The Relationship Between Type Of Ownership, Equity Incentive Mode, Coverage And Company Surplus Management

The surplus play importance for all aspects of the listed company, a large number ofstudies have shown that our country universal existence of earnings management behaviorof listed companies. In January2006, the China securities regulatory commissionpromulgated "The measures for the management of the listed company equity incentive（try out）", equity incentive is a reward policy often pay when reach certainperformance standards for the company’s management, therefore, the management in orderto satisfy their own interests may exist in the motivation of surplus management, someeven false accounting information, it will cause direct damage the interest of ordinaryinvestors. For equity incentive plan, the type of the enterprise ownership, the types ofequity incentive, motivate the coverage has an important influence or success. So theownership types, the types of equity incentive, incentive coverage of the relationship withthe company’s surplus has important significance.The paper combed the type of ownership, equity incentive model, the relationshipbetween coverage and company surplus management of related literature, the use of theprincipal-agent theory, incentive theory, incomplete contract theory, analyzes the types ofownership, equity incentive model, the relationship between coverage and companysurplus management on the basis of a-share listed companies in China of2010, ninety-twocompanies launch equity incentive plan data as sample, using modified Jones model hascarried on the empirical analysis, the empirical results show that the state holding listedcompanies under the equity incentive plan than non-state-owned holding companies.Compared stock options, restricted stock, incentive coverage related to middlemanagement and the core technical personnel does not involve greater degree of earningsmanagement when compared. The results of the study enriched the relevant theory of equity incentive in our country, can make equity incentive plan for the future of the a-sharelisted companies to provide some reference.