股权激励与公司业绩相关性分析-国际金融专业论文.docxVIP

PAGE PAGE IV Abstract As a long-term incentive mechanism, Equity Incentive could help to resolve Commissioned - Acting conflict of interest between shareholders and managers, thus encouraging managers to overcome the short-term activities, and to promote long-term sustainable development of enterprises. Equity incentive system developed in western developed countries in the second half of the 20th century. In the past few decades it has gained the promotion of all-round. Since reform and opening up, China has also gradually carried out a variety of incentive systems. Nowadays, senior management equity incentive system is prevalent in the listed companies. At present, although the theoretical circles has reached a consensus on the implementation of the management equity incentive, but how to implement the incentives, how to assess, or on how to control the equity incentive degree to maximize the company value are lack of awareness. Some scholars identified a number of issues and put forward constructive measures through the empirical study on Chinas listed companies. However, these results are often very different, different researchers even reached the opposite conclusion. Previous studies are based on the background of state-owned enterprise reform. Under the guidance of the split share structure reform, the distance of state-owned enterprises and non-state-owned enterprises will become increasingly smaller. The environment has changed and previous conclusion of the study may no longer applicable. So, it is very important to accurately reveal the true correlation between company performance and equity incentive in a more broad range of samples. The paper is made up of the following four parts: Part Ⅰ is the introduction, including the background note, as well as the literature of this study framework and research methods. Part Ⅱ mainly introduced equity incentive effectiveness of the theoretical analysis. First defined the concept of the article such as