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Research on Equity Incentive Effect of Listed Company

Author: DiZuo
Tutor: HanChuanMo
School: Tianjin University of Finance and Economics
Course: Accounting
Keywords: Equity incentive Corporate performance Corporate life cycle
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 8
Quote: 0
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Abstract


Equity incentive has always been an important means to solve the principal-agent problem. To constrain the behavior of management, it connects the personal interests of the management objective of maximizing with shareholder value maximization goal together, by granting the management of the company of a certain proportion of equity. The Western practical experience has shown that equity incentive does have a certain role in promoting growth of company value. In China, the equity incentive development time is not long. Since the promulgation and implementation of the relevant laws and regulations in2005, the equity incentive really took to the track. The practical effect of equity incentive in our country has not yet formed a conclusive theorists. Therefore, the re-implementation of the effect of the new perspective of equity incentive in China’s listed companies is very necessary.For the above purpose, in the absorption of the basis of the results of previous studies, this article introduce life cycle theory into the study of equity incentive creatively, and distinguish the different stages of the life cycle to explore the effects of incentive stock options and the pros and cons of incentive mode. This article select the listed companies which has been implementation of equity incentive after2006as samples. First, divided life cycle of these companies (including five stages:introduction, growth, maturity, phase-out and recession period) based on the company’s cash flow. Then preliminary statistics and analysis of the industry, the economic nature, the excitation mode, the incentive effects of these listed companies of different stages of the life cycle, and raise hypothetical based on the above analysis. Again, building multivariate linear model to explore the equity incentive effects and equity incentive mode of different stages of the life cycle listed company. According to the analysis, getting the following conclusions:1, equity incentives have a positive impact on the performance of the company;2, the equity incentive effect of growing listed company was not superior to maturity listed company3, for the listed companies which are in the growth and maturity stage, the effects of stock options is better than other incentive model. Finally, based on the results of empirical research, putting forward different proposals of implementation of equity incentive to the listed companies of different stages of the life cycle, and hope to perfect equity incentive of listed companies in China, and ultimately improve the value of the company.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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