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Study on the Relationship between Equity Incentive Plan and Deviationdegree of the Capital Structure

Author: MaLi
Tutor: JiangFuXiu; DiShengBao
School: Anhui University of Finance
Course: Accounting
Keywords: Equity incentive Capital structure Optimize
CLC: F275
Type: Master's thesis
Year: 2014
Downloads: 19
Quote: 0
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Abstract


Many years of research of capital structure is one of the core topics in the area of corporate finance. A lot of theoretical and empirical studies show that, there exists an optimal capital structure, the listing Corporation further said, investment and financing decisions made by management affects the composition of corporate capital structure to a certain extent, but as the management of economic man, itself has the power to realize their own utility maximization, which corresponded with the maximum of shareholder value and the value of the company may exist difference, which produce the principal-agent problem, then will have a "moral hazard" and "adverse selection" problem. The key to solve a series of problems is, how will the management of personal interests and the interests of shareholders and the company consistent finishing. Empirical study found that, the implementation of equity based incentives to management is one of the main ways to solve this problem.Based on the basis of relevant research at home and abroad, in view of the present situation of the capital structure deviate from the listing Corporation, the equity incentive as a starting point, with the agent theory, human capital theory, motivation theory as the theoretical basis, based on the incentive mechanism of the capital structure deviation and its optimization of export share, and by building the capital structure deviation degree of empirical model, validate the model selection panel data of2006-2012A shares of listing Corporation, thus the theoretical analysis and empirical test closely.Through theoretical analysis and empirical findings:one is China’s listing Corporation capital structure and the situation prevailing deviated from the target capital structure, the implementation of equity incentive makes listing Corporation capital structure deviation degree is smaller, the implementation of equity incentive to optimize the capital structure of the listing Corporation has a positive effect; the two is in the implementation of equity incentive in the state-owned listing Corporation, the enterprise,to obtain a better optimization of capital structure of private enterprises, the incentive effects of equity incentive plan has made great play in the private enterprise; three is the implementation of equity incentive and listing Corporation in accordance with the industry division, found that the equity incentive plan to optimize the capital structure of the information technology industry and service industry in the listing Corporation plays optimization better.To sum up, the positive effect of equity incentive plan to optimize the capital structure of the listing Corporation, namely the implementation of equity incentive of the listing Corporation, the degree of deviation from its capital structure to lower than that of the implementation of the mechanism, the same, different property rights and in different industries listing Corporation, the utility of equity incentive is also different, therefore the listing Corporation should be combined with the actual situation of their own, choosing proper incentive mechanism.The main contribution of this paper lies in:on the one hand, has some theoretical significance for enriching the capital structure, the inspection on the implementation results of China’s listing Corporation on the other side of the equity incentive, the conclusion for the improvement of equity incentive measures of listing Corporation in China and enhance the implementation effect and has important practical value.

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