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The Research on the Higher Manager Equity Incentive of Listed Companies

Author: DuMo
Tutor: PengYanMin
School: Harbin Institute of Technology
Course: Accounting
Keywords: Equity incentives senior manager status quo company performance
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 316
Quote: 1
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Abstract


As a kind of long-term incentive system which came from western countries like Europe and America, equity incentives have got an extensive application in the listed companies of China. At the same time, along with the continuous improvement of the related policy, laws and regulations, the implementation of equity incentives acquires the mature and complete specification and security either. The remolding of IPO pricing mechanism in 2009 provides better capital market environment for the implementation of equity incentive. In the new market environment of China, this paper does system study on the equity incentives’status puo of the listed companies and its influence on the companie performance two aspects.Firstly, this paper reviews and summarizes the related domestic and international literature. And then introduces the theoretical basis of equity incentives and four hypothesis of its effect on companies’performance: the interests’convergence hypothesis, the dig in and risk aversion hypothesis, the synthetic utility hypothesis and invalid hypothesis. On this basis, from industry distribution, incentive model and the stock sources, incentive proportion, period of validity, the exercise price and performance evaluation index and some other aspects analyse the senior manager equity incentives implementation details of all the 155 listed company which announced the equity incentives schemes before June 2010 systemically. And also does test to checkout the equity incentives significance. The result shows that there is signigicant difference performance between the listed companies which implement equity incentives and which not. The implementation of equity incentives in China reaches a positive role and the effect to promote the listes companies’performance. After then, using the 87 listed companies which announced equity incentive scheme from 2008 to 2009 as empirical samples, does research on the correlativity between senior manager equity incentives and company performance. This paper brings equity incentives period of validity and incentives model two explanatory variables in study as innovation. Comprehensively use linear regression and curve regression mothod. Look from the analysis conclusion, the senior manager equity incentives and the listed company performance don’t present the positively related linear relationship, but appear interval effect under the“interests convergence”and“interests disseizin”two influence. At the same time, except the equity incentives proportion, the period of validity is inversely related to the listed company performance, and the relationship between incentives model and company performance is negligible. The implementation of equity incentives in the listed companies of China is influenced by Chinese endemic ecomomic and capital market environment. And, its implementation in our country is short, this paper’s analisis makes a help on deepening the understanding of equity incentives’basic theory on one hand. Meanwhile, the paper constructs a more perfect regression moder to test that if the implementation of equity incentives did a significant influence to company performance or not, which will play reference using for future research. On the other hand, in our special circumstances, the research on the status quo and the problems of senior manager equity incentives could help the listed companies formulate incentive schemes which joint its characteristic, make the maximize utility of senior manager equity incentives.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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