A Study On Private Placement Stock Incentives Of T Company

In recent years,China's equity incentive system has been improved,and the theory and practice has gradually matured.From the point of view of the future development of the enterprise and the improvement of employee's initiative,the traditional stock option incentive mode of listed companies has certain limitations.In 2010,the stock market appeared a new equity incentive mode,it will combine the " private placement " and " equity incentive ",formed the incentive mode of private placement style equity,and has been accepted by most of the listed companies.The implementation of the incentive plan set by the type of equity shares issued enterprises,low cost,flexible pricing,unlimited unlocking conditions fixed,to raise funds to speed and other characteristics,so in recent years,the implementation of private placement style equity incentive model of the number of listed companies were blowout outbreak.Enterprises to implement the "private placement" equity incentive model,in addition to be able to raise enough liquidity,but also access to institutional investors to support the long-term development of enterprises laid a good foundation.It can be said that as a kind of important equity incentive mode,"private placement" equity incentive is not only one of the most important mechanisms in corporate governance.It is through the company executives and investors to hold a considerable number of shares of the company,to achieve the goal of consistent with the interests of shareholders,the fundamental solution to the conflict of interests between executives and shareholders.In this paper,the "private placement" equity incentive model as a starting point,select the electrical industry in the development of a better T group as the object of study,this new type of equity incentive model.On the basis of studying the theory of equity incentive and private placement,the relevant literature is summarized.At the same time,this paper analyzes the incentive mode of "private placement" equity incentive model.This paper analyzes the motivation of the "T plus" equity incentive plan,and uses the methods of comparative analysis,ratio analysis and so on.Finally,the paper focuses on the short-term market effect of T group,from two aspects,including the influence of the whole market,the influence of the stock market,and the influence of the cumulative excess return,T group "private placement" equity incentive evaluation,and the "private placement" equity incentive model.Through the study of this paper,we find that the effective implementation of the equity incentive mode must be synchronized with the internal and external institutionalenvironment.The robust and effective governance structure is the basic guarantee for the implementation of the equity incentive plan,and the external institutional environment needs to be optimized simultaneously.In this paper,the author thinks that there are some limitations in the scope of the incentive object,the lock time and the pricing mechanism.It is mainly because of the lack of relevant laws and regulations of the enterprise and the imperfect supervision and governance environment.Therefore,this paper argues that the innovation of the equity incentive model itself should expand the scope of the incentive object,to extend the lock time and clear pricing benchmark date;companies should improve the internal supervision system,the establishment of standardized management processes;regulators should establish a sound regulatory system,strengthen government supervision,improve relevant laws and regulations,and effectively protect the interests of small investors,to avoid the interests of transport behavior.At the same time,according to the basic conditions of our country and the basic requirements of modern enterprise system,the reform of state-owned enterprises,the adjustment of ownership structure,That further realize the fixed growth style equity incentive scheme in China's "air plant".