Research Of The Market Effct Of Restricted Stock Incentive On The Listed Company

The main mode of equity incentive is restricted stock model and stock option model.Compared with the stock option model,the restricted stock model has higher corporate performance index and individual performance evaluation target for the right,so it can better motivate the employees who get the restricted stock,and then improve the value of the company.Since 2011,more and more companies in China have adopted the restricted stock incentive plan.Under this background,this paper makes a deep analysis on the effect of the implementation of restricted stock incentive plan and its influencing factors.In this paper,I adopted the 494 companies issued restricted stock incentive scheme in China from 2010 to 2017 as samples,I analyze the effect of restricted stock incentive plan from the perspective of management and shareholder's perspective on the short-term and long-term implementation of restrictive equity incentive plan of the sample company.This paper studies the short-term effect from the shareholder's perspective,by calculating the limited equity incentive plan event window within the sample companies in the capital market the average excess yield and cumulative excess yield are evaluated and the effect of short-term implementation is assessed.This paper,from the perspective of management,chooses the financial index to construct the performance evaluation Index system,and studies the influencing factors of the restrictive stock incentive:the paper chooses the index of asset-liability ratio and the concentration of company's ownership as the explanatory variables and control variables of the thesis,and establishes the multivariate linear regression equation,The influence factors of the restricted stock incentive plan performance were screened by the regression results.Through the above research,the main conclusions of the paper are:(1)The restricted incentive plan will have a relatively short period of significant cumulative excess income in the Event window;(2)compared with the Gem Enterprise,the motherboard enterprise obtains the bigger cumulative excess income in the event window;(3)The information leakage phenomenon exists in China's listed companies,The market has a significant positive yield before the release of the restricted incentive plan;(4)A larger proportion of restricted incentive plan will produce more cumulative excess returns;(5)incentive intensity is positively correlated with the long-term performance of restrictive stock equity incentive schemes,while the concentration of equity is not related to the long-term performance of restrictive stock equity incentive schemes.Finally,this paper puts forward some suggestions on how to implement the restrictive stock Equity incentive plan in Chinese listed enterprises.