Research On High-level Personnel Capitalization Stock Right Effect —Based On The Human Capital Property Right Incentive

Since the middle of the last century, capitalization stock right incentive in the listed companies in western developed countries began to be widely accepted and promoted.Capitalization stock right incentive as a kind of long-term incentives, to solve the principal-agent situation of listed company of the owner and the operator is inconsistent with the target problem,is advantageous to the incentive and constraint the company high-level personnel,reduce the "moral hazard" of human capital,fully explore high-level talents’ value of human capital.With the development of market economy in our country, the modern enterprise system gradually be introduced in domestic companies,with more attention paid to the high level talented person capitalization stock right incentive. Although in theory,high-level personnel capitalization stock right incentive can effectively reduce the agency cost of listed companies,improve the efficiency of the company’s management,improve company performance. However, because of the complexity of the high-level talents capitalization stock right incentive and the domestic reality conditions of constraint,capitalization stock right incentive in China compared with western developed countries have a lot of its own characteristics,and domestic capitalization stock right incentive effect and compared with there is still a big gap between the developed countries. Therefore,listed companies in China implement capitalization stock right incentive to study the effect of high-level personnel,is beneficial to analyzing the imperfection of capitalization stock right incentive in our country,has strong theoretical significance and practical significance.Scholars both at home and abroad for high-level talents capitalization stock right incentive related theoretical basis have rich experience in research,on the basis of this article from the principal-agent theory and elements theory,human capital property right theory, defines the related concepts of capitalization stock right incentive high-level personnel; Through the high-level personnel capitalization stock right incentive and the traditional yearly salary, employee stock ownership plan analysis and managementbuy-outs, it is concluded that the superiority of capitalization stock right incentive and the analysis of the internal mechanism of its operation; Then,through the principal component analysis(pca) to build performance evaluation system of listed companies,and use the paired t test from two aspects: horizontal comparison and vertical comparison on the effects of high level talented person capitalization stock right incentive of listed companies in China for the empirical analysis; On this basis,respectively from the perspectives of external and internal two high-level talent and the limitation of capitalization stock right incentive in China are analyzed and proposed the rationalization proposal,hoping to the process of capitalization stock right incentive of listed companies in China to provide some reference opinions.