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A Case Study on Effect of the Equity Incentive by Chinese Listed Company

Author: YanLei
Tutor: MaGuangQi
School: Shaanxi University of Science and Technology
Course: Accounting
Keywords: listed company equity incentive implementation effect
CLC: F276.6
Type: Master's thesis
Year: 2012
Downloads: 220
Quote: 0
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Along with the modern company system is perfected withdevelopment, the experience of the company constantly improve theirefficiency, ownership and management separation in enterprisedevelopment plays an important role in it. But the resultingprincipal-agent problem has become a hot topic that various countriesresearch. The interests of the company managers and shareholdersbecome consistent by using equity incentive, and the agency cost hasbeen reduced most of it. The developed countries in Europe and America,equity incentive system as an important part of corporate governance, hasbeen widely used, but also for the company to improve its managementefficiency, and enhance shareholder value. As the development of ourcountys’ economy, equity incentive policy enter our country also,especially in2006after the share-trading reform, more and more listedcompanies try to implement this policy. However, due to The specialsituation of our country, there are many different between our and foreignmarkets, such as economic environment, legal system and corporategovernance structure are different, blindly copy foreign experience is notnecessarily applicable to our market. Though the research of our scholar,most of them study of the relationship between equity incentive andcorporate performance, there is little related to any incentive effect ofother aspects, and on the equity incentive and corporate performancecorrelation also exists many differences.In this paper, on the basis of the equity incentive concept, details ofthe equity incentive mechanism in our country from the first introducedfrom abroad to until now widely used, at the same time analysis theequity incentives in different periods and different characteristics, as wellas national laws and institutional norms and guidance for the policy, finally, summarize a number of shortcomings in the policyimplementation process. In this background, the paper studies equityincentive in the listed companies after the share-trading reform, use fiveyears financial statements data of the listed companies in China from2006to2010, through regression analysis to verify the equity incentivemechanism in reducing agency costs and improve corporate profitabilityand growth of the utility. From the results of the study, although some ofthe results was not significant, but the financial turmoil has not yetdissipated, the European debt crisis is not resolved today, or can fullyexplain the equity incentive, whether in reducing management costscaused by the managers-the-job consumptionor work hard to provide anenterprise asset operational efficiency aspect has a positive effect, at thesame time as the long-term profitability and encourage enterprises tolong-term development has a positive effect.On the analysis and study of the above results, this article combinesour country actual condition synthesis appraisal in our country the stockownership incentive effect, and on our existing market and nationalsystem put forward some suggestions for improvement. The innovation ofthis paper is using two aspects of the number and intensity of equityincentive, which comprehensive analysis of the problem, that provided aresearch perspective and methods for the further study.

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