上市公司高管股权激励及公司业绩相关性实证的研究.docx

上市公司高管股权激励与公司业绩相关性实证研究 Abstract Incentive management sector have been exploring the issue, most Chinese enterprises is an urgent need to address the problem, particularly for Chinas listed companies. Equity incentives as a corporate agency to effectively solve the long-term incentive mechanism, as early as the 1980s the first large U.S. companies used stock options and other equity incentive model and achieved great success. Then the incentive mechanism in China is due to produce its incentive effects, which need to be the test of practice. With the share-trading reform and the promotion of equity of listed companies incentive management approach (Trial) of the promulgation of an increasing number of listed companies in the non-tradable share reform plans after the completion of the implementation of equity incentive plans. Chinas securities market is accelerating the process of the market. In modern companies, because of the dispersed shareholding, ownership and control of the separation, agents increasingly prominent problem. How to design an effective system of management incentives, encourage management to serve the interests of shareholders become an important impact on enterprise development issues. In this context, the paper shares of listed companies and encourage the relationship between the companys performance was studied. This paper shares of a listed company executives and company performance incentive for research, through the relevant analysis, curve regression analysis single regression equation and simultaneous equations return to test a listed company equity incentive and the relationship between the company’s performances. Its ideas are: (1) describes the executives of China’s implementation of the incentive equity research background, clearly in the background can be built on the premise of empirical models suitable for China’s national conditions (2) the equity incentive theory of a specific note, for the stake Incentive and companies related t