Empirical Research On Executive Equity Incentive, Executives Behavior And Dividend Policy In The Listed Companies

Currently,our equity incentive to enter the rapidly advancing stage,the reason why a large number of listed companies in China share incentive essentially aims at promoting the sustainable development of enterprises,to achieve the company the maximize benefits,but in practice equity incentive exposed many problems,it makes equity incentive has been questioned to a certain extent.Therefore,companies listed equity incentive it can really play the role of incentives,equity incentive implementation process whether it is because of improper motivation or reasons that led to the company’s internal incentive effect is not obvious or play a reverse role,etc.These are questions worth pondering.With the increasing maturity of the securities market,executive equity incentive seems to be the preferred strategy of corporate governance,also effective and efficient means to achieve win-win situation between the interests of shareholders and executives,but in the years since the use of executive equity incentive,the current is still difficult to find an effective solution to shorten the contract between the company owners and executives divide the recipe. Under asymmetric information,only by professional managers "moral self-discipline" can not improve protection factor. In the stalemate subtle contradiction between the two sides,innovative applications of equity incentive is more important. Through previous research literature,find that most scholars in the study of the behavior of the equity incentive and executives will focus on the positive impact on equity incentive executives behavior,in the study of executive equity incentive and dividend policy are mostly individual equity incentive cash dividend policy research,the correlation between the cash dividend policy as a research and executive incentive stock options are few entry points, while the former does not delve into equity incentive executives, executive behavior, the relationship among the three dividend policy, motivation and behavior of senior executives of equity, equity incentive executives and dividend policy in this study were all that enhance both equity incentive effect, but together the better to find equity incentive problems, better make more constructive comments.Therefore,the purpose of this paper is a comprehensive study of the equity incentiveon the basis of forefront of the latest research,through empirical research listed Companies executive equity incentive and executives act,empirical research executives listed company shares inspiration and cash dividend policy,in order to achieve the purpose of revealing the correlation between the two,then proposed to build strategic proposals designed to motivate executives practicality of listed companies under the equity incentive-based perspective,provide theoretical and empirical support for listed companies to break through the bottleneck of effective equity incentive difficult,listed companies incentive to improve design-oriented incomplete status,executives of listed companies for the country to develop an effective equity incentive program providing a forward-looking proposal.In this paper, the main use literature research、quantitative Analysis、empirical analysis and level research combined research methods,incentives for executives and senior executives listed companies conduct empirical research correlation between dividend policy. The full text is divided into six parts.The first part is an introduction, on this article briefly describes the research background, purpose and significance, research ideas, research content and methods as well as innovation of this paper.The second part is related to the theory and literature review of executive equity incentive theory of listed companies, executives and senior equity incentive behavioral relevance, executive equity incentive and dividend policy relevance and executive behavior and dividend policy relevance combing the literature. Systematic analysis and summarize the lack of previous research and studied focusThe third part is a listed company executives equity incentive situation analysis,by analyzing the status quo of China’s development of executive equity incentive listed companies, executives equity incentive equity incentive scheme and produce relevant institutions.The fourth part is empirical research executives of listed companies and executives equity incentive behavior,executives behavior study mainly refers to the "executive earnings management behavior and irregularities (accounting fraud and stock price manipulation)." Research article on executive equity incentive earnings management behavior and executives take empirical research,hypotheses and verified by then draw conclusions,equity incentive executives found a large extent influence the behavior of executives surplus;For the study of executive equity incentive and violations of law to take the data comparison,by comparison inherent regularity, and then draw conclusions,produce conclusion shows the implementation of equity incentive executives promoters violations,and the motivation and behavior of equity executives were proportional relationship.Comprehensive analysis found that the use shall not be deemed equity incentives, regulatory mechanisms of government is not perfect, imperfect internal governance structure will lead to executive acts.The fifth part is empirical research executives listed company shares inspiration and cash dividend policy,dividend policy emphasizes the cash dividend policy,executives of listed companies under the equity incentive lack of "dividend protection" clause or a compensation mechanism for the case, as a cash settlement of equity incentive become the optimal choice,so choose the cash dividend policy research more representative,hypotheses and verified by then draw conclusions,conclusions show that the implementation of executive equity incentive to promote cash dividend payment,executive equity incentive cash dividend and a significant positive correlation.The extent and size of executive equity incentive in power and so the cash dividend would have a negligible relationship.The sixth part is the main conclusions and recommendations,proposed optimization executive equity incentive plan.