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Equity Incentive, Restraint Mechanism and Corporate Performance Growth

Author: WeiRuiZuo
Tutor: ZhangLiShang
School: Southwestern University of Finance and Economics
Course: Financial Management
Keywords: Corporate Governance Equity incentive Constraint mechanism Performance growth
CLC: F272
Type: Master's thesis
Year: 2010
Downloads: 435
Quote: 3
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Abstract


In the two separation of ownership's company structure mid, equity incentive is a kind of long-term Xing incentive system, it in order to different forms offer to companies core staff shares of or its appreciation rights, so that to be incentive objects be able to in order to shareholders''s identity participation in corporate decision-making, share the profits , bear the risk, thus diligent dutifully for the company's long-term development services. This article around the our country Listed Companies equity incentive system of practice and the existing problems unfold research. One, topics angle as well as research train of thought of modern enterprise theory and foreign Practice has proved that equity incentive can effectively improve the corporate governance structure, reduce agency costs, enhance the company management efficiency. At home and abroad lot of literature also shows that the equity incentive the implementation of the pairs performance of the company produce role in promoting. Our country from the 20th century 90s began to introduce equity incentive theory, but its application developments have been relatively slow. From the 2006 began to, our country most listed company completed a Share Segregation reform, so that shareholding structure get the basic the norms, namely, the achievement same stock with the the right to, so as to incentive system the implementation of the has laid a better basis in reality. Early in 2006 by the SFC formally promulgated the implementation of \Due to the above reasons, the equity incentive system began to receive favor, many listed companies in in 2006 launched a incentive plan, since then of such system in our country has achieved considerable development. However, in the recent years's practice, the equity incentive the implementation of the have helped reveal some problems, such as design unscientific, the operation not standardized, unsound legal system, etc., to this end our country the SFC and the the SASAC and other government departments to strengthened the pairs of equity incentive programs audit with the regulatory, and thus equity incentive system has experienced from the highly sought after to the return to a rational of the stage. This paper argues that our country equity interest in incentivize the implementation of encountered by key question lies in: on one hand, and incentive supporting the restraint mechanisms did not get adequately attach importance to, making a lot program design more inclined to reward, while being incentive object to obtain the gains suffered by constrained insufficient; another On the one hand, present our country level of corporate governance generally not high, equity incentive related legal system construction are also still gradually perfect the among the. These two aspects factors make the equity incentive the implementation of the subject to less constraints and supervision, thereby easily evolve to become pairs interests of the company's infringed. From the equity incentive suffer from questioned the the status quo departure, this article focuses research. Questions like: In the our country equity incentive pairs performance of the company whether the growth onwards substantive role in promoting, the implementation of incentive corresponding constraint what are the conditions as well as these constraints conditions are the intensity how to, the implementation process there are Which external regulatory measures and so forth. Based on the above considerations, this paper the object of study is the completion of Share Segregation after the reform of implemented a incentive plan of listed companies. Research ideas is based on expedition equity incentive pairs performance of listed companies contribution to the growth the main line, while emphasizing the related constraint mechanism the role of, focusing on explore the incentive and restraint mechanisms pairs performance of the company growth's interaction effect. Specifically, the in the study equity incentive's results role in promoting after the, the establishment of constraint mechanism's relevant variables to carry out analysis, in which including those from Yu incentive program of internal The Constraint Factors for (such as the validity period, row the right to price, OK the right to conditions) and the company external interests of the Group's regulators in variable (such as equity constraints of, creditor supervise, government regulators), final in-depth research incentive and constraint pairs performance of the company growth the joint action of, stressed that the company governance mid incentive and constraint of the matching set the importance of. Two, the main research content and methods of this article the main contents of include the seven part of the, research method is based on empirical-based, in the literature review and theoretical Basics Overview A part adopts of the specification methods, such as comparative analysis, classification deduction, induction summarize and so on. The first chapter is INTRODUCTION The purpose of. Including articles research background, the problem's put forward, research purpose and significance of, papers overall design as well as structural arrangements for. Second chapter for the literature review and its Reviewing. First of pairs of domestic and foreign scholars About Share Option Incentive and results for relations aspects of the empirical research carry on summarized, according to the this paper research's need to put literature divided into the the following categories: equity incentive performance-related the Analects; two, equity incentive results of has nothing to do the Analects; three, with regard to incentive and constraint the role of literature; four, with the control variables-related literature. Ultimately In the comprehensive comparison on the basis of pairs of their predecessors research conduct Comment on and leads to this article topic. The