Dissertation > Excellent graduate degree dissertation topics show

The Empirical Analysis on Executive Stock Option System in the Listed Company of China

Author: LiuAiRan
Tutor: LiYingDong
School: Southwestern University of Finance and Economics
Course: Business management
Keywords: Executive Stock Option Incentive Listed companies Empirical research
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 320
Quote: 0
Read: Download Dissertation

Abstract

With the mutual separation of ownership and management, enterprise gradually revealed the principal-agent problems, incentive problems become major factors restricting the development of the modern corporate. The client how to design a set of effective incentive and restraint mechanisms, to maximize agent in the fight for personal interests to maximize the efforts to achieve the maximization of corporate profits is an urgent need to solve the problem. Stock option incentive mechanism originated in the United States in the 1970s, after years of practice in Western developed countries, is considered a good way to solve the operators of long-term incentive to improve the company's competitiveness. With the equity interest in the completion of the reform of China's listed companies, as well as amendments of the Company Law, Securities Law and other related laws, the environment of China's listed companies in the implementation of the stock option incentive system has been improved, the listed company equity incentive ( Trial), the introduction of more of its development provides good opportunities for development and guidelines. However, when we look at the outbreak of the US-listed company, in recent years a series of financial fraud case, especially with the occurrence of \in-depth study and a reasonable improvement. Therefore, how to correctly understand the system of stock options and incentive, to establish a set suitable for China's national conditions, the stock option system with Chinese characteristics has important significance to improve the corporate governance structure of listed companies in China to achieve sustainable development. Therefore, the study of the stock option system either in timeliness or on the theory and practice are meaningful topics. The first part asked the executive stock option incentive background, and then focus on review domestic and foreign executive stock option incentive theory research and empirical research, analysis of the aims of my thesis last profiling thesis framework, a clear thesis research ideas . Part of the theoretical basis of the second part of the executive stock option incentive. , Incentive stock options in this part of the classic literature in the relevant fields under review, this paper first defined the meaning of the executive stock option incentive, and then describes the characteristics of executive stock options, the basic elements and implementation of executive stock options, plus or minus incentive effects; Finally, a detailed exposition of the theoretical basis of the implementation of executive stock options, respectively, from the principal-agent theory and human capital theory. The third part on the basis of summarizing the theory, further analysis of the overall situation of China's implementation of executive stock option incentive. In this section, the first of China's listed companies stock options for a general description of the implementation of executive stock option incentive statistical analysis from the industry, regional and Encouragement Factor, summed up China's listed companies in the implementation of lack of executive stock option incentive there. The fourth part of the implementation of China's listed companies Empirical Analysis of incentive stock options. Implementation after the incentives of executive stock options, respectively, from the results of operations and growth empirical analysis in this part of China's listed companies. First paper selected before 2009 and has begun to implement the executive stock option incentive of 33 listed companies as samples, empirical analysis of their 2008 data to come to the executive stock option incentive for profitability and growth potential of the listed companies as follows: ( 1) executive stock option incentive for listed companies to improve ROE significant listed companies in the implementation of the executive stock option incentives, the operator of the incentives to take active countermeasures. (2) executive stock option incentive is positive for the impact of the Listed Company's ability to grow, the listed companies in the implementation of executive stock option incentives, operators pay more attention to the long-term development capacity. To compensate for the lack of empirical analysis, this paper combined with relevant industry data for 2008, the sample companies and listed companies in the same industry horizontal comparison, the results show that the operating results of listed companies in the implementation of executive stock option incentive than other peers in the industry listed companies good; same ability to grow significantly better than the other listed company of peers in the industry. By transverse and longitudinal comparative analysis, the paper concludes: executive stock option incentive for listed companies in China is to improve not only the results of operations, but also help to improve the company's ability to grow. The fifth part of the suggestions on further strengthening the executive stock option incentive. This section for the defects of incentive stock options to make relevant recommendations from incentive programs and the external environment. Executive stock options in the long-term incentive effects play a strict market conditions and institutional guarantee, combined with the above conclusions, proposed reasonable set of stock option incentive program from the terms of the incentive programs, according to their own circumstances, to further improve the securities market mechanisms and externally, improve the corporate governance structure, managers market and eliminate erroneous understanding. Create external conditions for the effective implementation of executive stock option incentive plan. Part VI concludes. Summed insufficient Looking to the future research directions. Major shortcomings in this article: on the one hand, to break through the limitations of research methods, data processing needed research to identify the most suitable of the company's financial data (such as net profit growth rate) of abnormal processing methods, in order to make more accurate conclusions. The other hand, the difference of the operating results of listed companies is not necessarily as a result of the implementation of incentive stock options, and is likely to be because of the good performance of the company must in order to develop a stock option incentive plan, this article also failed to properly solve. In addition, the inadequacies of this article is that the sample is too small, and the hope that future research can be improved in this regard. In this paper, the following innovations: first, of the last few years the implementation of incentive stock options to the latest data, our stock option incentive system was widely unfolded in recent years, before most domestic focus on stock option incentive as well as the applicability in China, few comprehensive analysis of domestic reality data. Second, this 2008 cross-sectional data, regression and empirical research methods combined horizontal comparison on industry data is another highlight, the empirical approach allows us to rule out the macro-economic environment as well as the industry business cycle of the listed companies operating performance, thus more deeply explore the effects of China's listed companies in the implementation of the stock option incentive plan. In summary, to standardize research direction and incentive stock options to be resolved is how the short-term impact of stock option incentive, whether it will make the company can obtain excess returns in the short term;, incentive stock options accounting process whether it be have a material adverse effect on the performance of listed companies, as well as how to avoid such a material adverse impact on the design of incentive stock options programs are worthy of further exploration.

Related Dissertations

CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
© 2012 www.DissertationTopic.Net Mobile