Empirical Studies Of The Management Equity Incentives Of Listed Companies In China

Managerial equity incentive is an arrangement to achieve the benefit consistency between high-grade managers and stockholders, and to improve the value of the corporate .Managerial equity which can lead managers to pay more attention to the corporate long term development is a measure to improve corporate performance.The thesis sets out from the relative theory of managerial equity, appraising the shortcoming of the studies at present. It analyzes problems in managerial equity implement through an empirical research on all listed companies from Shanghai Stock Exchange(SSE). Then I chose part of the companies by the measure developed by whole swatch and try to find the condition to implement managerial equity.This dissertation consists five parts:The first part raises problems and points out the significance and the thinking of the whole thesis. In this part, I elaborate the aim and the thinking of the whole dissertation, and then give the whole structure of this thesis.The second part focus on the concept define and research about the listed companies' managerial equity and firm performance. First, I elaborate some of the concept mentioned about managerial equity in this thesis, and then summarize foreign studies on managerial equity and comments on the shortcoming of them. Next I summarize dominant theoretical and empirical research and comment the empirical research on shortcoming of their swatch choice and developed the empirical research thinking of the thesis.The third part is an empirical research on the swatch from SSE which has 740 listed corporation. It is the descriptive statistic analyze of several swatch sorted by a few kind of standard. It shows that the level of managerial equity is very low in China and "zero managerial stock holds" is very popular. Then I analyzed the correlation among ROE, EPS ,PMS(Managerial stock holds rate) and so on, It suggests that the firm performance have nothing to do with .PMS. And it is the fact that low managerial equity rate in numerous listed corporate lead to the low relationship between them.