A Study On Corporate Governance, Cash Dividends And Over-investment Behavior：Based On Manufacturing Listed Companies

Today’s market environment, China’s joint-stock reform and gradually establish a perfect modern enterprise system, with the development of enterprises and gradually expand the scale of enterprises begin to separate ownership and management rights, separation of ownership and became the basic characteristics of the modern enterprise. After all, is the separation of ownership and economic organization of an effective form, but also to bring a lot of problems, because the owner and managers are seeking to maximize their own interests, it is sometimes disagreement between them, which led to some of the managers from their own interests to run the business. In this environment, equity incentive was born, under the equity incentive both to ensure the maximum benefits also enable managers to obtain substantial benefits in return. Managers of the company’s contribution is composed of individual ability and effort, both of which in turn plays a decisive role on the company’s performance, a greater degree of equity incentive plan, managers will stimulate more efforts to pay labor in exchange for the company’s development will lead the company’s performance has improved significantly, further stock price appreciation, managers will also be able to obtain a greater return on equity. As one of the few complete equity incentive companies, Qingdao Haier, China’s home appliance business this leading enterprise of our other household electrical appliance enterprises equity incentive given a wealth of experience.This paper reviews the theory of domestic and foreign equity incentive equity incentive elaborate on the company’s performance evaluation methods, analysis Qingdao Haier implemented in 2009, 2011, 2012, three equity incentive program, Qingdao Haier equity incentive program and the results of the implementation to evaluation, and get inspiration for the improvement of listed companies incentive to propose new ideas and methods. A paper is divided into five parts, the first part is an introduction, describes the background and significance, research status, research ideas and frameworks, research methods and innovation; the second part is the theory and method of evaluation of equity incentive, elaborated equity incentive basis of relevant theories, namely, separation of powers theory, principal-agent theory and two-factor theory, describes their emergence and development as well as their relationship to equity incentives, the paper mainly from the financial indicators and non-financial indicators to equity incentive performance evaluation; the third part introduces the main content and results of the development process and Qingdao Haier equity incentive programs; the fourth part is the analysis of the implementation of equity incentive Qingdao Haier, Qingdao Haier through financial and non-financial aspects of the two indicators Qingdao Haier implementation of the embodiment and the effect of incentive stock options were analyzed and evaluated; fifth part of Qingdao Haier equity incentive case analysis to summarize and make recommendations. Through the implementation of Qingdao Haier equity incentive impact performance of the company on research that China’s listed companies equity incentive can enhance the performance of the company, but there are still some need to improve the problem, in the excitation pattern should change the past, a single equity incentives, the implementation of multi-mode combination. In the performance evaluation, the company should increase the performance assessment indicators diversified methods to ensure the effectiveness of incentive stock options.