| The management equity incentive mechanism,which is highly regarded since themiddle of the20th century. As one of the important means of corporate governance, cansolve modern enterprise principal-agent problems, realize the enterprise long-termincentive management, prompt management pay more attention to the sustainabledevelopment of enterprises for a long time. The effective implementation of equityincentive mechanism in western makes more and more enterprises pay attention to themanagement equity incentive in our country to bring benefit for their enterprises..The article is divided into five parts. First, this paper introduces the backgroundand significance of the management equity incentive, states and evaluates the literaturereviews from our country and overseas. Secondly, this paper expounds the managementequity incentive related theories and the main methods. Again, selects the dates form A-share listed companies of China in2009-2014, analysis the current situation of themanagement equity incentive in our country and points out the problems existing in theschemes. Then, as the date from A-share listed companies in our country in2009-2013for the sample, analyzes the management equity incentive effect on firm performanceby using empirical research methods. Finally, puts forward the improvement opinionaimed at the problems existing in the implementation of the management equityincentive in China.The innovation of this article is except using the management to ownership as theindependent variables for regression analysis, it also introduced the control variable tothe study. So it can make further study on the influence of other factors on thecompany’s performance. In the study of the past, scholars mainly use the single indexsuch as ROE or tobin Q to value the company’s performance, this article combines thespecial market structure of China, at the same time using the ROE and EPS to measurethe company’s performance, improve the credibility of the research conclusion. |
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