Corporate Governance And Restricted Stock Pricing

The development of modern society is more and more dependent on high-quality talent.Equity incentives are an important institutional arrangement to effectively alleviate the agency problem.On the one hand,it can retain talent for enterprises and on the other hand,it can effectively stimulate its work potential.At the beginning of 2006,"listed companies equity incentive management approach(Trial)" began to formally implement,with the laws and regulations,in practice,more and more enterprises will equity incentive plan into practice,so China's equity incentive system gradually developed.When the listed company introduces the equity incentive plan,it is necessary to determine the incentive model,the stock option,the restricted stock and the stock appreciation right respectively.The stock option and the restricted stock are the two kinds of incentives which the Chinese listed companies generally choose mode.The choice of incentive mode will affect the implementation effect of equity incentive plan to a great extent,and enterprises should choose according to their own actual situation.On the whole,the choice tendency of the equity incentive model of listed companies in our country has changed significantly in recent years.Before 2012,the incentive model of listed companies is mainly stock option,but since 2013,this situation has obvious Change,restrictive stock has replaced stock options as the most popular incentive model.The granting price is the basic element of the equity incentive contract and directly determines the incentive effect.Management as the main members of the incentive object,the lower the price of the more favorable to its advantage,it may use their own "insider" information advantage to reduce the grant price,and grant the price is too low is not conducive to equity incentive mechanism to play the desired effect The Since 2013,restrictive stock has overturned the stock option to become the incentive model which is favored by the listed companies.The price level is the important influencing factor of the incentive effect.The pricing of the restricted stock is the implementation of the equity incentive plan by the listed company An important question.This paper examines the opportunistic granting behavior of 518 listed companies that announce the draft of restricted stock incentive in China from 2006 to 2015.First,we examine the opportunistic granting behavior of listed companies' incentive stock incentive plan.Secondly,the CAR value calculated according to the incident research method is selected according to the principle of "positive and negative",and the data of regressionanalysis are used to study the influence of all aspects of corporate governance mechanism on pricing of restricted stock.And then return the sample data of 98 listed companies with obvious access behavior,and draw the following conclusions: The relationship between the proportion of management shares and the pricing of restricted stock is not significant;the higher the proportion of large shareholders,There is a significant positive relationship between the equity repayment and the limited stock grant pricing;the two-in-one company grants a relatively lower pricing;the expected supervisory relationship between the independent directors and the restricted stock-grant pricing Does not hold.Finally,according to the above conclusions,based on our actual situation,from three aspects were put forward policy recommendations: First,the rational design of incentive contracts,fundamentally put an end to the incentive plan in the management of opportunistic behavior;Improve the supervision mechanism of the relevant departments in the enterprise,and provide objective and independent for the design and implementation of the equity incentive plan.In addition,the Company will improve the supervision mechanism of the equity incentive system,Regulatory environment.Finally,the realization of equity incentive system of rational design and effective operation,to play the expected incentive effect.