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International Business and Management,2014,92:外文翻譯及譯文Research on the equity incentive mechanism of listing CorporationDarius PaliaMay 2013International Business and ManagementWORKINGPAPERNO.93104AbstractThe transportation pany as an example, the equity incentive mechanism are analyzed in this paper. How to solve the problems appeared in the process of implementation of equity incentive mechanism of listed panies, and puts forward some countermeasures and suggestions.Keywords: equity incentive stock market weak incentive cost effective exercise costIs a longterm stable development of enterprises is an integral part of the mechanism of equity incentive system is an important part of modern enterprise system, equity incentive mechanism of the interests of shareholders, the interests of the pany and the operator of personal interests will be bined together, reducing the shortterm behavior of the managers. With the holding listing Corporation (domestic) implementation of equity incentive pilot scheme, the introduction of equity incentive mechanism in the listing Corporation gradually bee a hot spot.1. Equity incentive mechanism modelEquity incentive mechanism originated in 1970s, and began to develop rapidly in 1980s, its main model includes stock options, restricted stock, employee stock ownership plan, performance, etc.. Stock option is the right of a certain number of shares of a pany by a listing Corporation to buy a certain amount of stock at a predetermined price and condition in the future within a certain period of time. Incentive objects have the right to exercise the right, but also have the right to give up the right, but can not be used for the transfer, pledge or repayment of debt. Restricted stock, is refers to the listed panies in accordance with predetermined conditions granted to the incentive object of a certain number of the pany39。s stock incentive objects only in working life or performance targets meet the provisions of the conditions of equity incentive plan, in order to limit the sale of shares and the gain. Employee stock ownership plan is refers to the internal employees subscribed capital of part of the shares of the pany, and missioned the where the trade union of the pany39。s holdings will or trust agency) for centralized management of the property right organization form. Performance shares refers to at the beginning of the year to determine a more reasonable performance targets, if the incentive of the object to the end of the year to achieve predetermined goals, the pany awarded a certain number of its stock or extract a certain reward fund to buy shares in the pany.2. Analysis of listing Corporation stock ownership incentive mechanism equity incentive mechanism to implement the situationDue to historical reasons and limitations of understanding, equity incentive mechanism is not mature. In recent years, frequent violations of listing Corporation executives and sacked incident also to some extent reflects the status of the stock incentive mechanism is not perfect. Due to the lack of standardized incentive ways, many listing Corporation management through improper means to seek private interests, harm the interests of the pany and the shareholders. Listing Corporation equity incentive mechanism is not mature, mainly in the following two aspects: first, the longterm incentive mechanism of equity incentive mechanism can not be highlighted. Two is the basis of the implementation of the equity incentive mechanism distortion. listing Corporation equity incentive mechanism incentive effect is not obvious reasonSince the introduction of stock option incentive mechanism and incentive effect was not significant, the main reason lies in the inplete matching environment, mainly including: many enterprises have the deviation of understanding in the process of the system in the implementation, there is technical problem has not been solved effectively, stocks market is weak form efficient, on the performance of the business did not form scientific evaluation system, professional manager market is not perfect, imperfect supervision and restraint mechanism and governance structure is not perfect.(1) the weak effectiveness of the capital market. Equity incentive measures in the western countries can be widely carried out an important reason is that the capital market is relatively developed, and its stock price is basically a positive correlation with the business performance. Equity incentive system the core idea is to make the longterm interests of the interests of managers and linked, that is, the management through their own efforts, the operating results of the pany improve, share prices have risen, so that their huge profits. The price of the stock market must be able to truly reflect the pany39。s business situation, the market price of the stock of the pany includes not only all information related to the business activities of the pany, but also contains the expert on business and the economy some of the predictions. Although the stock market has developed rapidly, but still in the initial stage of development, the phenomenon of information asymmetry in the stock market has been more mon. All this makes the listing Corporation39。s stock market price can not accurately reflect the actual level of the pany executives and its operating performance. In