| At present, China’s capital market is in the period of institutional constructionand development.The research of stock incentive mechanism has become theimportant issue,which contributes to develop market economy and improve the stockmarket.Compared with the domestic stock market, these market in developedcountries are relatively mature,They have the earlier research on stock incentive andhave formed the systematic theory and method.This is a positive significance for usto carry out the related research on stock incentive.Chinese scholars lay particular stress on qualitative research in the study of stockincentive effect,of which the research framework is mostly based on the the traditionalprincipal-agent theory model,meanwhile the empirical findings of stock incentive arevery different and less consider the influences of eternal environment variables.Howabout the effect of the stock incentive implementation; how do the ownership ofenterprises effect the company performance; are stock incentive and companyperformance influence each other; what role the environment variable play in theimplementation of the stock incentive;etc.These empirical research conclusions havecertain reference value for performing our capital market and making the related stockincentive policies.The main content of research is studying the relationship among marketcompetition, stock incentive and company performance in the framework of beyondproperty-right model. The research content of this article can be divided into sixaspects,Including the mechanism of corporate governance structure, marketcompetition environment and stock incentive;Theoretical derivation of theserelationship based on the HOTELLING model; The influence of the stock incentive ornot over company performance; whether or not significant the state-owned listedcompanies with stock incentive are; stock incentive and company performance(inverted U-shaped) research; what the role competition environment play in therelated research.Research results indicate five conclusions. The listed company who Implementstock incentive have improved corporate performance; stock incentive effects instate-owned listed companies are not significant; stock incentive effect of listedcompanies exist nonlinear curve relationship; They have the characteristics ofendogenous between stock incentive and corporate performance; In the case of otherconditions remain unchanged, the market competition environment variable plays aregulatory role to the relationship between the stock incentive and corporateperformance,that means when the competition is fierce,the more the propotion ofstock incentive take, the higher company performance improve.Conversely, whencompetition approach monopoly, the more propotion of stock incentive take,the more and corporate performance, the more likely company performance damaged. |
