| Equity incentive is a long-term incentive mechanism to solve the principal-agent problem.It enables core human capital,such as senior executives,to form a community of interests with shareholders,share risks and jointly improve corporate performance and corporate value.The effectiveness of equity incentive scheme depends on the rationality of the choice of incentive model and the matching degree of enterprise characteristics.The implementation effect of equity incentive is affected by many factors such as mode selection and performance conditions.Based on this,this paper takes Sophia company as an example to discuss the mode selection,influencing factors and incentive effect of equity incentive in traditional manufacturing industry,so as to expand the theoretical research of equity incentive,improve the practice of equity incentive in traditional manufacturing industry and improve the effect of equity incentive in home furnishing industry.Based on the related literature of the equity incentive and Sophia equity incentive plan,on the basis of describing the first use of least square multivariate linear regression model to explore the influence of different incentive mode of financial performance level,and using binary logit model to the case enterprise industry characteristics and the rationality of selecting the incentive mode of empirical analysis,to validate Sofia choose restricted stock equity incentive model is reasonable.Then,the financial and non-financial effects of Sophia’s equity incentive were studied from seven aspects,including profitability,operation situation,long-term development ability,improvement of short-term financing behavior,market share,r&d investment and employee situation,and the market effect of Sophia’s equity incentive was analyzed through event analysis method.Finally,the article analyzes the Sofia,the company’s equity incentive of running condition is not in itself,not perfect the equity incentive target design,plan a practitioner independence is not strong,and raise the scientific nature of the equity incentive plan design,perfect the enterprise internalmanagement,improve the external environment such as Angle Sophia equity incentive improvement countermeasures are put forward.The main conclusion of this paper is that company size,company attribute and cash flow have significant influence on the choice of equity incentive model in traditional manufacturing industry.Non-state-owned enterprises,small scale enterprises and traditional manufacturing industries with good cash flow are inclined to choose restricted stock incentive model.Sophia’s choice of restricted stock equity incentive model is reasonable;After the implementation of equity incentive measures,the comprehensive benefits of Sofia’s enterprises have significantly increased,and equity incentive has a positive effect on the value growth and healthy development of the enterprise.This study not only enriches the research scope of equity incentive theory and implementation effect,but also provides beneficial reference for traditional manufacturing industry to conduct equity incentive. |
