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The influence of equity incentive on market value management of listed companies

2019-11-12 来源: 51Due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- The influence of equity incentive on market value management of listed companies,供大家参考学习,这篇论文讨论了股权激励对上市公司市值管理影响。股权激励机制对公司治理及经营绩效的影响。通过机制对公司的相关利益者进行有效协调,利润共享、共担风险,改善公司治理又提高市值。公司绩效是对内在价值最直观的表现形式,作为公司经营状况的参考指标,公司价值分为内在价值与市场价值,在对公司进行市值管理时应关注企业的经营绩效,这体现公司的内在价值效益。市值管理也对公司业绩衡量,通过公司发展现状反映市值,达到市值增长的最终效果。

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After equity division reform, use the management equity incentive means of corporate governance, has become a main way to maximize shareholder value of listed companies, to stabilize and motivate company's board of directors and the role of the core staff, and can achieve the purpose of improve the financing capability and market value, and also to reduce agency cost and improve the efficiency of management of enterprise operation and management. Therefore, by centering on the correlation between equity incentive and market value management, it is proved that market value management of enterprises is effective. Relevant research on specific types of equity incentive mode is carried out to achieve win-win cooperation between management and enterprises.

According to the relevant regulations on market value management of listed companies in China, "encouraging listed companies to establish market value management system" was clearly proposed in May 2014, which pointed out that equity incentive mechanism has an incentive mechanism to stabilize and encourage all stakeholders. In July 2016, China Securities Regulatory Commission issued the management measures on equity incentive for listed companies, which provides listed companies with flexible decision-making space and great autonomy, and promotes the implementation of equity incentive measures. A-share listed companies in China in 2009, the implementation of equity incentive plan, which accounts for only 14, accounted for only 0.83%, to 2017, 412, and accounted for up to 11.88%, the implementation of equity incentive presents the fast growth the tendency, at the same time after the implementation of equity incentive plan form market value of listed companies have high low, through the analysis to achieve the win-win situation of enterprise and stakeholders.

Relevant literature discusses equity incentive, studies on the relationship between equity incentive and business performance, enterprise value, executive behavior and management constraint, and how to construct equity incentive performance evaluation system. This paper first USES theory to outline market value management and management equity incentive, then expounds the necessity, objectives and influencing factors of market value, and then analyzes the impact of different equity incentive modes, so as to provide reference for listed companies to implement equity incentive schemes.

Value management is for the weak efficient market, and for us capital markets mature, analytical value management is not yet available, the domestic literature point of value management is the core of value management, shareholder value management object is the value of management, foreign scholars consider market value management is a kind of strategic management, is a long-term, sustained and steady development strategy, with a scientific and reasonable means of value management. From the perspective of listed companies as a whole, market value management includes three aspects: value creation, value management and value realization. It is also a complex system engineering management, which requires various methods to restrict and realize shareholder value maximization.

Equity incentive is a kind of long-term incentive, starting from Jensen and Mecking's principal-agent theory. The research on the impact of equity incentive on market value management is manifested in three viewpoints: positive correlation theory, nonlinear correlation theory and non-correlation theory. The specific significance of equity incentive lies in giving shares to the management, sharing risks with the company, participating in decision-making, and ultimately maximizing the interests of shareholders and individuals.

The impact of equity incentive on the company's value is mainly analyzed from the perspective of asset management and capital market management. The impact on asset management is to make the agent fulfill his duties, induce and intensify earnings management, and promote or inhibit inefficient investment. The capital market management is mainly through low information disclosure agency cost, agent timing behavior and other ways.

With the improvement of the capital market valuation system, through the comprehensive strength and operating performance index value arises at the historic moment, through the potential profitability and development space to reflect the market value and make a prediction, not only can be carried out on the operating performance evaluation, effective integration will also be long-term and short-term development goals, through comprehensive measures and to improve the performance of the company.

Nowadays, the capital market is becoming mature and listed companies have more financing channels, especially from the stock market. Compared with the financing structure of the bond market, the advantages are high financing cost, long issuance cycle and complex audit process. When refinancing in the stock market, investors are more likely to subscribe to the company's shares, and can obtain more incremental capital with less equity capital. The higher the market value is, the stronger the equity financing ability will be, and the lower the financing cost will be due to fewer financing conditions.

The purpose of market value management of listed companies is to protect the rights and interests of investors. After the reform of non-tradable shares, listed companies pay more attention to market value and market value management, mainly focusing on safeguarding the interests of investors. When the market value in the capital market is on the rise, it shows that the company has a good dividend payment ability, so that investors can obtain direct economic income to increase the amount of wealth.

Improve the ability to resist hostile takeover. Listed companies take more mergers, acquisitions and restructuring methods to increase market value. When the stock price is undervalued, it shows that the company's market price is less than its intrinsic value, and there is a risk of hostile takeover by other companies. In contrast, higher market values protect against the risk of a hostile takeover.

