Research On Stock Incentive Mechanism Of Securities Listed Companies

The most fundamental characteristic of the modern enterprise system is the phase separation of ownership and management. Business owners commissioned managers conduct business and management decision-making, thereby forming a typical principal-agent relationship. However, the objective function between the owners and managers of enterprises are usually not the same, they are in pursuit of utility maximization process itself exists in a series of conflicts; and managers conduct business owner can not be directly observed, the two sides exist Information asymmetry. This presented a commissioned between owners and managers-the agency problem. Supervision and incentive system is the main method to solve the agency problem, in recent years in Western countries implemented by the equity incentive plan is to solve the agency problem owner and manager of an incentive system. Moreover, China’s business from the1990s have begun to try to use the equity incentive system in the process of corporate governance, the implementation of the new "Company Law" and a series of laws and regulations for the smooth implementation of equity incentive system paved the way.Securities company as a knowledge-intensive industries, human capital has been widespread concern and attention, especially securities professionals and senior management personnel with extensive experience in the promotion of development is to determine the direction of the enterprise and shareholder value. But a long time, the securities company’s corporate governance mechanism is not perfect, but the lack of long-term senior management incentive mechanism, resulting in lack of senior management work enthusiasm and initiative, not enough long-term business vision, affecting the long-term development of enterprises. Therefore, we need to establish an incentive and restraint mechanisms, making the interests of senior management and the company’s long-term development objectives of convergence, in order to mobilize the enthusiasm and creativity of management personnel to maximize the interests of shareholders, corporate interests and personal interests of managers, while encourage operators focus on long-term development.Based on the above understanding, this paper A Securities equity incentive system for the study, combined with its equity incentive indicators before and after implementation, through comparative studies, analyze the impact of equity-based incentives A securities firm performance, the empirical results show that, A securities company implemented after the equity incentive, with the company’s profitability and operating capacity significant impact, especially under the influence of the market environment for the securities industry, the company’s profitability and operating capacity also increased steadily after2008, to further illustrate the implementation of equity incentive a securities company on these two aspects in improving the capacity, with a major role. In this paper, the class of securities of listed companies on how to further improve the equity incentive system proposes the corresponding strategies to provide reference for newcomers.