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Study of the Relationship between Equity Incentive and Economic Performance of Listed Companies

Author: XuMengZuo
Tutor: RuanYongPing
School: East China University of Science and Technology
Course: Accounting
Keywords: Equity incentive Economic performance Incentive levels Conditions of exercise
CLC: F272;F224
Type: Master's thesis
Year: 2012
Downloads: 196
Quote: 0
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Abstract


As a part of corporate governance of listed companies, the original intention of equity incentive is to enhance senior managers and core staffs creating the wealth with great enthusiasm. Simultaneously, it can improve the value of a company. With the continually maturation of China’s capital market, listed companies which implement equity incentive are growing in strength. But sometimes we found this double-bladed sword could have the opposite effect. After the reform of non-tradable shares, what we want to explore is whether equity incentive play a positive role on the economic performance of listed companies and Factors affecting equity incentive and performance of listed companies. this article Select listed companies in A-share market which had adopted resolutions of the shareholders’equity incentive plans or had implemented them from January 1,2007 to December 31, 2009.Through general research and grouping by Conditions of exercise, we have regression analysis of equity incentive and corporate performance, study on the economic relationships between the implementation of equity incentive and the performance of listed companies as well as if the existence of this relationship is affected by the impact of exercise conditions. the conclusions as following:In General, there are no significant correlations between the implementation of equity incentive and the performance of listed companies in that year and the next year. Then under the provisions on the conditions of exercise released by equity incentive plan announcement of listed companies, combined with estimated mean values, the sample is divided into the high, medium, and weak group. Study finds that for medium and weak group, there are no significant correlations between the implementation of equity incentive and the performance of listed companies in that year and the next year. But as for the high group, there is significant negative correlation between the implementation of equity incentive and the performance of listed companies in that year and no significant correlations between the implementation of equity incentive and the performance of listed companies the next year. At last, there is a simple case study according to the conclusions and put forward some relevant suggestions from practice of equity incentive abroad.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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