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题目： 上市公司股权激励问题研究
Listed Companies Incentive Research
1、Overview of equity incentive 1.1 The definition of equity incentive
Equity incentive is obtained in the form of company shares by operators to give business owners a certain economic rights, enabling them to participate in corporate decision-making capacity as shareholders ﹑ risk, profit-sharing, so that due diligence services for the company's long-term development of an incentive method .
1.2 The role of incentive stock options 1.2.1 The incentives
So be excited owned a minority share of enterprises with equity this link will be excited with the interests of those companies closely tied together, to achieve long-term incentive for operators to enable them to actively and
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consciously in accordance with established enterprise requires that the target in order to achieve corporate interests and maximize the interests of shareholders and work hard, releasing the potential value of their human capital, improve capital operational efficiency, increase productivity, enhance cohesion and minimize monitoring costs.
1.2.2 Confinement effect
Constraints role is mainly manifested in two aspects, one is excited because the owner has been formed by \prosperity, a loss for both sides,\the interests of the community, if the operators do not work hard or because of other reasons, to the detriment of the interests of enterprises, such as the emergence losses, the operators jointly with other shareholders share the same loss of business; the second is through a number of constraints (such as restricted stock) so that those who can not lightly be excited to leave --- if they are excited by leaving before the contract expires, it will lost a small fortune vested economic interests. 3. Stability and win
Since the equity incentive tools for incentive target vesting conditions are included with limited service period,
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it can not easily leave. Especially for executives and technology backbone, the backbone of sales and other \employees\larger, so the equity incentive for stability \employees\role is relatively obvious. Enterprises and employees to achieve a long-term stable cooperation, combining to form a community of interests and win-win for individuals and businesses.
2、The problem and cause analysis of listed companies equity incentive
2.1 A listed company equity incentive Problems
2.1.1 The implementation of restricted stock incentive From December 20, 2007 start of the second batch of incentive, a total of 26 listed companies announced equity incentive plan, as of the end of 2008 all 26 company's share price fell below the exercise price. But unlike 2008, in 2009 only two companies to cancel and deny the equity incentive plan. 2008 between a high proportion of the company proposed a termination causes the implementation of restricted stock incentive plan, mapping out from the other side, there are some issues of equity incentive implementation process inevitable.
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2.1.2 Assessment of equity incentive target single Found from the table below, the vast majority of listed companies is currently the object of the assessment is based on incentive-based accounting indicators, and most of the company adopted the 2-3 financial indicators, ie mainly in the net profit growth, return on net assets was the main indicators. Presence resign cash incentive target behavior. Along with executives of listed companies is a large number of equity incentive boom executives to resign cash. 2007 Annual Report of the shares of three flowers disclosures show that in March 2006 the resignation of a former vice president of the company, two directors, 2007 were reduced holdings of shares held by all three spent 88.83 million shares and 50.10 million shares; the company's former chairmanin April 2007 resigned as chairman and director, 5,650,000 shares of its order, \shares\November 9, 2007, to obtain tradable. Although executives of listed companies can not assert that the main reason for the resignation is to cash in, but does have a large number of shares of a listed company but does not have a controlling interest motives executives exhibited strong cash holdings worth alert.
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2.2 Equity Incentive Cause Analysis of Listed Companies 2.2.1 The stock option exercise price is set improperly influence the incentive effect
Stock option plan can achieve the incentive for operators as well as the degree of excitation depends on the development of the exercise price, the exercise price and the right line again equity incentive is based on the company's stock price. When the market effectively, operators work hard to enable enterprises to enhance the performance, stock prices can reflect this change, the operator will be able to profit through the exercise of stock options and therefore be able to achieve excitationfunction. If the market is not valid, the stock prices on the operator's operating performance and business value is not sensitive to reflect or even negative changes in the stock price depends not only on factors that efforts managers themselves, macroeconomic, industry and other effects on stock prices are very large, which there may be significant variation in the development of the exercise price, the operator may operate through efforts to improve the performance of the company, after rising corporate value, while the stock price has not fully reflected, which would harm
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