market, the stockholder’s rights drove already has more than50years history, it has long been practice proved more effective in motivating mechanism, represented a capital market development in a trend. But in China, for various reasons, equity incentive management for the path is still at the exploratory stage. In second half of2005, China conducted a share reform, the stock change solved the problem China’s stock market system limitation-Circulation problems so that Chinese listed companies based on the implementation of equity incentive system, gradually mature, making implementation of China’s listed companies real incentive stock options become possible.However, As our country the legal system, system background and Corporate Governance and so on is different from the West countries, when we profit from their experience carries on the long-term drive to the operator, whether to achieve the expectation the drive operator works diligently, enhances the company performance the effect, is realistic question which is worth discussing thoroughly. Therefore, this article take a high-tech industry-information technology industry as an example, study the relationship of Chinese listed companies and firm performance incentive, and based on this, for the establishment of an effective incentive mechanism to regulate corporate govermance puts forward relevant policy recommendations.This article take our country high-tech industry representativ-The information technology industry be the object of study, to the stockholder’s rights drive related economic theory’s analysis foundation, carries on the literature reorganization and the summary use public disclosure listed data to the domestic and foreign related research results, to choose the sample company superintendent’s stockholder’s rights to drive that the condition carries on the analysis. The article selection reflected separately the company to the shareholder present stage’s repayment ability and future develop power’s net assets returns ratio and the main business income average growth rate two targets, through empirical analysis’s method inquired into the stockholder’s rights drove manages between the achievements with the company the relevance, inspects the high tube stockholder’s rights from the company achievements change’s angle to drive that emphatically brings the influence to the enterprise. The real diagnosis result indicated that the main business service average growth rate (ROR) drives with the stockholder’s rights owns stocks between the proportion the relevance to be strong, the net assets returns ratio (ROE) drives with the stockholder’s rights has between the proportion relevance to be weak, and influence direction for negative. We take the net assets returns ratio various years operating results the inspection target, but sells the business income average growth rate inspection is the operator holds an office in times the operating results overall performance. Is opposite says in the former, the latter has the integrity and the dynamic. These two real diagnosis result’s difference means that in the middle of our country present information technology profession, the operator stockholder’s rights drove manages the achievements to the company the stimulation, in the stockholder’s rights drove that the policy implementation will display in the past weakly, but will appear in implementation future times the more remarkable forward drive function.
Keywords/Search Tags:Equity Incentive, Performance of the Company, Correlation, Information Technology Industry
PDF Full Text Request
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