third chapter is about the Share Option Incentive and Constraints theoretical analysis. Mainly Expand the analyzed the Contract Theory and residual claim, entrust agency theory, human capital theory. Incentives and constraints jointly role in this part of the, yes right correlation principle's summarized, involving the company governance, \Fourth chapter is our country listed companies equity incentive's Practice of analysis of. First compares equity incentive the implementation of the different stages of and the different mode, and then interpret relevant laws and regulations pairs of OK the right to price, performance assessment indicators, corporate governance level, incentive plan audit and execution and other provisions, the final adoption data illustrate the our country listed companies equity incentive's the development of velocity, industry distribution as well as OK the right to conditions for overview and so on. Fifth chapter is the study of assumptions and models to establish. According to the relevant principle and the predecessors of research experience in put forward four aspects of the assumption, the same time illustrates the This paper selected of samples rules, as well scope of, detailed analysis of the be interpreted variables, explaining variables and control the definition of variables and quantification methods, and ultimately establish up multivariate linear regression model. Chapter VI is the data Inspection and results analysis, including variables correlation analysis, data description Xing statistics, as well regression Results Testing, and finally through pairs comparison of the results and induction draw this article conclusions. Chapter VII is the conclusion, policy recommendations and thesis is available improvement direction. Three, this article main contribution of and inadequacies thesis the thrust of lies in emphasize sound corporate governance mechanism middle Incentive want to with the constraint-phase supporting, equity incentive's effectual carrying out of inseparable from the forceful of the constraints and supervision. In the predecessors based on the research, this article in the following aspects there is certain contribution. (One), through the latest Data Description equity interest in Segregation Reform after China 's Listed Companies to implement equity incentive system an overview of the, and verify that the its performance of the company growth impact; (two), emphasizing the constraint mechanism the role of, and to in the model the establishment of two categories of constraint Variables, first, equity incentive program due validity period, row the right to price and the OK the right to conditions, etc. provisions of while the has the's binding force, two is derived from Yu the corporate governance structure as well as external interests of the Group's supervisory factors that; (three), research incentive and constraint's interactively Xiang pairs performance of the company growth the efficacy of, illustrates the corporate governance middle incentive and restraint supporting the importance of mechanisms for. (Four), on the equity incentive's long-term on Operating Performance Effect carried out discussed. Of this paper research prove that our country Listed company's equity incentive system significantly ground push forward of the performance of the growth, particularly is the in the other conditions the same circumstances, private enterprises (first largest shareholder of for the society legal person shares Or private shares of's companies) implementation of equity incentive after the operating Performance improve the was significantly stronger Yu non-private enterprises. At the same time, the associated constraint mechanism pairs of operating activities of produced a certain supervisory role. When the the introduction of constraint variable is after the, equity incentive's results correlation Xing showing a weakened trend, however is worth noting that incentive and restraint the joint action of with the company performance growth was significantly associated. In view of above conclusions, this paper argues our country in the making efforts to promote equity incentive the time when, we should attach importance to play a variety of constraints and regulatory mechanisms's role, while want to improve the company's governance structure, because the scientific and reasonable the constraints conditions and good regulatory environment is the equity incentive generate positive effects on the premise, only the incentive and constraint-phase supporting the corporate governance order to enable enterprises achieve sustained impetus to the development. Despite the I has already paid a the greatest efforts, but the present thesis still exist in the some deficiencies of the Department, mainly manifested in the following aspects: one, corporate governance's incentive and restraint mechanisms involve surface widely used, but due to personal energies the restrictions, this article Just from this an system mid select equity incentive this angle Expand the expositions, for the constraint mechanism's considerations also relates only to the of the few factors, therefore, Regarding the Systematic concerned, this article still lacking; two, this article for our country Listed Companies Equity Incentive implementation of the middle the specific scope of object, the industry distinction, regional differences as well as incentive mode, etc. did not to be specific classification; three, because of China equity incentive system Huan at the preliminary development stage, the listed companies incentive program formulation in the commonness is not much, right of the line validity period, row the right to the price , row the right to conditions, etc. aspects are yes according to the company's own conditions settings, so it led to the Data Selector aspects of the degree of difficulty, might bring a certain degree of data bias problem; four, due thesis writing in which the time periods is not long, this article only selected the 2008 and first half of 2009's data for analysis, so the data the continuity of the is insufficient. According to the above points, the authors believe pairs of This article topic could be found on scope of the study well as the data Select previous to do further improvement, remains to be in the future effort to discover.

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