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1、TheResearchonInterestsBalancinginEquityIncentivePlanofState-ownedListedCorporations（Abstract）Major：JurisMasterResearcharea：FinancialLawAuthor：XinXiangAdvisor：WendaoLuEquityincentiveisakindofmanagementsystemthattheenterpriseownerstrytoencouragemanagersandemployeestoworkhardandkee
2、pgoodfaithbygrantingthemacertainamountofequity.Equityincentivecanmaketheinterestsoftheshareholdersandmanagerstendtobemoreconsistent,soitishelpfultosolvetheagencyproblemincorporategovernance.Thegeneralizedequityincentivebothincludesthemanagementequityincentiveandemployeeequityinc
3、entive,namelytheemployeestockownershipplan.EquityincentiveoriginatedinthewestandwaswidelyappliedinthemanagementincentiveintheUnitedStatesinthe20thcentury,80years.Afterthereformandopeningup,Chinagraduallyintroducedtheequityincentivesystem,andtheequitydivisionreforminChinain2005,p
4、rovidesconditionsfortheimplementationofequityincentive.Thebasictheoriesofequityincentivemainlyincludeprincipal-agenttheory,humancapitaltheoryandpropertyrightstheory,whichprovidesreasonablereasonsforenterprisetoimplementequityincentiveplan.Since2005,equityincentivesystemhasrapidl
5、ydevelopedinchina.Butlookfromthebodyoftheimplementationofequityincentive,alotofprivatelistedcompanieshavelaunchedtheequityincentiveplan,but,bycontrast,thenumberofstate-ownedlistedcompaniesismuchsmaller.Lookfromtheobjectofequityincentive,thenumberofmanagementequityincentivescheme
6、ismuchmorethantheemployeestockownershipplan.Thisshowsthat,in1State-ownedsharesoflistedcompanies,theuseofincentivemechanismisstillnotfully.Governmentsneedtofurtherimprovethesystemdesignandrelatedpolicies,whichpromotethewidespreadimplementationofstockownershipincentivesystem.Inthe
7、processoftheestablishmentanddevelopment,EquityincentiveisheavilyinfluencedbyChina'sspecialnationalconditionsandlocalenvironment,sotherewillbesomespecialproblems.Fortheimplementationofequityincentive,InChina,therearemainlyfouraspectsofthespecialconditions:First,theproportionofsta
8、te-ownedequityinstate-ownedlistedcompaniesisver
