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quan liu tong shi dai xia gao guan gu quan ji li ze ji xing wei yan jiu ji yu dong tai bayes ji shi chang diao zheng mo xing de fen xi
Author(s): 
Pages: 140-145
Year: Issue:  12
Journal: Enterprise Economy

Keyword:  split share structureequity incentiveopportunismdynamic Bayesmarket adjustment;
Abstract: Since the reform of split share structure in 2005, a part of non- tradeable shares have been turned into tradable shares,more and more researches have focused on negative effects, but was not comprehensive analysis of manager opportunism behavior from the exercise price which may exist in the equity incentive companies. The article started from the managers’ profit motives through the dynamic analysis of Bias Nash equilibrium, which analyzed equity incentive manager behaviors caused by system theory and combined the market adjustment model to make an empirical test of medium low exercise price or grant price of equity incentive companies. It compared influence of the opportunistic behavior under different motivation types, the nature of the company, and provided some references for equity incentive corporate governance from the equity incentive plan factor, environment and other aspects of recommendations.
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