Research On The Law Problem Of Stock Ownership Incentive Of The China Listed Company

Listed company equity incentive mechanism is to motivate employees, especially senior managers of listed companies of powerful weapon, able to mobilize the staffs working enthusiasm, reduce the agent cost, and promote enterprise’s profitability and investment value, and its effectiveness sustained. Equity incentive system could reduce enterprise operating costs, arouses staffs work enthusiasm, improving the efficiency of the company, to enhance competitiveness and enterprise cohesive force.Equity incentive in the United States is the most perfect, but in our country already have some shortage, many managers have no real to understand its real meaning. In recent years in the related legal system in our country were modified to adapt to the needs of the development of the equity incentive in China’s market economic order has also been further promoted, has provided the safeguard for the development of equity incentive. Yet in many ways, there is need to improve and perfect, need to regulators and lawmakers.This paper includes preface, text and epilogue three parts, part three discusses the text: The first part is the overview of the listed company equity incentive mechanism, this paper mainly introduces the concept of equity incentive and the legal nature, theory foundation of equity incentive of listed companies equity incentive mechanism is the main mode, including the equity incentive based mainly include corporate governance theory and principal-agent theory, human capital theory, and the theory of property rights, equity incentive patterns mainly include stock options, restricted stock, employee stock ownership plan, management buy-outs, and so on;The second part is mainly about the present situation of our country listed company equity incentive mechanism and existing problems were discussed, first introduces present situation and the implementation of equity incentive of listed companies in our country legislation present situation, after discuss equity incentive of listed companies in our country the main problems existing in legislation and practice, our country issued a series of the implementation of equity incentive regulation, at the same time in the equity incentive of listed companies to explore and practice design using the suitable for their own equity incentive way, however there are also many defects, the main problems are:imperfect information disclosure system, constraint mechanism does not reach the designated position, rewards and punishment strength is not obvious, the regulatory link is not sound, and so on.The third part is to construct the legal system of our country listed company equity incentive Suggestions, mainly including through enacted, modify, perfect the equity incentive of listed company of accounting law and related laws and regulations, to strengthen the implementation of equity incentive of listed companies and regulatory system, to perfect the equity incentive of listed company information disclosure system and enhance the equity incentive corresponding punishment and incentive function of the effectiveness and improve the equity incentive constraint mechanism of listed companies.This paper applied research methods for law and economics analysis, comparative analysis, empirical analysis.