Research On The Influence Of Equity Incentive On Performance Of Bao Steel

In China,with the continuous improvement of relevant laws and regulations on equity incentive,more and more enterprises begin to pay attention to and implement equity incentive.Constantly enrich and perfect the equity incentive model,such as restricted stock options,employee stock ownership plan stock appreciation rights and so on,each have advantages and disadvantages of the equity incentive mode,but the core idea is to solve the contradictory between the principal-agent,realize the human resources capitalization,create more value for the enterprise at the same time,enterprises have also combinative oneself is actual operation and industry choose suitable incentive mode,so that the equity incentive to maximize utility.Bao Steel as China's first batch of the implementation of equity incentive of stateowned listed companies,is also the equity incentive plan at the present stage in China one of the more successful enterprises based on the equity incentive at home and abroad for reference,on the basis of theoretical research and practical exploration achievements,guided by the principal-agent theory,has analyzed our country listed company equity incentive to implement the overall trend of plate and the distribution of industry,carry out from the equity incentive background,awarded the plan number object with the direction of the time limit to and unlock condition assessment methods deeply and systematically discusses the bao steel equity incentive plan and content,This paper reveals the influence of equity incentive on the short-term market performance and financial performance of bao steel,then draws successful experience from the implementation of equity incentive in bao steel,and puts forward some Suggestions for the optimization of its equity incentive plan.The main conclusions are as follows :(1)with the sustainable development of China's economy,the number of domestic listed companies implementing equity incentive increased year by year,and the four boards of the gem and the small and medium-sized board of the main board of Shanghai and the main board of the main board showed the same increasing trend;(2)of bao steel in law,government,incentive mechanism constantly improve,and the iron and steel industry under the background of rapid development,to attract and retain talent,to reduce the incentive costs,etc.,for company directors,senior management personnel,the company's overall performance and sustainable development has a direct impact on the management of the backbone and the core technical personnel,and other key employees board of directors deems the incentive the implementation of equity incentive plan is valid for 6 years,this for bao steel is urgent and necessary;(3)in the years after the implementation of the equity incentive,bao steel's overall performance has been significantly improved,both in terms of debt paying ability,development ability and profitability have been significantly improved compared with that before the equity incentive.The effect of equity incentive on the performance improvement of bao steel is obvious and definite;(4)it is appropriate for bao steel to adopt the mode of restricted stock for equity incentive.As a state-owned listed company,bao steel stock can not only restrict the turnover of employees in the short term,but also effectively stimulate the enthusiasm of employees by granting restricted stock to employees.In addition,the development of iron and steel industry is relatively stable,the restricted stock assessment objectives are easier to determine and achieve;(5)there are three successful experiences of implementing equity incentive in bao steel: determining and reasonable equity incentive objects,clarifying scientific performance appraisal objectives and selecting appropriate equity incentive modes.At the same time,the equity incentive should be further optimized and innovated in the aspects of reserving shares to award future talents and improving the equity allocation mechanism.