Study On The Correlation Between Senior Executive Equity Incentive And Corporate Performance In The Listing Corporation

On December 18,2015,in order to further the implementation of the CPC central committee under the state council on deepening reform of economic and political system,a series of major strategic deployment,implementation of relevant resolutions of the third plenary session of the communist party of China(18 the spirit of "improve the mechanism of the returns to shareholders of listed companies",promote to form community of interests of shareholders and managers,and thus improve the performance of listed companies,the China securities regulatory commission(hereinafter referred to as the CSRC)issued "on the listed company equity incentive management regulations(draft)" public comment notification ",this paper is to the China securities regulatory commission on December 31,2005,promulgated the "measures for the management of the listed company equity incentive(try out)"(regulatory company word[2005]No151)the department rules and revised.On January 31.2010 solstice December 31,2014,in the five years,a total of 661 listed companies released 745 sets of equity incentive plan,executive is clearly listed company equity incentive indispensable role.However,these results on the implementation of equity incentive plan what,believe in academia and the shareholders are concerned.The studies of equity incentive effect,so far largely ignored the background characteristics of incentive object factors and incentive scheme design.This article choose from January 1,2010 to 2010 between December 31 to equity incentive executives of 542 listed companies as samples,from executive background characteristic and the equity incentive plan design the two perspective,in the related theory on the basis of literature review,put forward relevant assumptions,descriptive statistics analysis and multiple regression analysis was used to study correlation of executive equity incentive and performance of listed companies.Through empirical analysis,this paper found that the sample companies in the implementation of equity incentive scheme to motivate the proportion of total equity shares with the company's performance is significantly positively related to the following year,the executive average age and education level of equity incentive effect is significant positive correlation,compared to the listed company stock options,adopts the model of restricted shares of the listed company corporate performance is better in the following year.The validity of the equity incentive plan,three to five years of mid-term and long-term programs to implement the best effect.Relevant Suggestions are put forward according to the research conclusion,hope this research can give a listed company in the future provide beneficial reference for the implementation of equity incentive plan.