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Research on Management Equity Incentive of China’s Listed Companies

Author: YangLinLin
Tutor: WangZuoHua
School: Dongbei University of Finance
Course: Financial Management
Keywords: equity incentive management stock option plan restricted stock plan
CLC: F276.6
Type: Master's thesis
Year: 2011
Downloads: 280
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Abstract

The western developed countries experience tells us that the equity incentive is an effective long-term incentive mechanism to resolve the modern company principal-agent problem. Equity-based incentives have become important measures for the United States, Japan and other developed countries listed company to attract talents and keep talents, promote the company’s long-term sustainable development, but also the important measures for the developed countries to create lots of wealth.Our country in the early 1990s began to study the management equity incentive problems, but the specific institutional context of China has restricted the implementation of equity incentive. From May 2005 the share reform has begun to implement, then the "Company Law", "Securities Law" amendment, to the 2006 "Corporate Equity Incentive Management (tentative)" and other equity incentive related operating regulations were introduced, these regulatory and legal policy gradually removing obstacles that hindering China’s listed companies to implement equity incentive, making China’s equity incentive into the actual operational phase.According to statistics, since the beginning of 2006 the formal implementation of equity incentive until the end of 2010 more than 200 listed companies have launched equity incentive draft, while China’s listed company’s management equity incentive problem have also got practitioners, theorists and regulators’s more concerns.This paper adopts a combination methods of specification research and case studies research, main contents are as follows:the first part focuses on the background and significance of this research, current research at home and abroad, the logical framework and research methods of this study. The second part presents concepts related to equity incentive, the basic elements, and a detailed analysis of the common types of equity incentive model, compares their characteristics and the suitable company. Highlight the principal-agent theory, human capital property theory, modern enterprise contract theory the three major theories, to do theoretical preparation for the following research and analysis of China’s equity incentive.The third part select the draft of the equity incentive plan of China’s listed companies during 2006-2010 for the study, first from the industry distribution, and ultimately control human nature, company size and other aspects to analyze the characteristics of China’s listed companies, and then analyze the characteristics of the elements of equity incentive program. The fourth part is Bright Dairy’s systematic analysis and evaluation of equity incentive plan, including the implementation background analysis and the elements analysis of the equity incentive program. The fifth part according to the third part of the statistical characteristics analysis, compare to Bright Dairy success case, sum up the existing problems of China’s listed companies on designing of equity incentive program are: a single-equity incentive model, the lack of comprehensive performance evaluation index system, the low line of the exercise price and so on. The sixth part according to the problems of our equity incentive implementation, put forward proposals for improving our equity incentive policy,combined with the case and the actual situation of China’s listed companies to.The seventh part is the conclusion, summarize the results of this study, and the study limitations and further research.This paper, based on the analysis and recommendations of design problems of China’s listed companies management equity incentive program,to help enterprises design the appropriate incentive programs according to their actual situation of the company, enrich and improve China’s system, and promote the effective implementation of equity incentive of China’s listed companies. This paper innovative points:First, the domestic equity incentive data are before 2010, and no comprehensive analysis of company characteristics and program characteristics. This paper study the characteristics of all listed companies and the characteristics of the various elements of the program comprehensively and systematicly, that public equity incentive draft during 2006 and 2010 of China. to provide reference for future research on equity incentive; the second, this paper use the combined methods of specification and case studies, to have a certain significance for equity incentive practices;the third, according to the equity incentive program design problems of China’s listed companies at this stage, put forward the corresponding countermeasures and suggestions.

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