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A Study on Incentive Mechanism of the Listing Companies’ Governance

Author: WangZuo
Tutor: TianYinHua
School: Xiangtan University
Course: Political Economics
Keywords: listed company incentive mechanism incentive and restraint information disclosure
CLC: F276.6
Type: Master's thesis
Year: 2009
Downloads: 170
Quote: 1
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Abstract


Along with the separation of the right to ownership and the right of operation of the company, the agency problem arises. In order to avoid adverse selection of managers and moral hazard and make the interests of shareholders and of managers in the same line, and achieve the company to maximize shareholders’value, it is needed to carry out the necessary monitoring and incentives for an agent. In Adam. Smith’s "rational economic man" assumption, all people are rational actors and egoistical man, and are based on individual utility maximization as the basic driving force. So in the company’s internal governance structure, it is necessary to design an effective incentive mechanism, which makes shareholders and the interests of managers in the same line, and maximum extent possible to mobilize the enthusiasm of managers and initiative to enable them to strive for achieving maximization goals of shareholders’value.Different countries have different political and legal system, history and culture, the extent of the market mechanism perfectibility and the differences in values, and its corporate governance also exist significant differences. Comparison of the main representative to Britain and the United States as represented by the external monitor mode and to Germany and Japan as the representative model of internal control. And the different of incentive mechanisms in corporate governance as a result from the different governance structures.China’s corporate governance structure is different from the Anglo-American model, and also different from the model of Germany and Japan, which has its own particularity and uniqueness. Because of China’s corporate governance to its late setting, the incentive mechanisms for operator and the implementation exit varying degrees which are in common in incentive mechanism of China’s enterprises. At present, the listed companies are China’s most dynamic economy in the form of economic organization. With the rapid economic development, the continuating mature capital markets and new problems exciting, the incentive mechanism in corporate governance of listed companies has become an increasingly important and mature.In view of the corporate governance of Chinese listed, this article proposed and exterior distinguishes structure this science, the effective drive restraint mechanism from the company interior, thus achieved one kind of drive accommodating condition, this is the double-decked drive structure system which to be listed should choose. In this paper, by analyzing the corporate governance of Chinese listed in the issue of incentives, it is found that corporate governance of listed companies in China do not attach importance to the process of incentive mechanism, but re-inspired, light bound. Incentive mechanism is not only the effectiveness of incentives, but it should be compatible with the effectiveness of incentive and restraint. Constraint is actually a reverse incentive, in an other word, motivation is a problem with two aspects. No restriction is as the same result with no incentive. Only a very good combination of the two to mobilize the enthusiasm of the operators and owners of interests , the listed companies so achieve incentive compatibility.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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