Design Of Equity Incentive Scheme And Case Analysis Of Economic Consequences Of CSCEC

The principal-agent problem has always been "a gap" in modern enterprise system,which is the separation of management right and ownership.To a large extent,there is a divergence of interests between the shareholders who own the ownership of the company and the management who control the actual management right of the company,which inevitably leads to conflicts in the operation and management.In order to solve this problem,company owners have been searching for a way to alleviate the negative impact of principal-agent problem.And equity incentive system as a long-term incentive mechanism,to cooperative companies,shareholders and the interests of three parties,company managers to the interests of the operators involved in the enterprise the core distribution,leading to its focus on corporate performance and value of the company's growth and development,attaches great importance to the combination of the company's long-term interests and short-term benefits,promote the development of the enterprise long-term health.In 2006,the reform of "non-tradable shares" in China was completed,and the policies and regulations related to equity incentive were also gradually improved,which means that the relevant departments of the government attached great importance to equity incentive,and China's equity incentive market began to mature,which is conducive to the implementation of equity incentive in China's enterprises.Chinese construction co.,LTD.(hereinafter referred to as the "cscec")as the leader of the construction industry in our country,and the first draft in 2012 issued the first phase of the equity incentive,formally implemented in 2013,followed in 2016 and 2018,began to implement the second and third QiGuQuan incentives,is one of the few successful completion of the equity incentive in our country's enterprise,is also the biggest volume in our country at present the implementation of equity incentive of the listed company of construction enterprises.The study can provide reference for the implementation of equity incentive in the construction industry and other industries in China.Taking cscec as an example,this paper studies the three times of equity incentive of cscec from the micro level.Firstly,it expounds the relevant theoretical research of equity incentive and the mechanism of its effect on corporate performance.Then it introduces the equity incentive plan and implementation background of cscec,and then makes a comparison and summary of the completion of the three equity incentive plan and the plan index.On this basis,this paper studies the economic consequences brought by the implementation of equity incentive in China construction engineering group co.,ltd.from the financial perspective and nonfinancial perspective,and concludes that the equity incentive scheme has certain improvement on the behavior of the company's management,the introduction of talents and the innovation and research and development.Finally,in view of the deficiency of the equity incentive plan,Suggestions are put forward such as increasing non-financial indicators,adding more innovative r&d indicators and strengthening the internal governance of the company.