Listed Company's Pattern Of Equity Incentive Based On Market Value Management

Based on the current preference of listed companies in China for equity incentive instruments,the importance of market value management is increasingly prominent.It is considered that the research on the choice of equity incentive tools from the perspective of market value management has certain value.Therefore,this paper puts forward the research problem of the choice of equity incentive tools for listed companies based on market value management.Through a series of argumentation analysis,it aims to provide reference for listed companies to choose appropriate equity incentive tools to improve the market value management level.The existing research has pointed out that equity incentives as a new trend of market value management is an inevitable requirement of market value management,and an effective way for listed companies to carry out market value management;and the method of empirical research is used to compare horizontally different enterprises with different characteristics.In what kind of equity incentives.The characteristic of this paper is that it longitudinally studies which equity incentive tool can better meet the incentive needs of the company when it is at different stages of development and life cycle,and at the same time link equity incentives with market value management,with market value management as Motivation to choose equity incentive tools provides a useful complement to research in this area to some extent.The author selects the classic theory of management,such as principal-agent theory,human capital theory,incentive theory and value management theory,and uses the methods of comparative analysis,case analysis and summarization to select the current situation of preference for the case company-China Net Center Co.'s equity incentive method.Conduct an analysis to understand the basic background of the different options that lead to equity incentives.On this basis,from the different market capitalization management motives when the company chooses each equity incentive tool,and their different effects on the market value management performance,it is concluded that the listed company should choose the equity incentive tool to better.The conclusion of the research on achieving the goal of market value management.Through the research of this paper,the following conclusions are drawn:In terms of the value creation,value realization and value relevance of market value management,the change effect of equity incentive tools is more obvious value creation,that is,mainly to create the intrinsic value of the company.The promotion has improved the efficiency of the company to a certain extent.It has some effect on the improvement of the company's market value,but the effect is not obvious enough.The implementation of equity incentives has no significant impact on the correlation between the company's intrinsic value and market value.When the prospects of listed companies are promising,stock options can achieve incentives without the pressure of employees' funds,and the company's performance indicators can also bear higher option costs.When development is not optimistic,the stock price decline will invalidate the stock option;at this time,the stock price management incentive that raises the stock price and boosts the market confidence is stronger,which makes it tend to choose a larger incentive and restrictive coexistence,stock.The perfect equity incentive mechanism can promote the company's intrinsic value and market value to improve simultaneously,optimize the effect of market value management,and enable listed companies to establish a market value management system to better adapt to the background of market value management.