The goal of market value management is to maximize shareholder wealth. The company's market value is maximized on the basis of value, and the company's market value is the external manifestation of the intrinsic value. The intrinsic value goal maximizes the intrinsic value created by the listed company. Therefore, the goal of market value management can be better realized by unifying the two goals.

It includes external uncontrollable factors and internal controllable factors. Including external uncontrollable factors are systemic factors, from a macro environment factors that are included in the analysis of PEST model, as well as the industry growth, etc., can internal controllable factors is accordingly management mechanism to control, refers to the corporate governance structure, operating performance, investor relations management, through legal means of compliance management, improve company's market capitalisation.

Through the mechanism, relevant stakeholders of the company can effectively coordinate, share profits and take risks, improve corporate governance and increase market value. By analyzing the supervision and restriction of shareholders and operators by owners, the responsibilities and rights are divided in the form of contract, so that the stakeholders of the company can perform their respective duties, jointly improve the business performance of the enterprise, and set the operation system of control, coordination and guidance in one.

Corporate performance is the most intuitive manifestation of internal value. As a reference indicator of the company's operating status, corporate value is divided into internal value and market value. When managing the market value of a company, the company should pay attention to its operating performance, which reflects the company's internal value and benefits. Market value management also measures the company's performance and reflects the market value through the company's development status to achieve the ultimate effect of market value growth.

There are various modes of equity incentive, and the appropriate incentive mode is selected from the perspective of interest relevance. According to whether the risks and benefits undertaken by the management and the company are equal, there are equal incentive models and income incentive models.

The reciprocal incentive model is classified into restricted stock model, performance stock model and employee stock ownership plan. Among them, restricted stock model is to sell a small number of shares to the management at a lower price, and there are certain restrictions on the stock selling. The management should take careful measures to promote the growth of market value. Performance stock means that the management achieves the performance target within the given time limit and promises to give a certain number of shares. The main purpose is to eliminate the short-term behavior of the management and improve the interests of the company and itself by linking the income with the future interests of the company. Employee stock ownership plan is an internal employees hold shares in the company is a form of property organization, employee stock ownership plan to ensure employees to participate in the distribution of ownership, has the dual identity of workers and owners, form of distribution according to work and according to the distribution of checks and balances mechanism, can always focus on enterprise situation, pay attention to the company's share price changes at any time, employees will accordingly take continue to hold or sell the stock, so as to improve the company's performance and market value.

In this way, it can be found that the mode with high incentive cost is performance stock, cash payment pressure is high, and the target group of employee stock ownership plan is broad. In restricted stock model incentive, there is no pressure on cash payment. Therefore, listed companies in our country mostly adopt this kind of classification.

The income incentive mode is classified into stock option mode, stock appreciation right mode and virtual stock mode. For stock options, the management has the right to purchase the company's shares at the agreed price in the future. If the company's share price is lower than the exercise price, the management will abandon the exercise without any loss or risk. Stock appreciation right means that the company does not really hold the stock, but obtains the future spread income, improves the company's performance, so that the company gets the market recognition and the stock price rises. Virtual stock refers to the dividend received from the granted stock, and the spread income of the fluctuation of the stock price. Virtual stock has many limitations, especially the stock is invalid when the holder leaves the company. Therefore, the management always focuses on the long-term development of the company and drives the growth of the company's stock price.

It is found that the stock appreciation right model is not the real stock, it has the pressure to pay cash immediately, the virtual stock model has the short-term interests of the management and the pressure to pay cash. The stock option model has the short-term behavior of the incentive object, but there is no pressure of cash payment. At present, listed companies in China seldom adopt this mode.

When conducting quantitative analysis on the market value of listed companies, two variables are needed, namely, stock price and number of shares. The market value is equal to the stock price multiplied by the number of shares. So when the market value was used as measure of the operator's management level and management ability, management will be affected by the pressure of the share price volatility, the choice of two kinds of equity incentive mode and implementation and the company's market value is closely related with the operator's performance appraisal, makes the market value of listed companies level is about the management of personal interests, also can reflect management effectiveness and efficiency. , therefore, is necessary for a market value of listed companies management, can for the value of enterprises in the capital market reaction, and will deliver good news to potential investors, to attract them to obtain the company's stock, can also enhance the company's market value from the side space, through the implementation of equity incentive mechanism system can get good market value management, make the listed companies can achieve the goal of maximising shareholder value.

Suggestions for listed companies: first of all, through the equity incentive for value management has become a new trend, profitability and the company growth is an important reason, changes affect the value of a listed company equity incentive mechanism on core competence can be reflected in the market value and market value also reflects the management of the management ability and management level. Second, equity incentive is an important link to improve corporate governance. Internal equity incentive mechanism, mainly based on the principal-agent theory can make stakeholders work together to make the management in the long and short term measure of enterprise operating performance and future prospects for the development of space, can not only improve the management ability of listed companies, also can to enterprise's investors feedback out certain information, can be beneficial to make decisions, through the efforts to achieve market recognition of the intrinsic value of the enterprise, from both inside and outside two aspects to improve the market value, and effectively manage the market value.

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