The Research Of Comprehensive Evaluation Index System Of Performance-Vesting Provision

The performance-vesting provision is in equity incentive.It was obvious phenomenon that the separation of ownership and management rights leads to the problem of high agency costs,in practice which make all enterprise constantly think about how to reduce the cost through long-term management incentive means.The middle of the twentieth Century,The equity incentive as a new mode of incentive in the United States first.It can control and reduce due to the separation of ownership and management rights leads to the problem of high agency costs through the construction of interest community model.Assessment of performance-vesting was key one consist of equity incentive machine to constraint behavior of managers.Consequently,the research and design of a reasonable index system for the evaluation of unlocking conditions has become the focus of academic research.Pervious research on the current situation of listed companies on the level of equity incentive to unlock the company level analysis,thinking of there are The nature of the index is too single,the unlocking condition is too low,and the evaluation index is easy to be completed.This paper argues that to solve the above problems by comprehensive evaluation index evaluation model to determine the exercise conditions,to set performance of the non-financial index system of financial indicators assisted vesting conditions in designing index systemThis research takes the listed company's equity incentive as the design elements,not only expansion of more financial indicators into the assessment system but the competition ability,innovation ability,social responsibility to set the non-financial indicators,strengthening the evaluation effect of comprehensive evaluation index system.In the construction of comprehensive evaluation index system,the analytic hierarchy process is used to build the evaluation index system,For Individual indicators for different systems,referring to the past literature and the mature theory system,we propose a new algorithm.Through the comprehensive evaluation index system,we can make every index to quantify the value,this way is convenient to evaluator summary score and enhance to efficiency.Finally,a brief analysis on the existing equity incentive plan of N company in the exercise of unlocking conditions,which points out its deficiency and gives suggestions for improvement base on comprehensive evaluation index design view.