The Legal System Of The Listed Company Equity Incentive Research In China

With the rapid development of market economy and knowledge economy,equity incentive system to become an integral part of corporate governance structure.The expansion of company makes the shareholders own management mode of traditional already can not adapt to the market,shareholders entrust management professional senior management personnel of the "two rights separatio" mode of modern corporation.China's corporate governance structure is composed of shareholders meeting,board of supervisors,the board of directors,form the restriction relationship between three will,three will be excessive focus on the company will ignore the effect of company actual operators.Operators in their own professional knowledge,skills,experience,management method and other intangible assets as the inputs,the company performs the function of human capital in the process of operation.But in the practice of the company,there are two power separation model of principal-agent conflicts and problems of operator is the neglect of human capital investment.Especially the listed company is more significant.Companies operating the uncertainty and diversity,both incomplete principal-agent contract terms of the company is asymmetric information and the power of both sides will lead to operator is not consistent with the company's benefit.And company equity incentive system can effectively solve the principal-agent conflicts and human capital investment to operator's incentive problems,make the operators in relation to the company's interests,give full play to the role of human capital,in order to realize the maximum interests for the company.But in our country,the listed company equity incentive system of theoretical research and practical operation there is a big gap with advanced countries,unsound system also brings a series of negative effects.Paper as the background of our country listed company equity incentive system introduces the basic theory,analysis the problems and solutions.This article is divided into five most study of China's legal system of the listed company equity incentive.The first part of introduction mainly introduces in this paper,the authors studythe legal system of our country listed company equity incentive the purpose and significance of the subject and the research status at home and abroad,as well as the Chinese scholars in the legal system of the listed company equity incentive paper summarizes research results and differences,in order to make the paper on the basis of existing research results at home and abroad on the legal system of the listed company equity incentive for further detailed research.Introduced legislation in the legal system of the listed company equity incentive is relatively advanced countries of theoretical results and the specific regulations on this question.The second part mainly introduces the basic theory of our country listed company equity incentive system,including to define the concept of equity incentive,this paper introduces the types and derivative form of equity incentive,analysis of the equity incentive right has the right of formation,the legal nature of personal right,equity incentive system of the principal-agent and two major theoretical basis of human capital.The third part mainly introduces the present situation of our legal system of our country listed company equity incentive and the insufficiency,through the introduction of the legislative status quo of equity incentive in our country legal system and practical situation,analyzing the our country listed company equity incentive in the company law,the "securities law",the "tax law" and "labor law" the legal blank and the rules of the imperfect.The fourth part mainly draw lessons from foreign advanced experience of the legal system of the listed company equity incentive,the paper draw lessons from the United States and Japan in the field of advanced legal system of equity incentive,which should focus on information disclosure system in our country and the independent director system to improve the legal system of our country listed company equity incentive.The fifth part in combination with the practical situation of our country practice learn from foreign advanced experience,to the company law,the securities law of the "tax law" in the "labor law" provisions of imperfect Suggestions,to our country listed company equity incentive to improve the deficiency of the legal system.With thecompany law should be clear of the equity incentive award and management subject,expanding the scope of the object,relax equity line right after the sale conditions and improve the company share buyback system and perfect the corporate governance structure to improve five aspects;"Securities law" should be a sound system of information disclosure and the securities civil compensation system.