| In the early 20 th century,China’s industrial information industry and the securities market have achieved a high degree of development,with the transformation of industrial economy and the introduction of a series of government policies.More and more enterprises will long-term development perspective into the "equity incentive." However,the emergence of many of the situation led to some enterprises in the final terms of the conditions can not meet the termination of the plan.The term equity incentive is to encourage and retain the core talent,to human capital theory as the core,conditional to give the incentive part of the shareholders of the rights and interests.And then gradually evolved into the principal-agent theory as the representative,in order to solve the owners and managers,due to information asymmetry,their own interests are inconsistent with the adverse effects of business management.In this paper,the author analyzes the basic development of the industrial automation industry in China’s industrial transformation and upgrading,and the typical failure of the implementation of the equity incentive plan in the industry after the theoretical elaboration of the above two parts of the business.Then to successful implementation of equity incentive enterprise cases in the industry-shenzhen inovance technology co.,LTD.,as the main research object,the initial stock option incentive scheme and implementation process to analyze the influence of enterprise performance.On the one hand,choose enterprises changes in the owner’s equity,the first draft 5 days after the date of announcement has excess cumulative returns(CAR)the analysis of the effect of equity incentive to enterprise short-term performance;On the other hand through the du pont analysis system,after deducting the business profit and loss analysis of net income and other indicators inovance technology at present the three phase in the years before and after the implementation of equity incentive plan(2011-2016),the impact on the enterprise long-term performance.Above all,the paper analyzes inovance technology equity incentive policy formulation and implementation of the specific process,to timely adjust the vesting conditions,etc.,for the same industry enterprises how to effectively implement equity incentive some Suggestions are put forward. |
