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Study on the Stock Ownership Incentive to Top-management of A-share Listed Companies in the Era after the Reform of Non-tradable Shares

Author: OuYangLin
Tutor: FengYongFu
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Stock Ownership Incentive Corporate Governance Reform of Non-tradable Shares
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 206
Quote: 1
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Abstract


Stock Ownership Incentive is a common way for the listed companies. Since the 1950s, Stock Incentive was born in the USA and widely used in the management Incentive. In China, the usage of Stock Incentive was a bit later .Because of the equity division reform, which has the non-tradable stockholders and tradable stockholders. The non-tradable stocks and the tradable stocks are the same shares, but they have different authority. This phenomenon restricts the development of security market, and twist the mechanism of security price .The equity division reform leads to a high speculate characteristic in the security market.The definition is the first step of any scientific research .This essay is designed to confirm the definition of Stock Incentive .And then there is a literature review, which mainly reviewed the Stock Incentive. The main point of this part is commenting the empirical analysis about the Stock Incentive. Next, introduce the effect mechanism and the Incentive pattern .At first, summary the theory basis of the Stock Incentive. The Stock Incentive builds upon the Entrust–Agency theory, Human Capital theory, and Trade Expenses theoryOn the basis of summarizing up the results of previous studies and research, in this paper, 26 listed companies of 2007 in Shanghai and Shenzhen stock market are chosen. The empirical analysis defines the ROE as the dependent variable, and defines the Stock Incentive Revenue as independent variable.The empirical results showing: the Stock Incentive play a positive role in improving the performance, but the effect is not notable. The reasons are: first, the effective of the security market is poor, so that the share price links a little to the company performance; second, the administer structure is incomplete, the Stock Incentive plans are short of independence; at last, the examine system for the Stock Incentive is uncompletedFinally, the paper presents some countermeasures to upgrade the effectiveness of China’s equity incentive system, which contain enhancing the effective conditions for these incentives, exploring the incentive models applying to Chinese listed companies, and strengthening the regulation on listed companies.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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